$FPAY Ran some numbers on a pretty optimistic 2020 forecast. I really think this is extremely undervalued and will go up over time. I made the following assumptions/exclusions: - Revenue will grow about 25% in 2020 (in line with lease origination growth) - Cost of revenue as 64.1% of revenue in line with Q3 19 margin. As B2B continues to grow as a percentage of revenue, this seems achievable on a full year basis - Interest expense slightly lower in 2020 as they use their generated cash to pay down some debt - SG&A and Marketing Expenses largely the same as 2019. - I did not included taxes in my forecast
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