Have been having a look around at unloved high yield stocks and...

Have been having a look around at unloved high yield stocks and came upon EZL.
Commsec quotes P/E of 3.57 and divd yield of 22.5%...yes, no typo 22.5% fully franked.

While we all know a yield of 22.5% seems too good to be true....but earnings have been increasing at an impressive rate for around 7 years....also no debt.
Last full year EPS was 66.6 cps and paid out 54cps....so not overly stretched payout given lack of debt.

Even if EPS drop in current year, lets say by 20% AND they retain their current payout ratio, yield would be around 18% !!!

What in the hell is going on??? Is this good value or am I a monkey's uncle ???

EZL is described as a WA broker cum funds manager.