From my understanding (very young in TRA so might be missing some info) but their cash flow is good but not enough to support their growth. They need capital from somewhere which is what all the debate on here is about - how they get that capital being fair/unfair/other options etc etc. but they have still done the right thing by putting that capital to use straight away and very fast so that it will pay off long term (unless there are too maybe of their customers that cant pay off those loans for the cars). But next year they decide that the cash flow is good to get modest growth or the can do another capital raise or lower divie payouts so that they can achieve greater growth, I dont see the problem with that personally. Good use of capital is always a good thing. The EPS we are seeing may just not be great at the moment I agree, but assuming that loans for cars are on average 48/60 months...lets see EPS or the SP in 2022.
I am still liking TRA at the moment, I think they have a great plan, great product and they are in a growth sector "atm" that might change and I will change my view at that stage. Looks good to me for now.