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2021-12-03

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1 Growth Stock I'm Holding Through the Market Turbulence<blockquote>我在市场动荡中持有的1只成长型股票</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":601680623,"tweetId":"601680623","gmtCreate":1638522414127,"gmtModify":1638522414238,"author":{"id":4098938248640060,"idStr":"4098938248640060","authorId":4098938248640060,"authorIdStr":"4098938248640060","name":"soofj","avatar":"https://static.tigerbbs.com/d5772dd1f5b38521906655ff1be6bf70","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":9,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Like 👍&nbsp;</body></html>","htmlText":"<html><head></head><body>Like 👍&nbsp;</body></html>","text":"Like 👍","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/601680623","repostId":1171014097,"repostType":4,"repost":{"id":"1171014097","kind":"news","pubTimestamp":1638521609,"share":"https://www.laohu8.com/m/news/1171014097?lang=zh_CN&edition=full","pubTime":"2021-12-03 16:53","market":"us","language":"en","title":"1 Growth Stock I'm Holding Through the Market Turbulence<blockquote>我在市场动荡中持有的1只成长型股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1171014097","media":"Motley Fool","summary":"This fintech stock has a very reasonable valuation considering its recent performance.","content":"LendingClub, which uses machine learning and data to streamline online lending specifically for unsecured personal loans, saw its stock price fall more than 27% in November. There was no obvious reason for the drop other than broader macro-economic factors such as stronger signs of inflation and recent fears about the omicron coronavirus variant.<blockquote>LendingClub利用机器学习和数据来简化专门针对无担保个人贷款的在线贷款，其股价在11月份下跌了27%以上。除了更广泛的宏观经济因素（例如更强烈的通胀迹象和最近对奥密克戎冠状病毒变种的担忧）外，没有明显的原因导致下降。</blockquote> Despite this frustrating market sell-off, I plan to hold my LendingClub stock through this period of market turbulence. Here's why.<blockquote>尽管市场抛售令人沮丧，但我计划持有我的LendingClub股票度过这段市场动荡时期。原因如下。</blockquote> <img src=\"https://static.tigerbbs.com/2a3866343706f0a3928a955c039d976d\" tg-width=\"2000\" tg-height=\"1597\" width=\"100%\" height=\"auto\">Image source: Getty Images.<blockquote>图片来源：盖蒂图片社。</blockquote> The story is right there<blockquote>故事就在那里</blockquote> After two spectacular quarters, it is rather shocking that investors don't see the story yet. LendingClub doesn't get nearly the same positive attention or brand recognition as popular fintech stocks like&nbsp;Upstart&nbsp;and&nbsp;SoFi. It might just be the most underappreciated fintech story of the year.<blockquote>在经历了两个引人注目的季度之后，投资者还没有看到这个故事，这相当令人震惊。LendingClub并没有像热门金融科技股那样获得同样的积极关注或品牌认知度暴发户和索菲.这可能是今年最不被重视的金融科技故事。</blockquote> Earlier this year, LendingClub closed on its&nbsp;acquisition of Radius Bank&nbsp;and the accompanying bank charter. It also transitioned to a new model where instead of selling all of its loans into the marketplace, it began retaining about 20% of those loans on its balance sheet and collecting recurring interest income. Management estimates that loans held on the balance sheet are three times more profitable than those sold to investment firms. Combined with the low-cost deposits to fund the loans put on the balance sheet, LendingClub is generating high margins.<blockquote>今年早些时候，LendingClub完成了对Radius Bank的收购以及随附的银行章程。它还过渡到一种新模式，不再将所有贷款出售给市场，而是开始在资产负债表上保留约20%的贷款并收取经常性利息收入。管理层估计，资产负债表上持有的贷款的利润是出售给投资公司的贷款的三倍。结合为资产负债表上的贷款提供资金的低成本存款，LendingClub正在产生高额利润。</blockquote> Lesser-known is that during the pandemic, management worked hard to better rein in its expense base and improve its efficiency. This has helped create a tremendous amount of operating leverage, which is when revenue growth outpaces expense growth.<blockquote>鲜为人知的是，在疫情期间，管理层努力更好地控制费用基础并提高效率。这有助于创造巨大的运营杠杆，即收入增长超过费用增长。