GLBE did $245m in 2021.
They forecasted $421m at high-end of range for 2022.
That is 71% growth.
Should hit close to 80% with beat n raise, but let’s go with $450m for napkin math purposes.
What is a fair P/S for an 80% grower?
Granted, at eoy, they may be forecasting slower growth in 2023, but I think they should still be in 50-60% range for a while longer, thanks to Shopify partnership just getting started.
If you say they only are given a 12 p/s in Dec, when they are trending to $450m rev with a final Q4 to report in Feb 2023, they would be about a 10% gain from here.
If you allot them a 15 p/s “”“”, they would be about 37% stock appreciation from here.
So it all depends on multiple granted to GLBE and their growth in global ecommerce.
It is all relative.
One question mark is how the Russia/Ukraine stuff disrupts global ecommerce. It could, I guess…gas prices affect all one way or the other. But I also imagine things stabilize sooner rather than later. The world seems to be fairly adaptable to “new normals” and we figure things out.
GLBE seems good at $33. Seems fantastic at $29.
Dreamer