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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 5.3x - 5.8x | 5.6x |
| Selected Fwd Revenue Multiple | 4.6x - 5.1x | 4.9x |
| Fair Value | $12.25 - $13.40 | $12.83 |
| Upside | -5.7% - 3.1% | -1.3% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Remitly Global, Inc. | RELY | NasdaqGS:RELY |
| Future FinTech Group Inc. | 0A8H | LSE:0A8H |
| Block, Inc. | 0L95 | LSE:0L95 |
| CAB Payments Holdings Limited | CABP | LSE:CABP |
| Finseta Plc | FIN | AIM:FIN |
| Wise plc | WPLC.F | PINC:WPLC.F |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| RELY | 0A8H | 0L95 | CABP | FIN | WPLC.F | |||
| NasdaqGS:RELY | LSE:0A8H | LSE:0L95 | LSE:CABP | AIM:FIN | PINC:WPLC.F | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 58.4% | 18.1% | 38.6% | 30.9% | 57.8% | 51.3% | ||
| 3Y CAGR | 40.2% | -55.8% | 10.9% | 79.4% | 70.2% | 49.7% | ||
| Latest Twelve Months | 33.9% | -90.1% | 10.1% | 14.5% | 17.7% | 29.9% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -11.0% | -782.2% | 0.0% | -30.5% | -67.5% | 19.5% | ||
| Prior Fiscal Year | -11.6% | -43.5% | -0.4% | 1.4% | 7.7% | 16.3% | ||
| Latest Fiscal Year | -3.0% | -1571.3% | 4.3% | 7.0% | 7.7% | 34.1% | ||
| Latest Twelve Months | -3.0% | -1571.3% | 4.3% | 7.0% | 7.7% | 36.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 2.98x | -0.42x | 1.43x | -10.35x | 1.61x | 5.74x | ||
| EV / LTM EBIT | -100.2x | 0.0x | 33.2x | -147.7x | 21.1x | 15.7x | ||
| Price / LTM Sales | 3.26x | 2.19x | 1.49x | 1.23x | 1.62x | 6.38x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | -10.35x | 1.43x | 2.98x | |||||
| Historical EV / LTM Revenue | 6.23x | 6.81x | 8.91x | |||||
| Selected EV / LTM Revenue | 5.28x | 5.56x | 5.84x | |||||
| (x) LTM Revenue | 1,564 | 1,564 | 1,564 | |||||
| (=) Implied Enterprise Value | 8,257 | 8,692 | 9,127 | |||||
| (-) Non-shareholder Claims * | 1,009 | 1,009 | 1,009 | |||||
| (=) Equity Value | 9,266 | 9,701 | 10,135 | |||||
| (/) Shares Outstanding | 1,020.4 | 1,020.4 | 1,020.4 | |||||
| Implied Value Range | 9.08 | 9.51 | 9.93 | |||||
| FX Rate: GBP/USD | 0.8 | 0.8 | 0.8 | Market Price | ||||
| Implied Value Range (Trading Cur) | 12.10 | 12.67 | 13.24 | 13.00 | ||||
| Upside / (Downside) | -6.9% | -2.5% | 1.8% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RELY | 0A8H | 0L95 | CABP | FIN | WPLC.F | |
| Enterprise Value | 3,770 | (3) | 34,376 | (1,188) | 18 | 8,944 | |
| (+) Cash & Short Term Investments | 368 | 5 | 8,567 | 1,073 | 3 | 1,061 | |
| (+) Investments & Other | 0 | 2 | 718 | 247 | 0 | 0 | |
| (-) Debt | (16) | (1) | (7,919) | (18) | (3) | (52) | |
| (-) Other Liabilities | 0 | 2 | 33 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,122 | 4 | 35,774 | 113 | 18 | 9,953 | |
| (/) Shares Outstanding | 203.8 | 3.1 | 619.6 | 254.1 | 57.4 | 1,020.4 | |
| Implied Stock Price | 20.22 | 1.27 | 57.74 | 0.44 | 0.32 | 9.75 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.75 | |
| Implied Stock Price (Trading Cur) | 20.22 | 1.27 | 57.74 | 0.44 | 0.32 | 13.00 | |
| Trading Currency | USD | USD | USD | GBP | GBP | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.75 | |