</blockquote> The result has been a completely transformed company that has produced results faster than anticipated. In March of this year, management projected that the company might lose upwards of $200 million for the full year. But after achieving profitability in the second quarter, surpassing everyone's expectations, things have changed quite a bit. LendingClub now projects to generate about $800 million of revenue on more than $10 billion of loan originations for a full-year profit of between $10 million and $15 million.<blockquote>结果是一家彻底转型的公司，其业绩比预期更快。今年3月，管理层预计公司全年亏损可能超过2亿美元。但在二季度实现盈利，超出所有人的预期后，事情发生了不小的变化。LendingClub目前预计将通过超过100亿美元的贷款发放产生约8亿美元的收入，全年利润在1000万至1500万美元之间。</blockquote> LendingClub is now generating similar loan originations, revenue, and profitability as fintech companies like SoFi and Upstart, yet the market continues to give it a $3.5 billion market cap, compared to SoFi at about $15 billion and Upstart at $17.4 billion. LendingClub only trades at just over three times 2022 projected revenue and about 20 times to next year's earnings, both completely reasonable for how fast the company is growing.<blockquote>LendingClub目前的贷款发放、收入和盈利能力与SoFi和Upstart等金融科技公司相似，但市场仍为其提供35亿美元的市值，而SoFi约为150亿美元，Upstart为174亿美元。LendingClub的市盈率仅为2022年预计收入的三倍多一点，是明年盈利的约20倍，对于该公司的增长速度来说，两者都是完全合理的。</blockquote> No reason the story won't continue<blockquote>没有理由故事不会继续</blockquote> There is reason to believe that higher inflation, potential rate hikes, and continued impact from COVID-19 could create some difficult market conditions in 2022.<blockquote>有理由相信，通胀上升、潜在加息以及COVID-19的持续影响可能会在2022年造成一些困难的市场状况。</blockquote> But I see no reason LendingClub can't continue to do what it has been doing. Its main use case is credit card consolidation, where it offers people with high credit card debt the ability to pay it off at a much lower annual percentage rate. Revolving debt in the U.S., which is mostly credit card debt, slacked a bit in July and August, potentially due to the delta variant. But it bounced back and grew nearly 12% in September. Total U.S. revolving debt is now at more than $1.01 trillion, providing LendingClub with plenty of opportunities to help borrowers pay it off at a cheaper rate. Additionally, non-revolving debt, which includes the installment loans that LendingClub makes, grew another 7.2% in September.<blockquote>但我认为LendingClub没有理由不能继续做它一直在做的事情。它的主要用例是信用卡整合，它为信用卡债务高的人提供了以低得多的年利率还清债务的能力。美国的循环债务（主要是信用卡债务）在7月和8月略有放缓，可能是由于德尔塔变异毒株。但9月份反弹并增长近12%。美国循环债务总额目前超过1.01万亿美元，为LendingClub提供了大量机会来帮助借款人以更低的利率偿还债务。此外，非循环债务（包括LendingClub提供的分期贷款）在9月份又增长了7.2%。</blockquote> There's no reason to think October wouldn't have been a strong month for the company, and if the omicron variant doesn't result in lockdowns, I'd expect the full fourth quarter to be solid. Despite less optimism about economic growth in 2022, it's still expected to be strong overall. Lastly, LendingClub's installment loan offering, the company's core product, has become incredibly versatile. It can serve borrowers with FICO scores ranging from 600 to 800, it has been getting more and more popular among the company's nearly 4 million members when it comes to auto refinancing, it has been used a lot for home improvement, and there is a buy-now-pay-later use case for more expensive elective surgeries. More than half of LendingClub's customers come back to the company for a second loan. This versatility, along with management's efforts to streamline the expense base, has led to lower marketing costs and the tremendous operating leverage I mentioned above.<blockquote>没有理由认为10月份对该公司来说不会是一个强劲的月份，如果奥密克戎的变体不会导致封锁，我预计整个第四季度将是稳健的。尽管对2022年经济增长不太乐观，但预计总体仍将强劲。最后，LendingClub的分期贷款产品（该公司的核心产品）已经变得非常通用。它可以为FICO分数从600到800不等的借款人提供服务，在汽车再融资方面，它在该公司近400万会员中越来越受欢迎，它已被大量用于家居装修，并且有一个购买-用于更昂贵的选择性手术的先买后付用例。LendingClub超过一半的客户会回到该公司寻求第二笔贷款。