Active Coverage Report Preview: VYGVF (03/10/2021)

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Active Coverage Report Preview: VYGVF (03/10/2021)

 

The company announced record Q2:21 revenue of $3.6 million. In February, the company experienced rapid growth surpassing $1.7 billion in AUM and $20 million in monthly revenues. We are bullish on VYGR’s long-term prospects. We maintain our BUY rating and increase our target price to $23.50 per share (earlier $13.00).

VYGVF report 03 2021

 

Q2:21 Highlights

  • Revenues increased 3,949% YOY to approximately $3.6 million for Q2:21 compared to $88,146 for Q2:20.
  • Assets under management (AUM) surpassed $230 million at the end of December 2020, up from $5 million at the end of December 2019, representing a 45x increase over that period.
  • Management noted that their preliminary revenue grew to ~$20 million as of February 2021.
  • Voyager's AUM continues to grow exponentially, as well as the growth of daily net deposits and new accounts on the platform. Given the dramatic increase in AUM as well as trading velocity, we increase our estimates.
  • We maintain our Buy rating and increase our target price to $23.50, implying a price appreciation potential of 56%.

 

PRIMARY RISKS

  • Voyager frequently has acquisitions. Failure to integrate any acquisition could result in additional risk and uncertainty for the business.
  • Crypto-related businesses face a very uncertain regulatory environment. There is high ambiguity and lack of clarity from many governments globally. Any unfavorable change could negatively impact operations.

 

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