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SeeThruEquity Issues Research on IEG Holdings Corp. with Price Target of $2.00

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SeeThruEquity, a leading independent equity research and corporate access firm focused on smallcap and microcap public companies, today announced it has issued an update on IEG Holdings Corporation (OTCQB: IEGH).

The report is available here: IEGH January 2018 Update Note.

IEG Holdings Corporation (OTCQB: IEGH) provides online unsecured consumer loans under the brand name “Mr. Amazing Loans” via its website, www.mramazingloans.com, in 20 US states. The company offers $5,000 and $10,000 personal loans over a five-year term at rates ranging from 19.9% to 29.9% APR. IEG Holdings plans future expansion to a total of 25 US states, which would cover 240mn people and represent approximately 75% of the US population.

blockchain-technologySince 2013, IEGH has obtained additional state lending licenses, and they are licensed and originating direct consumer loans in 20 states including: Alabama, Arizona, California, Florida, Georgia, Illinois, Kentucky, Louisiana, Maryland, Missouri, Nevada, New Jersey, New Mexico, Ohio, Oregon, Pennsylvania, Texas, Utah, Virginia, and Wisconsin. The Company was founded in 2010 and is headquartered in Las Vegas, Nevada.

Highlights from the note include:

IEGH announces tender offer for up to 4.99% of LendingClub

3On January 5, 2018, IEGH announced the commencement of a tender offer for shares of LendingClub Corporation (LC, “Lending Club”), which is set to expire on February 22, 2018. As part of the offer, IEGH will offer 13 shares of its common stock for each legally tendered share of common stock in LendingClub, up to an aggregate of 20,701,999 shares of LendingClub stock. If fully subscribed, the offer would represent 4.99% of LendingClub’s outstanding shares as of October 31, 2017. IEGH previously attempted a LendingClub tender offer in July 2017 but withdrew it in August 2017 without closing or obtaining shares. The company did close a tender offer for shares of OneMain Holdings (OMF) in June 2017, and subsequently sold the shares at the discretion of management. We are not aware of a company the size of IEGH successfully acquiring control or meaningful influence over a company the size of LendingClub by way of a common share tender exchange.

IEG Holdings Plans to Create its own IEGH Crypto/Blockchain Currency Backed by Gold Metal and SEC Registration as a Security

photo-1477959858617-67f85cf4f1dfIEGH announced that its wholly owned subsidiary, Investment Evolution Crypto, LLC (“Crypto”), is negotiating to purchase a gold project with gold metal in the ground and prospecting licenses. IEG Holdings plans to utilize a gold resource to investigate creating, through Crypto, and a joint venture with Investment Evolution Corporation, also a wholly owned subsidiary of IEG Holdings, its own gold metal-backed crypto/blockchain currency, and potentially offer loans and accept loan repayments in its own crypto/blockchain currency. Crypto has not begun material operations and is in the development planning stages to explore these crypto/blockchain opportunities in this time of changing technology. Prior to launching these plans, Crypto will investigate the legalities and economic risks and benefits of its plans. Any crypto currency offering will be registered with the Securities and Exchange Commission (“SEC”).

IEGH increases loan originations

photo-1418225162054-0f773a996f9eIEGH provided an update to its lending activities over the last several months on January 2, 2018. The company stated that it provided $960,000 in new consumer loans through its online property mramazingloans.com, from the October 2017 to December 2017 period. This represented a 12.3% increase over its July to September 2017 operating period, during which the company’s new loan originations were $855,000. As we noted in prior coverage of the company, IEGH appears to have increased its advertising expenses, which supports growth in loan originations. Since January 2015, the cumulative amount of loan volume issued by the company has increased by 192% to $16.2mn, from $5.5mn.

IEGH planning new crypto / blockchain business

photo-1495248449765-7ec3db458549In late December 2017, IEGH announced that it would enter the cryptocurrency space with the incorporation of a new wholly-owned subsidiary, Investment Evolution Crypto, LLC. The new entity will explore the practicality and legality of working with Mr. Amazing Loans to accept payment for customer loans by way of Crypto / Blockchain currencies such as Bitcoin, provide the crypto currency equivalent of $5,000 and $10,000 loans, and potentially issue its own cryptocurrency. The decision to enter the cryptocurrency space is understandable for IEGH, which already has an existing business issuing $5,000 and $10,000 consumer loans through online channels, and IEGH may be able to leverage the interest in cryptocurrency to grow its business and raise new capital that could be deployed to grow its loan book.

No change to price target

Our price target is unchanged at this time for IEGH. IEGH is a high-risk, high potential reward company in the consumer finance sector.