这种多功能性，加上管理层精简费用基础的努力，降低了营销成本和我上面提到的巨大运营杠杆。</blockquote> LendingClub offers growth and value<blockquote>LendingClub提供增长和价值</blockquote> I continue to be confused by why this stock is so mispriced. The company is growing like gangbusters and the bank-fintech model is positioning LendingClub to make a lot of money and create even more value for its 4 million members down the line. LendingClub generated a nearly 35% return on average equity in Q2 and 27% in Q3. It's also retained its leading market share in the unsecured personal loan market and is automating more than 80% of loan applications, yet does not trade with the same high multiples that other comparable&nbsp;fintech&nbsp;companies do.<blockquote>我仍然对为什么这只股票的定价如此错误感到困惑。该公司正在飞速发展，银行金融科技模式使LendingClub能够赚很多钱，并为其400万会员创造更多价值。LendingClub第二季度的平均股本回报率接近35%，第三季度为27%。它还保持了在无担保个人贷款市场的领先市场份额，并实现了超过80%的贷款申请的自动化，但交易倍数不如其他可比金融科技公司高。</blockquote> Given market conditions, I would be more concerned if LendingClub had a crazy high valuation, but it doesn't. It's trading like a value stock but has all of the characteristics of growth. Needless to say, I feel very confident holding this stock long-term and through the current market turbulence.<blockquote>考虑到市场状况，如果LendingClub的估值高得离谱，我会更担心，但事实并非如此。它的交易方式就像价值股，但具有增长的所有特征。不用说，我对长期持有这只股票并度过当前的市场动荡感到非常有信心。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>1 Growth Stock I'm Holding Through the Market Turbulence<blockquote>我在市场动荡中持有的1只成长型股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n1 Growth Stock I'm Holding Through the Market Turbulence<blockquote>我在市场动荡中持有的1只成长型股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMotley Fool2021-12-03 16:53\n\n</h4>\n</header>\n<article>\nLendingClub, which uses machine learning and data to streamline online lending specifically for unsecured personal loans, saw its stock price fall more than 27% in November. There was no obvious reason for the drop other than broader macro-economic factors such as stronger signs of inflation and recent fears about the omicron coronavirus variant.<blockquote>LendingClub利用机器学习和数据来简化专门针对无担保个人贷款的在线贷款，其股价在11月份下跌了27%以上。除了更广泛的宏观经济因素（例如更强烈的通胀迹象和最近对奥密克戎冠状病毒变种的担忧）外，没有明显的原因导致下降。</blockquote> Despite this frustrating market sell-off, I plan to hold my LendingClub stock through this period of market turbulence. Here's why.<blockquote>尽管市场抛售令人沮丧，但我计划持有我的LendingClub股票度过这段市场动荡时期。原因如下。</blockquote> <img src=\"https://static.tigerbbs.com/2a3866343706f0a3928a955c039d976d\" tg-width=\"2000\" tg-height=\"1597\" width=\"100%\" height=\"auto\">Image source: Getty Images.<blockquote>图片来源：盖蒂图片社。</blockquote> The story is right there<blockquote>故事就在那里</blockquote> After two spectacular quarters, it is rather shocking that investors don't see the story yet. LendingClub doesn't get nearly the same positive attention or brand recognition as popular fintech stocks like&nbsp;Upstart&nbsp;and&nbsp;SoFi. It might just be the most underappreciated fintech story of the year.<blockquote>在经历了两个引人注目的季度之后，投资者还没有看到这个故事，这相当令人震惊。LendingClub并没有像热门金融科技股那样获得同样的积极关注或品牌认知度暴发户和索菲.这可能是今年最不被重视的金融科技故事。</blockquote> Earlier this year, LendingClub closed on its&nbsp;acquisition of Radius Bank&nbsp;and the accompanying bank charter. It also transitioned to a new model where instead of selling all of its loans into the marketplace, it began retaining about 20% of those loans on its balance sheet and collecting recurring interest income. Management estimates that loans held on the balance sheet are three times more profitable than those sold to investment firms. Combined with the low-cost deposits to fund the loans put on the balance sheet, LendingClub is generating high margins.<blockquote>今年早些时候，LendingClub完成了对Radius Bank的收购以及随附的银行章程。它还过渡到一种新模式，不再将所有贷款出售给市场，而是开始在资产负债表上保留约20%的贷款并收取经常性利息收入。管理层估计，资产负债表上持有的贷款的利润是出售给投资公司的贷款的三倍。