Ethan20
Madmaxista
- Desde
- 20 Nov 2012
- Mensajes
- 6.048
- Reputación
- 5.818
Totalmente infravalorada 14$ un gigante dormido
Paysafe DD:
Partnered with Coinbase, Roblox, Draftkings, Spotify, Fortnight, Amazon, Twitch, Xbox, bet365, ApplePay, Youtube, Visa, Betfair, PayLease, ESL Gaming, etc.
Global electronic payment platform with integrated cloud technology offering migration of eCash, integration of payment methods, cross-border payments and expansion into global banking as a service (with proprietary risk management enabling mobile e-commerce for the 1.7 billion ”unbanked.”)
$58 trillion TAM. Fund manager Cathie Wood: “Fintechs are going to gut banks.” Jackie Reses, board member of the SF Federal Reserve predicts a “$16 trillion market cap wholesale tras*ition” of fintechs “taking over and revolutionizing banking”
No. 1 global leader in iGaming eCash network. “At Paysafe, the iGaming market volume was estimated to be $3.4 billion in 2019, and is now projected to reach $47 billion in 2025.”
No. 2 global digital wallet with presence in 120 countries. Owns Neteller and Skrill, winner “Best Digital Wallet” for “best consumer take up”, “most innovative technology” with “greatest potential to disrupt current ecosystems.”
No. 4 globally in integrated merchant processing
Enabled for crypto-to-crypto trading (Bitcoin & 26 other crypto-currencies)
Winner “Best Omni-Channel Payment Solution”, “Payment Processor of the Year,” and “Best Payment Method”
Rapidly expanding in US with new partnerships (last 3 months: Coinbase, Microsoft, Luckbox, Amelco, Pointsbet, Virginia Lotto, Pointsbet) & new legalized sports betting (this month: NY, WY, NH)
Trustpilot in Europe (where more commonly used) rates Paysafe as “Excellent” (4.7/5 stars) with over 24,000 reviews, and Skrill as “great” (4.2/5 stars) with over 17,000 reviews, while PayPal is rated "poor" (1.2/5 stars) with over 17,000 reviews.
Bill Foley, Paysafe's Chairman of the Board, has a proven track record in generating rapid synergistic inorganic growth. Over the last five years Foley has grow Ceridian 3.3X ($4.2B to $14B), Dun & Bradstreet 5.6X ($2B to $11.3B), and Black Knight 8.7X ($1.6B to $14B). He also grew FIS from $2.5 billion to over $91 billion (36.4X). He says, “Those characteristics of FIS are right in line with what we plan on doing with Paysafe.”
Foley on Paysafe: “It’s a fortress. It’s got a moat…We have a proven strategy of winning as new global markets open. And most importantly, we have unrivaled regulatory risk and technical expertise…It’s going to be a land grab…I have a vision that we should be THE digital wallet… It’s our job to be there first and to make sure we dominate. We’re focusing on gaming, particularly sportsbetting, in the United States as it becomes legal and we’ve got a wide landscape we can attack. It’s pretty exciting.”
Analyst coverage: “We believe PSFE represents a relatively scarce asset within the payments industry given its unique business strategy, geographical footprint, and focus on the iGaming industry. Our forecasts imply revenue growth at the high-end of management's guidance and we believe there is upside to our forecasts in the event of state-level legalization of iGaming. PSFE operates in high-growth verticals, has a unique advantage in its consumer and merchant facing solutions, and offers exposure to a secular growth opportunity in the potential legalization of iGaming in the United States."
Projected $1.5 billion revenue, $362 million free cash flow, 30-35% margins, $105 billion tras*actional volume
Paysafe’s share price with average of sector peer multiples:
EV/EBITDA ratio : $122.09
EV/Rev ratio : $83.91
EV/FCF ratio : $87.86
Average: $97.95
After eliminating outliers with highest multiples:
EV/EBITDA ratio :$50.75
EV/Rev ratio : $44.64
EV/FCF ratio : $44.18
Average :$46.52
Valuation notes:
1) Based on low end of Paysafe's projections
2) From published data on PayPal, Square, Nuvei, Repay, Shift4, Adyen, Affirm, bill, GPN, Paysign with a collective revenue growth rate of ~12.5%. Paysafe’s 10.6% rev growth projection (conservatively pegged to fintech/online commerce) excludes planned inorganic growth and projected 10X iGaming growth (55% CAGR)
3) Around half of these competitors report negative free cash flow and negative EBITDA growth, unlike Paysafe
Recent signals of Blackstone/CVC’s long-term hold:
Last week, Blackstone Senior Managing Director Eli Nagler said “We believe Paysafe has a long runway for further growth and look forward to remaining part of the team and seeing their continued success as a public company.”
FTAC’s Board of Directors’ Reasons for the Approval of the Business Combination: “Commitment of Paysafe’s Owners. The FTAC Board believes that the CVC Investors, the Blackstone Investors and other current indirect stockholders of PGHL continuing to own a substantial percentage of the post-combination company on a pro forma basis reflects such stockholders’ belief in and commitment to the continued growth prospects of Paysafe going forward.”