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blockchain

Highlights from the note include:

IEGH to enter Crypto / Blockchain space with new entity

blockchain_newsOn December 22, 2017, IEGH Chairman and CEO Paul Mathieson announced that IEGH would enter the cryptocurrency space with the incorporation of a new entity, Investment Evolution Crypto, LLC. The new entity is a 100% wholly-owned subsidiary that will explore the practicality and legality of working with Mr. Amazing Loans to accept payment for customer loans by way of leading Crypto / Blockchain currencies such as Bitcoin, provide the cryptocurrency equivalent of $5,000 and $10,000 loans, and potentially issue its own cryptocurrency. The decision to enter the cryptocurrency space is a rational one for IEGH, which already has an existing business issuing $5,000 and $10,000 consumer loans through online channels, and the company may be able to leverage the growing interest in cryptocurrency to grow its business and raise new capital that could be deployed to grow its loan book.

IEGH releases 3Q17 results

MW-EM520_digita_20160511142221_ZHIEGH released 3Q17 results on November 8, 2017, with the filing of its 10-Q with the SEC. During 3Q17 IEGH increased its advertising spend and maintained its quarterly dividend of $0.005 per common share. Revenues, primarily consisting of interest revenue, were $407,370, down from $413,941 in 2Q17 and 557,551 in 3Q16. As of September 30, 2017, IEGH had 1,546 loans outstanding with an unpaid principal balance of $5.92mn. Operating expenses during the quarter declined to $1.48mn from $1.54mn in the year-ago period. The company increased advertising expenses during the quarter, which is expected to help increase loan originations in future periods. IEGH also resumed payments to CEO Paul Mathieson, at an annual salary of $1.2mn, and reduced rent and other operating expenses. We estimate the company is now operating at an annualized expense rate of slightly under $6mn and have assumed the company will manage the business for growth rather than targeting breakeven in the short run. Net loss in 3Q17 was ($1.7mn), including a legal settlement of $0.6mn. For the quarter, EPS came in at a loss of ($0.13) versus ($0.10) in the year-ago period.

Price target moves to $2.00

what-is-the-blockchain-and-why-is-it-so-importantWe are updating our price target for IEGH to $2.00 per share following recent results and a new share count assumption following recent financing activities. IEGH is a high risk, high potential reward company in the consumer finance sector.

Please review important disclosures at www.seethruequity.com.

About IEGH Holdings Corporation

IEG Holdings Corporation provides online $5,000 and $10,000 unsecured consumer loans under the brand name, “Mr. Amazing Loans,” via its website, www.mramazingloans.com. For more information about IEG Holdings, visit www.investmentevolution.com.

Company Overview

About IEG Holdings Corporation

2IEG Holdings Corporation provides online $5,000 and $10,000 unsecured consumer loans under the brand name, “Mr. Amazing Loans,” via its website, www.mramazingloans.com. For more information about IEG Holdings, visit www.investmentevolution.com.

The company offers $5,000 and $10,000 personal loans over a five-year term at 19.9% to 29.9% APR. IEG Holdings plans future expansion to a total of 25 US states by the end of 2017, which would cover 240mn people and represent approximately 75% of the US population.

Since 2013, IEGH has obtained additional state lending licenses, and they are now licensed and originating direct consumer loans in 20 states including: Alabama, Arizona, California, Florida, Georgia, Illinois, Kentucky, Louisiana, Maryland, Missouri, Nevada, New Jersey, New Mexico, Ohio, Oregon, Pennsylvania, Texas, Utah, Virginia, and Wisconsin. The Company was founded in 2010 and is headquartered in Las Vegas, Nevada.

image4IEG Holdings Corporation (OTCQB: IEGH) has incorporated a 100% owned subsidiary company named Investment Evolution Crypto, LLC. The subsidiary company will explore the legalities and economic risks and benefits of entering into a joint venture with IEGH’s other 100% owned subsidiary company Investment Evolution Corporation dba Mr. Amazing Loans to accept repayment of customer loans in the form of leading Crypto/Blockchain currencies such as Bitcoin, provide the crypto equivalent of USD $5,000 and $10,000 loans to customers, and also potentially create and issue an Investment Evolution cryptocurrency. Investment Evolution Crypto has not begun operations and is in the development planning stages to explore these business opportunities in this time of changing technology.

blockchainInvestment Evolution Corporation provides unsecured online consumer loans under the brand name “Mr. Amazing Loans” via our website and online application portal at www.mramazingloans.com. We started our business and opened our first office in Las Vegas, Nevada in 2010. We currently offer $5,000 and $10,000 unsecured consumer loans that mature in five years. The Company is a direct lender with state licenses and/or certificates of authority in 20 states – Alabama, Arizona, California, Florida, Georgia, Illinois, Kentucky, Louisiana, Maryland, Missouri, Nevada, New Jersey, New Mexico, Ohio, Oregon, Pennsylvania, Texas, Utah, Virginia and Wisconsin. We provide loans to residents of these states through our online application portal, with all loans originated, processed and serviced out of our centralized Las Vegas head office, which eliminates the need for physical offices in all of these states.

Key Investment Highlights

Paul Mathieson, IEG Holdings’ Chairman and Chief Executive Officer, said, “I am pleased to announce the launch of a potential new vertically integrated business channel in the exciting new Crypto/Blockchain sector.”

