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2022-01-04
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Paysafe: Hell, Fury, And Capital Destruction<blockquote>Paysafe：地狱、愤怒和资本毁灭</blockquote>
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2022-01-04
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The company held a strategic business position in the fast-expanding North American iGaming market. This was through its suite of digital wallet, eCash and integrated processing solutions that are the preferred choice for a number of leading iGaming companies. The bull case was clear; the liberalisation of online gambling laws in the US would usher in an ever-growing total addressable market. This would create a base for long-term revenue ramp and continued positive EBITDA generation. Hence, Paysafe went public to raise funds to fully ride this iGaming wave.</p><p><blockquote>Paysafe(PSFE)普通股立即突然跌破4美元，引起了人们的敬畏、震惊和困惑。该公司在快速扩张的北美iGaming市场中占据着战略业务地位。这是通过其数字钱包、电子现金和集成处理解决方案套件实现的，这些解决方案是许多领先的iGaming公司的首选。牛市的情况很清楚；美国在线赌博法的自由化将迎来一个不断增长的总潜在市场。这将为长期收入增长和持续正EBITDA创造基础。因此，Paysafe上市筹集资金，以充分驾驭这一浪潮。</blockquote></p><p>This bull case met the reality of a cold and uncaring public market that punished stocks in somewhat speculative and fringe industries. 2021 was a year that saw these suffer a historical valuation compression and meant Paysafe's fate was sealed on the back of fiscal 2021 third quarter results that fell far short of guidance and consensus estimates. In other words, the market's deep distrust of Paysafe's previously provided guidance was proved right and what was left of positive sentiment towards the company's bull case was dissipated.</p><p><blockquote>这一牛市案例遇到了冷淡和漠不关心的公开市场的现实，该市场惩罚了具有一定投机性和边缘行业的股票。2021年是这些公司遭受历史性估值压缩的一年，这意味着Paysafe的命运取决于2021财年第三季度业绩远低于指引和共识预期。换句话说，市场对Paysafe之前提供的指导的极度不信任被证明是正确的，对该公司牛市的积极情绪也消散了。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/225ab5527b79d7eb3bfa12f9b43a2aa4\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"/><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p>Bulls would be right to ask about what comes next after an 80% fall from 52-week highs. With common shares that have mimicked cotton candy in the rain some understandably exchanged their losses for a reduction in their taxable capital gains. This end-of-year tax-loss harvesting ironically likely exacerbated the pace of decline that we saw towards the end of the year across similar companies in the space.</p><p><blockquote>在从52周高点下跌80%后，多头询问接下来会发生什么是正确的。随着普通股模仿雨中的棉花糖，一些人用损失换取应税资本收益的减少，这是可以理解的。具有讽刺意味的是，这种年底税收损失收获可能加剧了我们在年底看到的该领域类似公司的下滑速度。</blockquote></p><p><b>A Pick-And-Shovel Play On The Liberalization Of iGaming?</b></p><p><blockquote><b>关于iGaming自由化的挑拨离间游戏？</b></blockquote></p><p>Paysafe's fiscal 2021 third quarter results saw revenue come in at $353.6 million, a year-over-year decline of 0.5% and a $17.04 million miss on consensus estimates. The poor growth during the quarter saw the company cut revenue guidance for fiscal 2021 revenue to be no less than $1.47 billion. This is around a 4% decline from the previous guidance of revenue of no less than $1.53 billion with consensus estimates at $1.54 billion. Management blamed significant market and performance challenges within the Digital Wallet segment which saw revenue decline by around 15% to $83.6 million from $98.5 million.</p><p><blockquote>Paysafe 2021财年第三季度业绩显示，收入为3.536亿美元，同比下降0.5%，比市场普遍预期低1704万美元。由于本季度增长不佳，该公司将2021财年营收指引下调至不低于14.7亿美元。这比之前不低于15.3亿美元的收入指引下降了约4%，市场普遍预期为15.4亿美元。管理层将此归咎于数字钱包领域的重大市场和业绩挑战，该领域的收入从9850万美元下降至8360万美元，下降了约15%。</blockquote></p><p>Gross profit guidance for the year was also cut to between $870 million and $880 million from the previous range of $930 million to $970 million. Adjusted EBITDA is now not meant to be lower than $425 million from the previous floor of $480 million. Hence, with revenue now expected to be around $1.47 billion for fiscal 2021, the company's market cap to sales multiple stands at 1.96x. But this is somewhat misleading asPaysafealso holds long-term debt of $2.19 billion, only partially offset by cash and equivalents of $262 million. This places its enterprise value at almost double its market cap. The current multiple might find it hard to expand until Paysafe proves it is able to return to growth and start generating substantially more free cash flow to pay down debt. Indeed, the company continues to make operational developments, recently partnering with Huawei to offer Paysafecard as an alternative payments option in the App Gallery in a number of European countries. The company's Skrill and Neteller products were also selected by Fandom Sports for its peer-to-peer sports wagering platform.