Sezzle Authorizes New $15 Million Stock Repurchase Program, page-105

I’d love to know what you think the company is currently worth. Andthis goes out to everyone. It was only a year ago we were dreaming ofit one day getting to a billion dollar valuation. Well, we’ve madeit in AUD and not far from USD. So where to from here?

Subscribers arestill growing very fast, so people are finding value in the serviceprovided. How long can that continue? We know that Sezzle areselective with who they offer services to, so that makes us somewhatniche, but that could still be a very big number. Or, perhaps thetarget market is only 10% of those in their 20’s, making it a muchsmaller TAM. The bank partnership to lend to businesses obviouslyincreases this a lot, and although not yet proven to be a profitableinitiative, you have to have some confidence in management makingpositive moves.

Guiding for revenuegrowth of around 40% (from 160M to 220M) is very impressive. NPAT of55M (adjusted 40M), up from 7M. If we manage to grow by the samedollar amounts the following year, revenue from 220M to 280M, NPATfrom 40M to 77M, that would be effectively 100% earnings growth. Thisseems quite plausible, we seem to be scaling really well. Surely thatwould earn a PE in the 30-50 range? With forecast EPS of $6.75 byDec, that equates to a share price around $200-$350. Am I dreaming?Too conservative? What does everyone think?

Curly.