Impressive breakdown of how Wise is playing the long game. The 30% jump in card revenues really shows they're building a real ecosystem beyond just cross-border. Sacrificing margins upfront (lower take rate) to acclerate the flywheel is kinda counter-intuitive at first, but seems to be working when the data rolls in.
Just checked on your valuation model. The IRR seems to be 5.25 years (I assume it should be 5 years now) and should go to YE 2030? But it seems to go to YE 2031 market cap forecast.
The 2031 market cap forcast is also used 25x multiple on Reported PBT line instead of the previously used 28x multiple on Normalised Net profits, not sure if that was meant or not?
Impressive breakdown of how Wise is playing the long game. The 30% jump in card revenues really shows they're building a real ecosystem beyond just cross-border. Sacrificing margins upfront (lower take rate) to acclerate the flywheel is kinda counter-intuitive at first, but seems to be working when the data rolls in.
Just checked on your valuation model. The IRR seems to be 5.25 years (I assume it should be 5 years now) and should go to YE 2030? But it seems to go to YE 2031 market cap forecast.
The 2031 market cap forcast is also used 25x multiple on Reported PBT line instead of the previously used 28x multiple on Normalised Net profits, not sure if that was meant or not?
Very good point. I amended the model