</p><p><blockquote>今年的毛利润指引也从之前的9.3亿美元至9.7亿美元下调至8.7亿美元至8.8亿美元。调整后EBITDA现在不会低于之前4.8亿美元的4.25亿美元。因此，目前预计2021财年的收入约为14.7亿美元，该公司的市值与销售额倍数为1.96倍。但这有些误导，因为PaySafe还持有21.9亿美元的长期债务，仅被2.62亿美元的现金及等价物部分抵消。这使得其企业价值几乎是其市值的两倍。在Paysafe证明其能够恢复增长并开始产生更多自由现金流来偿还债务之前，目前的市盈率可能很难扩大。事实上，该公司继续进行运营发展，最近与华为合作，在许多欧洲国家的应用程序库中提供Paysafecard作为替代支付选项。该公司的Skrill和Neteller产品也被Fandom Sports选为其点对点体育博彩平台。</blockquote></p><p><b>The Future For The Embattled Longs As We Enter 2022</b></p><p><blockquote><b>进入2022年，陷入困境的多头的未来</b></blockquote></p><p>You would seemingly not be remiss to think that Paysafe's short time in the public markets was on the precipice of ending. The company has suffered a brutal and almost unending collapse that would not look out of place for a company facing existential financial conditions. A number of factors, including end-of-year tax-loss selling and the emergence of the new COVID-19 variant, exacerbated a market orthodoxy of disdain and disgust towards companies like Paysafe.</p><p><blockquote>如果你认为Paysafe在公开市场的短暂时间即将结束，你似乎不会疏忽。该公司遭受了残酷且几乎无休止的崩溃，对于一家面临生存财务状况的公司来说，这看起来并不格格不入。许多因素，包括年底的税收损失销售和新的COVID-19变种的出现，加剧了市场对Paysafe等公司的蔑视和厌恶。</blockquote></p><p></p><p>The company once held in extremely high regard has fallen from grace and enters a new year with a Sisyphean task of repairing a broken reputation and reinstalling trust in its long-term bull case. The liberalization of iGaming continues to be a material driver of growth opportunities ahead, and the company is well placed with its suite of products to take advantage of this. Bulls might well be right to state that the current valuation is far too low and an overreaction to a guidance cut that came about as a result of fixable factors. Hence, a re-rating could be due in 2022. Overall, Paysafe is a somewhat decent quality company currently treading water against a macro backdrop that should be more favourable to currently non-existent growth. Correcting this should be the priority for management in 2022 but I continue to avoid the shares.</p><p><blockquote>这家曾经备受推崇的公司已经失宠，进入新的一年，肩负着修复受损声誉并重新建立对其长期牛市的信任的西西弗斯任务。iGaming的自由化仍然是未来增长机会的重要驱动力，该公司凭借其产品套件处于有利地位，可以利用这一点。多头很可能正确地说，当前的估值太低，并且是对可修复因素导致的指导下调的过度反应。因此，重新评级可能会在2022年进行。总体而言，Paysafe是一家质量不错的公司，目前在宏观背景下停滞不前，而宏观背景应该更有利于目前不存在的增长。纠正这一问题应该是2022年管理层的首要任务，但我继续回避这些股票。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Paysafe: Hell, Fury, And Capital Destruction<blockquote>Paysafe：地狱、愤怒和资本毁灭</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPaysafe: Hell, Fury, And Capital Destruction<blockquote>Paysafe：地狱、愤怒和资本毁灭</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2022-01-04 11:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Summary</b></p><p><blockquote><html><head></head><body><b>总结</b></body></html></blockquote></p><p><ul><li>Paysafe's long-term bull case as a pick-and-shovel play on the liberalization of iGaming is being questioned.</li><li>The company recently cut guidance on the back of weak fiscal 2021 third-quarter results.</li><li>2022 should be a better year if the company proves it is able to grab substantial pieces of the TAM ahead.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c021d06a6d9a9277332502f4a7ca9908\" tg-width=\"478\" tg-height=\"359\" width=\"100%\" height=\"auto\"/><span>Michael Blann/DigitalVision via Getty Images</span></p><p><blockquote><ul><li>Paysafe作为iGaming自由化的长期牛市正受到质疑。</li><li>由于2021财年第三季度业绩疲软，该公司最近下调了指引。</li><li>如果该公司证明自己有能力抢占未来TAM的大部分份额，2022年应该会是更好的一年。</li></ul><p class=\"t-img-caption\"><span>迈克尔·布兰/DigitalVision来自Getty Images</span></p></blockquote></p><p>Paysafe's (PSFE) common shares immediate and sudden collapse below $4 was met with awe, shock, and bewilderment. The company held a strategic business position in the fast-expanding North American iGaming market. This was through its suite of digital wallet, eCash and integrated processing solutions that are the preferred choice for a number of leading iGaming companies. The bull case was clear; the liberalisation of online gambling laws in the US would usher in an ever-growing total addressable market. This would create a base for long-term revenue ramp and continued positive EBITDA generation. Hence, Paysafe went public to raise funds to fully ride this iGaming wave.