$NFIN $4.1B in transactions in 2019. $46M in net income. Good for roughly 1% margin. Management believes they will process $35B in transactions in the future. Margin will expand with new business as costs are fixed for blockchain platform. Conservative 2% margin on $35B is $700M. $700M multiplied by average financial services P/E of 14 is roughly $10B. $939M equity valuation. Potential 10x bagger. Long term hold!
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