Page 30 - Listing Partners Pre Listing Offering

Company
Visa Mastercard PayPal Worldpay Shopify Square
First Data Adyen WireCard Worldline Ingenico
EVO Payments Bsquare Average
Indian Joint venture
Gross Margin
45,1% 76,0% 55,3% 40,3% 60,4% 21,1% 35,5% 98,7% 35,4% 69,2% 18,7%
EBIT
margin
65,9% 50,3% 14,1% 11,7%
-9,1%
-1,0% 21,3% 10,5% 22,0% 12,0% 10,2%
Profit Margin
38,1% 40,3% 15,3%
3,6% -6,2% -1,5%
10,5% 7,9% 17,7% 5,8% 7,1% -3,7% -20,9%
ROE
24,3% 116,9% 15,5%
1,4% -3,4% -4,7%
13,4% 22,5% 18,7%
2,6%
9,1% -16,4% -90,3%
ROA
12,1% 26,2% 5,2% 0,5% -3,0% -1,2%
2,0% 7,0% 5,9% 1,6% 2,9%
-1,1% -47,7%
Solidity
50% 22% 33% 39% 89% 25% 15% 31% 32% 60% 31%
7% 53% 38%
-7,7% -21,1%
Peers
53% 6% 1% 7% 0%
First, India joint venture will result in 250 million transactions year one and 400 million transactions year three. With the lowest revenue per transaction used will the India Joint Venture contribute with the following revenue over a period of 4 years, as the contract is written on a calendar basis but Kvanto s fiscal year is broken year from July toJune. So half of year one will be seen in the annual report of Kvanto for the fiscal year of 2019/2020, and then half of year one and year twoin 2020/2021 and so on.
India JV
Year 1
Year 2
Year 3
Year 4
Tran sanctions
250 000
325 000
400 000
400 000
Rev per transactions
0,0666
0,0666
0,0666
0,0666
Amount (thousand dollar)
16 649,85
21 644,81
26 639,76
26 639,76
Estimations and valuation based on peer’s multiples
Revenue growth 56,23% Growth 109,5 EBIT margin -76,68% EBIT -84,0 Profit margin -99,12% Profit -108,6
93,06% 211,5 -101,22% -214,1 -102,92% -217,7
Historic
2017/2018 2018/2019
Assumpons
2019/2020 2020/2021 2021/2022 2023/2024 2024/2025
4251,0% 9 201,2 1,2% 110,4
0,1% 11,0
127,0% 20 886,8
2,9% 598,2 29,3% 6 119,8
32,0% 27 570,5
3,3% 908,0 30,2% 8 326,3
32,0% 36 393,1 30,0% 10 917,9
30,0% 10 917,9
32,0% 48 038,9 30,0% 14 411,7
30,0% 14 411,7
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