</p><p><blockquote>Paysafe(PSFE)普通股立即突然跌破4美元，引起了人们的敬畏、震惊和困惑。该公司在快速扩张的北美iGaming市场中占据着战略业务地位。这是通过其数字钱包、电子现金和集成处理解决方案套件实现的，这些解决方案是许多领先的iGaming公司的首选。牛市的情况很清楚；美国在线赌博法的自由化将迎来一个不断增长的总潜在市场。这将为长期收入增长和持续正EBITDA创造基础。因此，Paysafe上市筹集资金，以充分驾驭这一浪潮。</blockquote></p><p>This bull case met the reality of a cold and uncaring public market that punished stocks in somewhat speculative and fringe industries. 2021 was a year that saw these suffer a historical valuation compression and meant Paysafe's fate was sealed on the back of fiscal 2021 third quarter results that fell far short of guidance and consensus estimates. In other words, the market's deep distrust of Paysafe's previously provided guidance was proved right and what was left of positive sentiment towards the company's bull case was dissipated.</p><p><blockquote>这一牛市案例遇到了冷淡和漠不关心的公开市场的现实，该市场惩罚了具有一定投机性和边缘行业的股票。2021年是这些公司遭受历史性估值压缩的一年，这意味着Paysafe的命运取决于2021财年第三季度业绩远低于指引和共识预期。换句话说，市场对Paysafe之前提供的指导的极度不信任被证明是正确的，对该公司牛市的积极情绪也消散了。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/225ab5527b79d7eb3bfa12f9b43a2aa4\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"/><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p>Bulls would be right to ask about what comes next after an 80% fall from 52-week highs. With common shares that have mimicked cotton candy in the rain some understandably exchanged their losses for a reduction in their taxable capital gains. This end-of-year tax-loss harvesting ironically likely exacerbated the pace of decline that we saw towards the end of the year across similar companies in the space.</p><p><blockquote>在从52周高点下跌80%后，多头询问接下来会发生什么是正确的。随着普通股模仿雨中的棉花糖，一些人用损失换取应税资本收益的减少，这是可以理解的。具有讽刺意味的是，这种年底税收损失收获可能加剧了我们在年底看到的该领域类似公司的下滑速度。</blockquote></p><p><b>A Pick-And-Shovel Play On The Liberalization Of iGaming?</b></p><p><blockquote><b>关于iGaming自由化的挑拨离间游戏？</b></blockquote></p><p>Paysafe's fiscal 2021 third quarter results saw revenue come in at $353.6 million, a year-over-year decline of 0.5% and a $17.04 million miss on consensus estimates. The poor growth during the quarter saw the company cut revenue guidance for fiscal 2021 revenue to be no less than $1.47 billion. This is around a 4% decline from the previous guidance of revenue of no less than $1.53 billion with consensus estimates at $1.54 billion. Management blamed significant market and performance challenges within the Digital Wallet segment which saw revenue decline by around 15% to $83.6 million from $98.5 million.</p><p><blockquote>Paysafe 2021财年第三季度业绩显示，收入为3.536亿美元，同比下降0.5%，比市场普遍预期低1704万美元。由于本季度增长不佳，该公司将2021财年营收指引下调至不低于14.7亿美元。这比之前不低于15.3亿美元的收入指引下降了约4%，市场普遍预期为15.4亿美元。管理层将此归咎于数字钱包领域的重大市场和业绩挑战，该领域的收入从9850万美元下降至8360万美元，下降了约15%。</blockquote></p><p>Gross profit guidance for the year was also cut to between $870 million and $880 million from the previous range of $930 million to $970 million. Adjusted EBITDA is now not meant to be lower than $425 million from the previous floor of $480 million. Hence, with revenue now expected to be around $1.47 billion for fiscal 2021, the company's market cap to sales multiple stands at 1.96x. But this is somewhat misleading asPaysafealso holds long-term debt of $2.19 billion, only partially offset by cash and equivalents of $262 million. This places its enterprise value at almost double its market cap. The current multiple might find it hard to expand until Paysafe proves it is able to return to growth and start generating substantially more free cash flow to pay down debt. Indeed, the company continues to make operational developments, recently partnering with Huawei to offer Paysafecard as an alternative payments option in the App Gallery in a number of European countries. The company's Skrill and Neteller products were also selected by Fandom Sports for its peer-to-peer sports wagering platform.</p><p><blockquote>今年的毛利润指引也从之前的9.3亿美元至9.7亿美元下调至8.7亿美元至8.8亿美元。调整后EBITDA现在不会低于之前4.8亿美元的4.25亿美元。