Cantech LetterEight Capital launches coverage of Wishpond Technologies with a "Buy" The analyst estimates WISH to be trading at 3.5x 2022 EV/revenue, which Sgro sees as a discount to its peers.
“Our view is that an EBITDA break-even SaaS platform delivering 30 per cent-plus organic growth deserves to trade closer to relevant Canadian peers at 12.3x or US martech vendors at 9.9x. We attribute this discount to Wishpond’s relatively smaller size and lack of familiarity in the Canadian investment landscape. We believe execution will close this gap over time,” Sgro wrote.