BNPL Company Affirm Holdings Exhibits Strong Growth And Fair Valuation Amid Regulatory Risks, Says Analyst
BNPL Company Affirm Holdings Exhibits Strong Growth And Fair Valuation Amid Regulatory Risks, Says Analyst
JMP Securities analyst David Scharf initiated coverage on Affirm Holdings Inc (NASDAQ:AFRM) with a Market Perform rating.
JMP證券分析師David Scharf根據市場表現對Affirm Holdings Inc (NASDAQ:AFRM)進行了評級。
The company is a "founding father" of the Buy Now Pay Later (BNPL) industry, having underwritten $73 billion of consumer loans since its founding in 2012 and issued $8 billion of securitizations, as per Scharf.
根據Scharf的說法，公司是“買現付後”(BNPL)行業的“開創者”，自2012年創立以來已承保了730億美元的消費者貸款併發行了80億美元的證券。
Over the past few years, the analyst noted Affirm's business model has diversified and strengthened to create a more balanced revenue, credit, and customer mix. He also appreciated the advantages of operating a closed-loop payment network where the owner can capture more proprietary transaction-level data to feed its underwriting engine.
過去幾年，分析師指出，Affirm的業務模式已經多元化並得到了加強，以創造更平衡的營收、信用和客戶組合。他還欣賞經營封閉環支付網絡的優勢，這樣所有者就可以獲得更多的專有交易級數據來推動其承保引擎。
Shares are currently trading at 40x Scharf's fiscal 2026 adjusted EPS estimate, compared to 15x and 10x, respectively, for its two closest comparable businesses, American Express Co (NYSE:AXP) and Discover Financial Services (NYSE:DFS); accordingly, he noted the shares as fairly valued given the higher valuation and regulatory risks balancing out the strong growth and the value of Affirm's proprietary closed-loop network.
股票目前以Scharf的2026財年調整後每股收益估計的40倍交易，而其兩家最近的可比企業，美國運通公司(NYSE:AXP)和發現金融服務公司(NYSE:DFS)，分別以15倍和10倍交易；因此，他指出，鑑於投資估值和監管風險平衡了較強的增長和Affirm專有封閉網絡的價值，股票被合理地估值。
Notwithstanding the attractive growth dynamics at AFRM and Scharf's conviction that BNPL is "here to stay," the analyst noted that Affirm is an unsecured consumer lender with the same credit, funding, interest rate, and macro risks as other non-prime lenders in his coverage.
儘管AFRM吸引人的增長動力和Scharf對“買現付後”(BNPL)的信心，但分析師指出，Affirm是一家無抵押消費信貸公司，面臨與其他非主流貸款人一樣的信用、資金、利率和宏觀風險。
Scharf projected second-quarter revenue and adjusted EPS of $591.1 million and $0.13.
Scharf預計第二季度的營業收入爲5.911億美元，調整後每股收益爲0.13美元。
Price Action: AFRM shares were trading lower by 2.13% at $29.81 at the last check Friday.
股價行情：AFRM股票上週五最後一次交易時下跌2.13%，報29.81美元。
Photo: Shutterstock
Photo: shutterstock
譯文內容由第三人軟體翻譯。