因此，目前预计2021财年的收入约为14.7亿美元，该公司的市值与销售额倍数为1.96倍。但这有些误导，因为PaySafe还持有21.9亿美元的长期债务，仅被2.62亿美元的现金及等价物部分抵消。这使得其企业价值几乎是其市值的两倍。在Paysafe证明其能够恢复增长并开始产生更多自由现金流来偿还债务之前，目前的市盈率可能很难扩大。事实上，该公司继续进行运营发展，最近与华为合作，在许多欧洲国家的应用程序库中提供Paysafecard作为替代支付选项。该公司的Skrill和Neteller产品也被Fandom Sports选为其点对点体育博彩平台。</blockquote></p><p><b>The Future For The Embattled Longs As We Enter 2022</b></p><p><blockquote><b>进入2022年，陷入困境的多头的未来</b></blockquote></p><p>You would seemingly not be remiss to think that Paysafe's short time in the public markets was on the precipice of ending. The company has suffered a brutal and almost unending collapse that would not look out of place for a company facing existential financial conditions. A number of factors, including end-of-year tax-loss selling and the emergence of the new COVID-19 variant, exacerbated a market orthodoxy of disdain and disgust towards companies like Paysafe.</p><p><blockquote>如果你认为Paysafe在公开市场的短暂时间即将结束，你似乎不会疏忽。该公司遭受了残酷且几乎无休止的崩溃，对于一家面临生存财务状况的公司来说，这看起来并不格格不入。许多因素，包括年底的税收损失销售和新的COVID-19变种的出现，加剧了市场对Paysafe等公司的蔑视和厌恶。</blockquote></p><p></p><p>The company once held in extremely high regard has fallen from grace and enters a new year with a Sisyphean task of repairing a broken reputation and reinstalling trust in its long-term bull case. The liberalization of iGaming continues to be a material driver of growth opportunities ahead, and the company is well placed with its suite of products to take advantage of this. Bulls might well be right to state that the current valuation is far too low and an overreaction to a guidance cut that came about as a result of fixable factors. Hence, a re-rating could be due in 2022. Overall, Paysafe is a somewhat decent quality company currently treading water against a macro backdrop that should be more favourable to currently non-existent growth. Correcting this should be the priority for management in 2022 but I continue to avoid the shares.</p><p><blockquote>这家曾经备受推崇的公司已经失宠，进入新的一年，肩负着修复受损声誉并重新建立对其长期牛市的信任的西西弗斯任务。iGaming的自由化仍然是未来增长机会的重要驱动力，该公司凭借其产品套件处于有利地位，可以利用这一点。多头很可能正确地说，当前的估值太低，并且是对可修复因素导致的指导下调的过度反应。因此，重新评级可能会在2022年进行。总体而言，Paysafe是一家质量不错的公司，目前在宏观背景下停滞不前，而宏观背景应该更有利于目前不存在的增长。纠正这一问题应该是2022年管理层的首要任务，但我继续回避这些股票。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4477750-paysafe-hell-fury-and-capital-destruction\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PSFE":"Paysafe Ltd"},"source_url":"https://seekingalpha.com/article/4477750-paysafe-hell-fury-and-capital-destruction","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166481297","content_text":"SummaryPaysafe's long-term bull case as a pick-and-shovel play on the liberalization of iGaming is being questioned.The company recently cut guidance on the back of weak fiscal 2021 third-quarter results.2022 should be a better year if the company proves it is able to grab substantial pieces of the TAM ahead.Michael Blann/DigitalVision via Getty ImagesPaysafe's (PSFE) common shares immediate and sudden collapse below $4 was met with awe, shock, and bewilderment. The company held a strategic business position in the fast-expanding North American iGaming market. This was through its suite of digital wallet, eCash and integrated processing solutions that are the preferred choice for a number of leading iGaming companies. The bull case was clear; the liberalisation of online gambling laws in the US would usher in an ever-growing total addressable market. This would create a base for long-term revenue ramp and continued positive EBITDA generation. Hence, Paysafe went public to raise funds to fully ride this iGaming wave.This bull case met the reality of a cold and uncaring public market that punished stocks in somewhat speculative and fringe industries. 