ASX-aspirant MoneyMe valued at up to $243 million
IPO hopeful MoneyMe, backed by Vocus Communications founder and one-time small cap fundie favourite James Spenceley, has been valued at up to $243 million.
That’s according to pre-marketing research sent to fund managers on Monday by sponsor broker Morgans which has set its valuation range at $127 million to $243 million, using a discounted cash flow methodology with a 12.7 per cent WACC.
“We have then sense-checked this range using relative valuation comparisons against what we believe to be the best peer companies, Zip Co and Prospa,” Morgans said.
The broker expects MoneyMe to deliver pro forma revenue in the 2020 financial year of about $46 million (up 43 per cent on the previous corresponding period) and $3 million in pro forma EBITDA.
MoneyMe offers fixed instalment personal loans worth up to $25,000, credit cards with limits worth up to $10,000, and loans to help pay for property marketing costs.
Founded in 2013, it has originated circa $340 million in loans cumulatively and has more than 80,000 unique customers with the average loan size of expected to be in excess of $5000 in the first half of the 2020 financial year.
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