Paysafe DD:
Partnered with Coinbase, Roblox, Draftkings, Spotify, Fortnight, Amazon, Twitch, Xbox, bet365, ApplePay, Youtube, Visa, Betfair, PayLease, ESL Gaming, etc.
Global electronic payment platform with integrated cloud technology offering migration of eCash, integration of payment methods, cross-border payments and expansion into global banking as a service (with proprietary risk management enabling mobile e-commerce for the 1.7 billion ”unbanked.”)
$58 trillion TAM. Fund manager Cathie Wood: “Fintechs are going to gut banks.” Jackie Reses, board member of the SF Federal Reserve predicts a “$16 trillion market cap wholesale tras*ition” of fintechs “taking over and revolutionizing banking”
No. 1 global leader in iGaming eCash network. “At Paysafe, the iGaming market volume was estimated to be $3.4 billion in 2019, and is now projected to reach $47 billion in 2025.”
No. 2 global digital wallet with presence in 120 countries. Owns Neteller and Skrill, winner “Best Digital Wallet” for “best consumer take up”, “most innovative technology” with “greatest potential to disrupt current ecosystems.”
No. 4 globally in integrated merchant processing
Enabled for crypto-to-crypto trading (Bitcoin & 26 other crypto-currencies)
Winner “Best Omni-Channel Payment Solution”, “Payment Processor of the Year,” and “Best Payment Method”
Rapidly expanding in US with new partnerships (last 3 months: Coinbase, Microsoft, Luckbox, Amelco, Pointsbet, Virginia Lotto, Pointsbet) & new legalized sports betting (this month: NY, WY, NH)
Trustpilot in Europe (where more commonly used) rates Paysafe as “Excellent” (4.7/5 stars) with over 24,000 reviews, and Skrill as “great” (4.2/5 stars) with over 17,000 reviews, while PayPal is rated "poor" (1.2/5 stars) with over 17,000 reviews.
Bill Foley, Paysafe's Chairman of the Board, has a proven track record in generating rapid synergistic inorganic growth. Over the last five years Foley has grow Ceridian 3.3X ($4.2B to $14B), Dun & Bradstreet 5.6X ($2B to $11.3B), and Black Knight 8.7X ($1.6B to $14B). He also grew FIS from $2.5 billion to over $91 billion (36.4X). He says, “Those characteristics of FIS are right in line with what we plan on doing with Paysafe.”
Foley on Paysafe: “It’s a fortress. It’s got a moat…We have a proven strategy of winning as new global markets open. And most importantly, we have unrivaled regulatory risk and technical expertise…It’s going to be a land grab…I have a vision that we should be THE digital wallet… It’s our job to be there first and to make sure we dominate. We’re focusing on gaming, particularly sportsbetting, in the United States as it becomes legal and we’ve got a wide landscape we can attack. It’s pretty exciting.”
Analyst coverage: “We believe PSFE represents a relatively scarce asset within the payments industry given its unique business strategy, geographical footprint, and focus on the iGaming industry. Our forecasts imply revenue growth at the high-end of management's guidance and we believe there is upside to our forecasts in the event of state-level legalization of iGaming. PSFE operates in high-growth verticals, has a unique advantage in its consumer and merchant facing solutions, and offers exposure to a secular growth opportunity in the potential legalization of iGaming in the United States."
Projected $1.5 billion revenue, $362 million free cash flow, 30-35% margins, $105 billion tras*actional volume
Paysafe’s share price with average of sector peer multiples:
EV/EBITDA ratio : $122.09
EV/Rev ratio : $83.91
EV/FCF ratio : $87.86
Average: $97.95
After eliminating outliers with highest multiples:
EV/EBITDA ratio :$50.75
EV/Rev ratio : $44.64
EV/FCF ratio : $44.18
Average :$46.52
Valuation notes:
1) Based on low end of Paysafe's projections
2) From published data on PayPal, Square, Nuvei, Repay, Shift4, Adyen, Affirm, bill, GPN, Paysign with a collective revenue growth rate of ~12.5%. Paysafe’s 10.6% rev growth projection (conservatively pegged to fintech/online commerce) excludes planned inorganic growth and projected 10X iGaming growth (55% CAGR)
3) Around half of these competitors report negative free cash flow and negative EBITDA growth, unlike Paysafe
Recent signals of Blackstone/CVC’s long-term hold:
Last week, Blackstone Senior Managing Director Eli Nagler said “We believe Paysafe has a long runway for further growth and look forward to remaining part of the team and seeing their continued success as a public company.”
FTAC’s Board of Directors’ Reasons for the Approval of the Business Combination: “Commitment of Paysafe’s Owners. The FTAC Board believes that the CVC Investors, the Blackstone Investors and other current indirect stockholders of PGHL continuing to own a substantial percentage of the post-combination company on a pro forma basis reflects such stockholders’ belief in and commitment to the continued growth prospects of Paysafe going forward.”
