Pushpay Broker and Media coverage, page-8

Strong statement in AFR this afternoon. No wonder it's up.

Jarden tips three years of growth in one for Pushpay
by William McInnes

Jarden is tipping the 2021 financial year will be a remarkable year in Pushpay's trajectory, forecasting three years of growth will be compressed into one.The broker held its outperform rating on the stock but increased its price target from $NZ6.54 to $NZ9.30 ($8.63).

"Based on our assessment of the financial year to date trend, we believe Pushpay’s share of customer wallet is now 65 per cent, or 2500 basis points higher than pre-Covid levels, and applying a similar quantum of increase implies 29 per cent industry wide digital penetration," said analyst Wassim Kisirwani."While the acceleration over the last six months is clearly a pull forward of demand that will create a challenging base to cycle in FY22E, we still see a significant runway of opportunity."The broker said the company's own guidance was likely well short of its forecasts."FY21 EBITDAF guidance is premised on a reversion in the strong processing volume trends that have been observed since March; this has yet to occur and is looking increasingly unlikely, i.e., the observed shift to digital giving will likely stick at these levels, as a base," said Mr Kisirwani."Therefore, we expect Pushpay will exceed its FY21 guidance, and have revised our estimates accordingly, forecasting FY21E EBITDAF of $US57.2 million versus guidance of $US50 million to $US54 million.