结合为资产负债表上的贷款提供资金的低成本存款，LendingClub正在产生高额利润。</blockquote> Lesser-known is that during the pandemic, management worked hard to better rein in its expense base and improve its efficiency. This has helped create a tremendous amount of operating leverage, which is when revenue growth outpaces expense growth.<blockquote>鲜为人知的是，在疫情期间，管理层努力更好地控制费用基础并提高效率。这有助于创造巨大的运营杠杆，即收入增长超过费用增长。</blockquote> The result has been a completely transformed company that has produced results faster than anticipated. In March of this year, management projected that the company might lose upwards of $200 million for the full year. But after achieving profitability in the second quarter, surpassing everyone's expectations, things have changed quite a bit. LendingClub now projects to generate about $800 million of revenue on more than $10 billion of loan originations for a full-year profit of between $10 million and $15 million.<blockquote>结果是一家彻底转型的公司，其业绩比预期更快。今年3月，管理层预计公司全年亏损可能超过2亿美元。但在二季度实现盈利，超出所有人的预期后，事情发生了不小的变化。LendingClub目前预计将通过超过100亿美元的贷款发放产生约8亿美元的收入，全年利润在1000万至1500万美元之间。</blockquote> LendingClub is now generating similar loan originations, revenue, and profitability as fintech companies like SoFi and Upstart, yet the market continues to give it a $3.5 billion market cap, compared to SoFi at about $15 billion and Upstart at $17.4 billion. LendingClub only trades at just over three times 2022 projected revenue and about 20 times to next year's earnings, both completely reasonable for how fast the company is growing.<blockquote>LendingClub目前的贷款发放、收入和盈利能力与SoFi和Upstart等金融科技公司相似，但市场仍为其提供35亿美元的市值，而SoFi约为150亿美元，Upstart为174亿美元。LendingClub的市盈率仅为2022年预计收入的三倍多一点，是明年盈利的约20倍，对于该公司的增长速度来说，两者都是完全合理的。</blockquote> No reason the story won't continue<blockquote>没有理由故事不会继续</blockquote> There is reason to believe that higher inflation, potential rate hikes, and continued impact from COVID-19 could create some difficult market conditions in 2022.<blockquote>有理由相信，通胀上升、潜在加息以及COVID-19的持续影响可能会在2022年造成一些困难的市场状况。</blockquote> But I see no reason LendingClub can't continue to do what it has been doing. Its main use case is credit card consolidation, where it offers people with high credit card debt the ability to pay it off at a much lower annual percentage rate. Revolving debt in the U.S., which is mostly credit card debt, slacked a bit in July and August, potentially due to the delta variant. But it bounced back and grew nearly 12% in September. Total U.S. revolving debt is now at more than $1.01 trillion, providing LendingClub with plenty of opportunities to help borrowers pay it off at a cheaper rate. Additionally, non-revolving debt, which includes the installment loans that LendingClub makes, grew another 7.2% in September.<blockquote>但我认为LendingClub没有理由不能继续做它一直在做的事情。它的主要用例是信用卡整合，它为信用卡债务高的人提供了以低得多的年利率还清债务的能力。美国的循环债务（主要是信用卡债务）在7月和8月略有放缓，可能是由于德尔塔变异毒株。但9月份反弹并增长近12%。美国循环债务总额目前超过1.01万亿美元，为LendingClub提供了大量机会来帮助借款人以更低的利率偿还债务。此外，非循环债务（包括LendingClub提供的分期贷款）在9月份又增长了7.2%。</blockquote> There's no reason to think October wouldn't have been a strong month for the company, and if the omicron variant doesn't result in lockdowns, I'd expect the full fourth quarter to be solid. Despite less optimism about economic growth in 2022, it's still expected to be strong overall. Lastly, LendingClub's installment loan offering, the company's core product, has become incredibly versatile. It can serve borrowers with FICO scores ranging from 600 to 800, it has been getting more and more popular among the company's nearly 4 million members when it comes to auto refinancing, it has been used a lot for home improvement, and there is a buy-now-pay-later use case for more expensive elective surgeries. More than half of LendingClub's customers come back to the company for a second loan. This versatility, along with management's efforts to streamline the expense base, has led to lower marketing costs and the tremendous operating leverage I mentioned above.