Sep. 10 at 1:00 PM
$BILL if it sold at same multiple of ‘25 EV/gross profit as
$AVDX sold for then that’s
$75. That’s a very straight forward comp. But since avdx sold the space and market is up maybe 10% so I would say
$80-85 minimum is what it would take to get the board to sell. Management could always retain their holding if they don’t like that price - ceo of both avdx and also Nuvei kept their stock as they knew the market was undervaluing them even in the takeout. That said the likes of
$FI (even after the correction) and
$CPAY (which bought part of avdx) trade at 8.1x ‘25 EV/GP. And Bill grows faster than these names. Why should bill trade at 3.5x when mature names trade at 8.1x. These firms could get Bills margins up fast and likely accelerate the international growth. What am I missing?