Hi thereJust thought I'd throw out a new thread on whether...

Hi there

Just thought I'd throw out a new thread on whether SZL is undervalued vs its most closely comparable peer, Quadpay.

My analysis is based on full SZL options being exercised and full performance targets ($60m plus 5m shares) being hit on Quadpay.

Based on a share price of $3.48 for SZL and $6.87 for Z1P, I get the following

SZL total implied MC = 199.6m shares x $3.48 = $695m
Quadpay total implied MC = 124m Z1P shares + $60m = $912m

Quadpay / SZL valuation premium = 31%

I also think this premium may be conservative in the sense that I'm not diluting for the SZL options.

Now this could all just be acquisition & Z1P leverage premium, but now that SZL has an in store virtual card & rewards program, is this a justified level of discount?