Pernas Research
Founder of Pernas Research, Fundamental Equity Research, USAF Background
Remitly is still cheap for a secular grower at about 13 times 2028 EV to free cash flow, despite falling after a great quarter. Q1 revenue grew 25% to $453 million on 37% higher send volume, adjusted EBITDA hit a record $102 million at about a 22% margin, free cash flow topped $70 million, and stock-based pay fell to 6% of revenue. It can sustain about 22% revenue growth through 2028 while scaling to roughly 25% EBITDA margins, with optionality from adjacent services. x.com
dLocal could be the Adyen of emerging markets, quietly building payment rails for the next billion consumers. It combines 25-30%+ growth, expanding margins and solid 2026 guidance with a surprisingly low valuation. x.com
PayPal is still growing, but the quality of its growth keeps worsening, which justifies a compressed multiple. Revenue rose 7% and TPV 11%, yet transaction margin dollars grew only 3%, operating income fell and GAAP EPS dropped 6% as operating margin shrank about 200 basis points. That points to Stripe, Adyen, Apple and Google eroding pricing power. Engagement is flattening, and guidance for falling near-term EPS signals a trend. At 10x earnings it is a fair business, not a great one. x.com … Show more
