Livewire post from Eley Griffiths regardingPushpay.
We also established a position in PushPay Holdings (PPH) during the quarter. The company is the market leader in digital giving solutions to the faith sector in the US. The faith based giving market is estimated to be ~US$100bn in the US with PPH’s addressable market ~US$50bn. PPH processed around $5bn USD in FY20 giving the company around 10% market share.
Over the last 12 months it has become clear PPH is at an inflection point for both cashflow and earnings. Under the stewardship of CEO Bruce Gordon, PPH has transitioned from a founder-led investment phase into an optimize/monetization phase. What is more surprising is the very conservative nature of the accounts (a rarity in small cap tech, outside Iress).
We believe the next few years for PPH will be rewarding and that COVID-19 will accelerate the already entrenched trend to digital giving/engagement from cash.
