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Chesswood Group Limited - Price Target Update

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Chesswood is primarily a specialized provider of small business equipment financing in both Canada and the U.S. Approximately 80% of forecast 2017 revenues are from the equipment finance business in the US with the balance from Canada. US operations are carried out through Pawnee Leasing and Blue Chip Leasing in Canada. The equipment financing business is involved in small-ticket equipment leasing and lending to small businesses primarily in the start-up and "B" credit markets. Their Windset lending segment that focused on working capital loans was wound down by the end of Q1-2017. They have also sold their Case Funding, Eco Home Finance and Sherway Acura to focus on the equipment finance business.

U.S. operations are conducted by Pawnee, established in Fort Collins, Colorado in 1982. Pawnee has traditionally specialized in providing leases and loans of up to U.S.$75,000 to small businesses in the start-up and "B" (the "non-prime") segment of the U.S. equipment finance market. Beginning in 2015, it expanded its portfolio to include A-rated leases and loans (the "prime" market) originating transactions up to $200,000, and may in the future finance equipment costing up to U.S.$500,000. Pawnee's portfolio of consists of 14,259 leases and loans, representing U.S.$296.8M in gross finance receivable.

Chesswood's Canadian operations are conducted by Blue Chip, a specialist in micro and small-ticket equipment finance for small and medium-sized businesses since 1996. Blue Chip accounted for 15.9% of consolidated revenue and 15.4% of consolidated income from continuing operations before corporate overhead in fiscal 2016. Acquired by Chesswood in March of 2015, Blue Chip had 31 full-time equivalent employees. Located in Toronto, Blue Chip originates receivables across Canada which are sourced from a nationwide network of more than 50 independent broker partners and through direct, in-house origination efforts via equipment vendors. It derives substantially all of its revenues from financing leases and loans and related service charges.

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