FirstCash: Core Pawn Strength Outweighs AFF Drag After The Selloff

FirstCash is a BUY, driven by strong core pawn growth, stabilizing AFF, and U.K. expansion, despite integration and leverage risks. Pawn operations deliver robust double-digit growth across the U.S., Latin America, and the U.K., excluding scrap and FX effects, supporting the investment thesis. Valuation is fair at 16.5x 2026E P/E and 5.1% FCF yield; upside depends on sustained earnings growth, not multiple expansion.