<blockquote>没有理由认为10月份对该公司来说不会是一个强劲的月份，如果奥密克戎的变体不会导致封锁，我预计整个第四季度将是稳健的。尽管对2022年经济增长不太乐观，但预计总体仍将强劲。最后，LendingClub的分期贷款产品（该公司的核心产品）已经变得非常通用。它可以为FICO分数从600到800不等的借款人提供服务，在汽车再融资方面，它在该公司近400万会员中越来越受欢迎，它已被大量用于家居装修，并且有一个购买-用于更昂贵的选择性手术的先买后付用例。LendingClub超过一半的客户会回到该公司寻求第二笔贷款。这种多功能性，加上管理层精简费用基础的努力，降低了营销成本和我上面提到的巨大运营杠杆。</blockquote> LendingClub offers growth and value<blockquote>LendingClub提供增长和价值</blockquote> I continue to be confused by why this stock is so mispriced. The company is growing like gangbusters and the bank-fintech model is positioning LendingClub to make a lot of money and create even more value for its 4 million members down the line. LendingClub generated a nearly 35% return on average equity in Q2 and 27% in Q3. It's also retained its leading market share in the unsecured personal loan market and is automating more than 80% of loan applications, yet does not trade with the same high multiples that other comparable&nbsp;fintech&nbsp;companies do.<blockquote>我仍然对为什么这只股票的定价如此错误感到困惑。该公司正在飞速发展，银行金融科技模式使LendingClub能够赚很多钱，并为其400万会员创造更多价值。LendingClub第二季度的平均股本回报率接近35%，第三季度为27%。它还保持了在无担保个人贷款市场的领先市场份额，并实现了超过80%的贷款申请的自动化，但交易倍数不如其他可比金融科技公司高。</blockquote> Given market conditions, I would be more concerned if LendingClub had a crazy high valuation, but it doesn't. It's trading like a value stock but has all of the characteristics of growth. Needless to say, I feel very confident holding this stock long-term and through the current market turbulence.<blockquote>考虑到市场状况，如果LendingClub的估值高得离谱，我会更担心，但事实并非如此。它的交易方式就像价值股，但具有增长的所有特征。不用说，我对长期持有这只股票并度过当前的市场动荡感到非常有信心。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.fool.com/investing/2021/12/02/1-growth-stock-holding-through-market-turbulence/\">Motley Fool</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LC":"LendingClub"},"source_url":"https://www.fool.com/investing/2021/12/02/1-growth-stock-holding-through-market-turbulence/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171014097","content_text":"LendingClub, which uses machine learning and data to streamline online lending specifically for unsecured personal loans, saw its stock price fall more than 27% in November. There was no obvious reason for the drop other than broader macro-economic factors such as stronger signs of inflation and recent fears about the omicron coronavirus variant.\nDespite this frustrating market sell-off, I plan to hold my LendingClub stock through this period of market turbulence. Here's why.\nImage source: Getty Images.\nThe story is right there\nAfter two spectacular quarters, it is rather shocking that investors don't see the story yet. LendingClub doesn't get nearly the same positive attention or brand recognition as popular fintech stocks like Upstart and SoFi. It might just be the most underappreciated fintech story of the year.\nEarlier this year, LendingClub closed on its acquisition of Radius Bank and the accompanying bank charter. It also transitioned to a new model where instead of selling all of its loans into the marketplace, it began retaining about 20% of those loans on its balance sheet and collecting recurring interest income. Management estimates that loans held on the balance sheet are three times more profitable than those sold to investment firms. Combined with the low-cost deposits to fund the loans put on the balance sheet, LendingClub is generating high margins.\nLesser-known is that during the pandemic, management worked hard to better rein in its expense base and improve its efficiency. This has helped create a tremendous amount of operating leverage, which is when revenue growth outpaces expense growth.