Mogo Inc T.MOGO

Alternate Symbol(s): MOGO

Mogo Inc. is a Canada-based digital finance company. The Company provides simple digital solutions to help them in building wealth and achieve financial freedom. Its trade app, MogoTrade, offers lowest cost way to invest while making a positive impact with every investment. The Company also offers digital loans and mortgages. Through its wholly owned subsidiary, Carta Worldwide, the Company also offer a digital payments platform that powers card programs for both established global corporations and fintech companies in Europe and Canada.

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Mogo Inc

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Post by ndiamondon May 13, 2021 8:40pm

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Post# 33200804

Raymond James - $15 share price target on MOGO

CANADA RESEARCH PUBLISHED BY RAYMOND JAMES LTD.

MOGO INC. (MOGO-TSX | C$8.08)

Solid 1Q, Market Missing Coinsquare Investment Implications

STEVEN LI, CFA 416.777.4918

VIEW FULL REPORT

RATING	Outperform 2
TARGET	C$15.00
SUITABILITY	MA/ACC
MARKET CAP (MLN)	C$561
ESTIMATES	2021E EPS C$(0.49)
	2022E EPS C$(0.37)

Solid 1Q, but more important are the implications of the Coinsquare investment (increasing to 37%, option to go to 48%). Given this option, we expect them to be > 50% later this year when they can start consolidating Coinsquare. In just the month of April, Coinsquare generated $8 mln in revenues and $4 mln in EBITDA. Consolidating Coinsquare will significantly and favorably change Mogo revenue, growth and profitability profile. We calculate there is ~$6/share in Mogo stock that can be attributed to Coinsquare. With Mogo shares trading down today with other crypto names, we calculate the rest of Mogo is trading at 1.1x revenues (vs. fintech peers ~10x multiple).