2021 was a year that saw these suffer a historical valuation compression and meant Paysafe's fate was sealed on the back of fiscal 2021 third quarter results that fell far short of guidance and consensus estimates. In other words, the market's deep distrust of Paysafe's previously provided guidance was proved right and what was left of positive sentiment towards the company's bull case was dissipated.Data by YChartsBulls would be right to ask about what comes next after an 80% fall from 52-week highs. With common shares that have mimicked cotton candy in the rain some understandably exchanged their losses for a reduction in their taxable capital gains. This end-of-year tax-loss harvesting ironically likely exacerbated the pace of decline that we saw towards the end of the year across similar companies in the space.A Pick-And-Shovel Play On The Liberalization Of iGaming?Paysafe's fiscal 2021 third quarter results saw revenue come in at $353.6 million, a year-over-year decline of 0.5% and a $17.04 million miss on consensus estimates. The poor growth during the quarter saw the company cut revenue guidance for fiscal 2021 revenue to be no less than $1.47 billion. This is around a 4% decline from the previous guidance of revenue of no less than $1.53 billion with consensus estimates at $1.54 billion. Management blamed significant market and performance challenges within the Digital Wallet segment which saw revenue decline by around 15% to $83.6 million from $98.5 million.Gross profit guidance for the year was also cut to between $870 million and $880 million from the previous range of $930 million to $970 million. Adjusted EBITDA is now not meant to be lower than $425 million from the previous floor of $480 million. Hence, with revenue now expected to be around $1.47 billion for fiscal 2021, the company's market cap to sales multiple stands at 1.96x. But this is somewhat misleading asPaysafealso holds long-term debt of $2.19 billion, only partially offset by cash and equivalents of $262 million. This places its enterprise value at almost double its market cap. The current multiple might find it hard to expand until Paysafe proves it is able to return to growth and start generating substantially more free cash flow to pay down debt. Indeed, the company continues to make operational developments, recently partnering with Huawei to offer Paysafecard as an alternative payments option in the App Gallery in a number of European countries. The company's Skrill and Neteller products were also selected by Fandom Sports for its peer-to-peer sports wagering platform.The Future For The Embattled Longs As We Enter 2022You would seemingly not be remiss to think that Paysafe's short time in the public markets was on the precipice of ending. The company has suffered a brutal and almost unending collapse that would not look out of place for a company facing existential financial conditions. A number of factors, including end-of-year tax-loss selling and the emergence of the new COVID-19 variant, exacerbated a market orthodoxy of disdain and disgust towards companies like Paysafe.The company once held in extremely high regard has fallen from grace and enters a new year with a Sisyphean task of repairing a broken reputation and reinstalling trust in its long-term bull case. The liberalization of iGaming continues to be a material driver of growth opportunities ahead, and the company is well placed with its suite of products to take advantage of this. Bulls might well be right to state that the current valuation is far too low and an overreaction to a guidance cut that came about as a result of fixable factors. Hence, a re-rating could be due in 2022. Overall, Paysafe is a somewhat decent quality company currently treading water against a macro backdrop that should be more favourable to currently non-existent growth. Correcting this should be the priority for management in 2022 but I continue to avoid the shares.","news_type":1,"symbols_score_info":{"PSFE":0.9}},"isVote":1,"tweetType":1,"viewCount":2125,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":8,"xxTargetLangEnum":"ZH_CN"},"commentList":[{"id":7154157,"commentId":"7154157","gmtCreate":1641303194430,"gmtModify":1641303194430,"authorId":3568343633990285,"author":{"id":3568343633990285,"idStr":"3568343633990285","authorId":3568343633990285,"name":"尾巴骨","avatar":"https://static.tigerbbs.com/104955df12f454822718fb1cce50af4b","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":695960379,"objectIdStr":"695960379","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"是吗 为啥呀","text":"是吗 为啥呀","html":"是吗 为啥呀","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"valid","coins":0,"score":0,"disclaimerType":0}],"isCommentEnd":false,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/695960379"}
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