\nThe result has been a completely transformed company that has produced results faster than anticipated. In March of this year, management projected that the company might lose upwards of $200 million for the full year. But after achieving profitability in the second quarter, surpassing everyone's expectations, things have changed quite a bit. LendingClub now projects to generate about $800 million of revenue on more than $10 billion of loan originations for a full-year profit of between $10 million and $15 million.\nLendingClub is now generating similar loan originations, revenue, and profitability as fintech companies like SoFi and Upstart, yet the market continues to give it a $3.5 billion market cap, compared to SoFi at about $15 billion and Upstart at $17.4 billion. LendingClub only trades at just over three times 2022 projected revenue and about 20 times to next year's earnings, both completely reasonable for how fast the company is growing.\nNo reason the story won't continue\nThere is reason to believe that higher inflation, potential rate hikes, and continued impact from COVID-19 could create some difficult market conditions in 2022.\nBut I see no reason LendingClub can't continue to do what it has been doing. Its main use case is credit card consolidation, where it offers people with high credit card debt the ability to pay it off at a much lower annual percentage rate. Revolving debt in the U.S., which is mostly credit card debt, slacked a bit in July and August, potentially due to the delta variant. But it bounced back and grew nearly 12% in September. Total U.S. revolving debt is now at more than $1.01 trillion, providing LendingClub with plenty of opportunities to help borrowers pay it off at a cheaper rate. Additionally, non-revolving debt, which includes the installment loans that LendingClub makes, grew another 7.2% in September.\nThere's no reason to think October wouldn't have been a strong month for the company, and if the omicron variant doesn't result in lockdowns, I'd expect the full fourth quarter to be solid. Despite less optimism about economic growth in 2022, it's still expected to be strong overall. Lastly, LendingClub's installment loan offering, the company's core product, has become incredibly versatile. It can serve borrowers with FICO scores ranging from 600 to 800, it has been getting more and more popular among the company's nearly 4 million members when it comes to auto refinancing, it has been used a lot for home improvement, and there is a buy-now-pay-later use case for more expensive elective surgeries. More than half of LendingClub's customers come back to the company for a second loan. This versatility, along with management's efforts to streamline the expense base, has led to lower marketing costs and the tremendous operating leverage I mentioned above.\nLendingClub offers growth and value\nI continue to be confused by why this stock is so mispriced. The company is growing like gangbusters and the bank-fintech model is positioning LendingClub to make a lot of money and create even more value for its 4 million members down the line. LendingClub generated a nearly 35% return on average equity in Q2 and 27% in Q3. It's also retained its leading market share in the unsecured personal loan market and is automating more than 80% of loan applications, yet does not trade with the same high multiples that other comparable fintech companies do.\nGiven market conditions, I would be more concerned if LendingClub had a crazy high valuation, but it doesn't. It's trading like a value stock but has all of the characteristics of growth. Needless to say, I feel very confident holding this stock long-term and through the current market turbulence.","news_type":1,"symbols_score_info":{"LC":0.9}},"isVote":1,"tweetType":1,"viewCount":913,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":6,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/601680623"}