2023年6月26日

國家銀行金融分析師Richard謝霆鋒是加拿大住看好電子商務公司光速商務(Lightspeed商業股票報價、圖表、新聞、分析師、金融NYSE: LSPD),在最近的一份報告中說,投資者應該鼓掌管理的新流線型的商業計劃。Montreal-headquartered光速,這提供了一個基於雲的銷售點(POS)係統為零售商和餐館,上個月在一次更新射擊,盈利能力通過加倍的支付業務要求所有新商家使用服務。公司擁有一係列產品為客戶包括庫存、忠誠、銷售和分析解決方案,以及訂單管理和特定的零售和餐飲POS特性。謝霆鋒說NBF最近會見了與光速CEO JP蕭韋和Gus Papageorgiou Invesetor關係,說此舉減少了操作的複雜性是把公司能夠利用擴展2024的杠杆。LSPD證交所表示,市場的反應——股票從兩年前的120美元到現在每股15美元,過去六個月,沒有向上運動與其他高科技行業股票——部分是由於公司的9個收購造成的複雜性超過兩年的空間。同時,分析師稱LSPD目前交易於1.7 x EV /銷售2024的數字,8億美元的資產負債表上的現金。使股票“難以忽視,”據謝霆鋒。謝霆鋒從會議,試圖轉向成為光速盈利並不容易。“我們拿走公司不得不做出讓步增長人氣的轉變盈利。從部門經濟學的角度來看,它認為它的LTV: CAC 3-4x有可能雙與支付,“謝霆鋒在他6月22日的報告中寫道。 “For investors, the benefit is that Lightspeed should be in a positive EBITDA position next fiscal year. That said, our impression was that Management was frustrated by this profitability constraint based on its view that it’s in a position to capture considerable share in a market that’s ripe for consolidation,” he said. On the new strategy, where the company is no longer selling its platform without the Payments solution (and is charging a 50-basis points service fee for those businesses that continue to use a non-Lightspeed payment provider), Tse said the prospects look good, as the company has so far been able to convert existing subscribed merchants at a high rate. Tse related that Lightspeed expects the all-in costs to convert its existing merchant base to a target penetration of over 60 per cent should be just $12 million. “To us, that means it should be more than reasonable to see the Company drive its existing penetration around ~20 per cent towards 35 per cent next fiscal year and towards 50 per cent the year after. We estimate each 10 per cent in incremental penetration under the trailing 12-month GTV, would drive ~$200 million in gross revenue,” Tse wrote. With the update, Tse reiterated an “Outperform” rating on LSPD and 12-month target of US$20.00, which at press time represented a projected return of 31.2 per cent.