IEG Holdings Corporation Surpasses $16 Million Cumulative Loan Volume Level After Increasing 192% Since January 2015

IEG Holdings Corporation (OTCQB: IEGH) provided an additional $960,000 in new consumer loans via its www.mramazingloans.comwebsite over the October to December 2017 period, surpassing the $855,000 provided over the July to September 2017 period. Since January 2015, cumulative loan volume has increased by 192% from $5,549,023 to $16,209,023 as of December 31, 2017.

blockchainisIEG Holdings Corporation (OTCQB: IEGH) announced today that it provided an additional $785,000 in new consumer loans over the July/August 2017 period. Since January 2015, cumulative loan volume has increased by 173.5% from $5,549,023 to $15,179,023 as of August 31, 2017.

Paul Mathieson, IEG Holdings’ Chairman and Chief Executive Officer, said, “I am pleased to announce the re-acceleration of our loan volume growth utilizing part of the cash received from our sale of the One Main Holdings, Inc. shares acquired in the tender offer that closed in mid-June. We expect to deploy more of our cash to further increase new loan volume and resulting revenues over the remainder of the year.”

IEGH 2Q17 results show reduced expenses 

blockchain-offeringsIEGH released 2Q17 results on August 1, 2017, which showed a reduction in operating costs, an improved balance sheet, and included the announcement of a dividend of $0.005 per common share. Revenues, primarily consisting of interest revenue, were $413,941 in 2Q17 versus $467,382 in 1Q17 and $545,356 in 2Q16. The 24.1% decline was primarily the result of lower interest revenues in the period, as we believe management was focused on reducing operating costs and corporate actions.

1Q17 operating expenses were down by 30.4% YoY to $2,284,021 from $3,283,289. Expenses related to the operating the business, such as salaries, advertising, and rent were down substantially, driving this trend. Net loss in the first half of 2017 was ($1.6mn), significantly reduced from a loss of ($2.2mn) in 1Q16. For the quarter, EPS came in at a loss of ($0.10) versus ($0.13) in the year-ago period.

Improved balance sheet highlights compelling valuation at recent prices

We note that at the end of 2Q17, IEGH had cash on hand of $3.7mn ($0.29 per share) and net shareholders’ equity of $8.8mn ($0.69 per share), versus the recent close of $0.48 on August 3, 2017. The primary cause of the increase in cash and assets was the sale of OneMain shares acquired in the company’s tender offer, which concluded in June 2017. Management stated that the company would use the increased cash on hand and receivables from its loan book to increase lending activities and support its quarterly dividend.

IEGH announces second quarterly dividend, now yielding 4.2%

Management team

Paul Mathieson

Founder, Executive Chairman & CEO

Paul MathiesonMr. Mathieson has served as the Chief Executive Officer and member of our board of directors since 2012 and a member of the board of directors of our subsidiary since 2009. In 2005, Mr. Mathieson founded IEG Holdings Limited in Sydney, Australia which launched the Amazing Loans business in Australia in 2005 and the Mr. Amazing Loans business in the United States via IEGC in 2010. In recognition of IEG Holdings Limited’s success, Mr. Mathieson was awarded Ernst & Young’s 2007 Australian Young Entrepreneur of the Year (Eastern Region). Mr. Mathieson has over 19 years finance industry experience in lending, funds management, stock market research and investment banking. His career has included positions as Financial Analyst/Institutional Dealer with Daiwa Securities from 1995 to 1995, Head of Research for Hogan & Partners from 1995 to 2000, and Stockbroker and Investment Banking Associate with ING Barings from 2000 to 2001. In addition, from 2002 to 2010, Mr. Mathieson was the Founder and Managing Director of IE Portfolio Warrants, a funds management business that offered high return and leveraged structured Australian equities products. Mr. Mathieson received a Bachelor of Commerce from Bond University, Queensland, Australia in 1994 and a Master’s Degree of Applied Finance from Macquarie University, New South Wales, Australia in 2000.

Carla Cholewinski

Chief Operating Officer

Ms. Cholewinski has served as our Chief Operating Officer since 2008 and has over 37 years’ experience in the finance industry including banking, credit union management, regulatory oversight, debt securitization and underwriting. Her career has included positions as Vice President and Branch Manager at Glendale Federal Bank from 1976 to 1986, Vice President and District Sales and Lending Manager with California Federal Bank from 1986 to 1992, Mortgage Banker with First Choice Financial Services from 1992 to 1995, Corporate Vice President of Lending and Collections with WesStar Credit Union from 1995 to 1999, Chief Lending Officer for American Corp & Funding from 1999 to 2000, Chief Credit Officer for Security State Savings Bank from 2000 to 2004, and Chief Credit Officer for Fifth Street Bank from 2004 to 2008. Since 2008, Ms. Cholewinski has served as our Chief Operating Officer and Chief Credit Officer and has utilized her extensive finance, banking and regulatory experience to grow the business from initial launch to our current level of operations.

Press Releases


Contact

Paul Mathieson

Chief Executive Officer

702 227 5626

Paulm@investmentevoloution.com

3960 Howard Hughes Parkway
Suite 490
Las Vegas, NV 89169

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