Something important about otcmkts vygvf
Geographic expansion, new product releases, and platform improvements are expected to drive VYGVF’s strong growth in FY:21. The creation of debit and credit cards, margin products, laptops, and continued growth of its interest program are only a few examples of new products. VYGVF is focused on expanding globally and introducing the Voyager App to investors in other countries, in addition to incorporating new functionality and platform improvements.
We expect sales of $117.5 million in FY21, up from $1.1 million in FY20. We expect a loss of $8.3 million in EBITDA, a net loss of $16.7 million, and earnings per share of $0. (0.13). Given the inherent operational leverage of the business model, we expect sales to continue to increase and profitability to improve. And there are the events that happen after that. According to management, the preliminary revenue for January 2021 was $8.6 million, which increased to $20 million in February 2021. As of the end of February 2021, AUM had surpassed $1.7 billion. As of February 28, 2021, there were more than 70,000 new funded accounts, bringing the total number of funded accounts to over 175,000. Customer trades totaled US$1.6 billion in February 2021, up from $840 million in January 2021.
Recommendation and Evaluation
Given its early stage and the small number of publicly listed pure-play digital exchange firms, Voyager’s valuation is difficult to assess. We are valuing Voyager using the most recently available information about similar private crypto firms since no clear public pure plays are available. Coinbase (NASDAQ: COIN) is one of its direct competitors. Coinbase’s most recent valuation is $90 billion, with sales of $1.3 billion. This valuation implies a 70.4x EV/Sales multiple. In comparison to Coinbase, VYGVF is much smaller. As a result, we examine several other publicly traded cryptocurrency peers, including Diginex Ltd. (NASDAQ: EQOS) (9x) and Riot Blockchain (NASDAQ: RIOT) (16.6x).
VYGVF is worth 15x FY23E revenue of $357 million, which we discount back at a 16.7 percent cost of capital. As a result, we arrive at a target price of $23.50 (or C$30.00) based on multiples.
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