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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市场占据战略业务地位。这是通过其数字钱包、eCash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；美国在线赌博法律的自由化将带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 生成奠定基础。因此，Paysafe上市筹集资金，以充分驾驭这股iGaming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漠和冷漠的公开市场的现实，这种市场惩罚了一些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 的命运因 2021 财年第三季度业绩远低于指导和普遍预期而注定。换句话说，市场对 Paysafe 之前提供的指导的深深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>数据由YCharts提供</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。随着普通股在雨中模仿棉花糖，一些人可以理解地以损失换取应税资本利得的减少。具有讽刺意味的是，这种年终税收损失可能会加剧我们在年底看到的该领域类似公司的下降速度。</blockquote></p><p><b>A Pick-And-Shovel Play On The Liberalization Of iGaming?</b></p><p><blockquote><b>iGaming自由化的挑剔游戏？</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 财年收入指引下调至不少于 14.7 亿美元。这比之前不少于 15.3 亿美元的收入指导下降了约 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 万美元下降了约 15%，降至 8360 万美元。</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 亿美元范围下调至 8.7 亿美元至 8.8 亿美元之间。调整后的 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 亿美元的现金和等价物部分抵消。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开发，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，你似乎不会失职。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，这并不显得格格不入。许多因素，包括年底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的正统观念。</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，进入新的一年时，它面临着一项艰巨的任务，即修复受损的声誉，并在其长期牛市中重建信任。iGaming 的自由化仍然是未来增长机会的重要驱动力，该公司的产品套件完全有能力利用这一点。看涨者的说法很可能是正确的，即目前的估值太低，并且对可固定因素导致的指导下调反应过度。因此，重新评级可能会在2022年到期。总体而言，Paysafe 是一家质量相当不错的公司，目前在宏观背景下陷入困境，而宏观背景应该更有利于目前不存在的增长。纠正这一点应该是管理层在 2022 年的首要任务，但我继续回避股票。</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 自由化的挑剔策略的长期牛市案例正受到质疑。</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能够在未来抢占 TAM 的大部分份额，那么 2022 年应该是更好的一年。</li></ul><p class=\"t-img-caption\"><span>Michael Blann/DigitalVision，盖蒂图片社</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市场占据战略业务地位。这是通过其数字钱包、eCash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；美国在线赌博法律的自由化将带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 生成奠定基础。因此，Paysafe上市筹集资金，以充分驾驭这股iGaming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漠和冷漠的公开市场的现实，这种市场惩罚了一些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 的命运因 2021 财年第三季度业绩远低于指导和普遍预期而注定。换句话说，市场对 Paysafe 之前提供的指导的深深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>数据由YCharts提供</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。随着普通股在雨中模仿棉花糖，一些人可以理解地以损失换取应税资本利得的减少。具有讽刺意味的是，这种年终税收损失可能会加剧我们在年底看到的该领域类似公司的下降速度。</blockquote></p><p><b>A Pick-And-Shovel Play On The Liberalization Of iGaming?</b></p><p><blockquote><b>iGaming自由化的挑剔游戏？</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 财年收入指引下调至不少于 14.7 亿美元。这比之前不少于 15.3 亿美元的收入指导下降了约 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 万美元下降了约 15%，降至 8360 万美元。</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 亿美元范围下调至 8.7 亿美元至 8.8 亿美元之间。调整后的 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 亿美元的现金和等价物部分抵消。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开发，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，你似乎不会失职。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，这并不显得格格不入。许多因素，包括年底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的正统观念。</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，进入新的一年时，它面临着一项艰巨的任务，即修复受损的声誉，并在其长期牛市中重建信任。iGaming 的自由化仍然是未来增长机会的重要驱动力，该公司的产品套件完全有能力利用这一点。看涨者的说法很可能是正确的，即目前的估值太低，并且对可固定因素导致的指导下调反应过度。因此，重新评级可能会在2022年到期。总体而言，Paysafe 是一家质量相当不错的公司，目前在宏观背景下陷入困境，而宏观背景应该更有利于目前不存在的增长。纠正这一点应该是管理层在 2022 年的首要任务，但我继续回避股票。</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":2654,"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,"subscribersOnly":false,"subscribersOnlyAccessible":false,"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":2,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"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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