Latitude are to pay $200m for Symple Loans, valuing the fintech lender at just shy of 4 times its current $53m loan book, and 37 times its annual revenue. Part of Latitude's justification is that they will roll their legacy loans onto the Symple tech stack, replacing Latitude's ageing 1990s platform, and according to the AFR, Symple is poised to begin issuing loans in Canada. So while it's not strictly an apples to apples comparison, what does this say about WZR's current SP?
WZR's last reported quarterly revenue was $7.5m ie $30m annually. 37 times this amount is $1.1bn. WZR's last reported total loan book is valued at $432m. 4 times this is $1.6bn.
WZR's market cap at yesterday's close is $408m.
Time for a reset?
WZR Price at posting:
31.0¢ Sentiment: Buy Disclosure: Held
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