In today’s briefing:
- Revolut IPO Prospects – Rich Target Valuation Relative to Digital Bank Peers
- Crypto Portfolio: Adding Ethereum Alpha with ETF Launch and Institutional Onchain Adoption
- Morning Views Asia: Lippo Karawaci
- The Dark Night Rises – Part 1
- EQD | KOSPI 200 Sell-Off Could Accelerate This Week, But It’s A BUY
- BOLSAA MM – Actinver MX Local Flavor: Local stock market records weekly advance of 5%
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Revolut IPO Prospects – Rich Target Valuation Relative to Digital Bank Peers
- Management is targeting a USD40bn IPO valuation for Revolut; the last funding round in 2021 valued it at USD33bn, but current year investor valuations have ranged from USD19.9bn to USD25.7bn
- We provide key fintech and bank ratios for the UK digital banks; Revolut is more an FX paytech with a small loan book; Starling is a more “balanced” digital bank
- Relative to its UK unlisted peers and select listed digital peers, Revolut’s target IPO valuation does appear to be rich; it is also still seeking a UK bank licence
Crypto Portfolio: Adding Ethereum Alpha with ETF Launch and Institutional Onchain Adoption
- There is no Crypto Moves today.
- Instead, today’s note marks our first trade for our Crypto Portfolio, along with the rationale behind this decision.
- This trade aims to indirectly benefit from the imminent launch of U.S.-based Ethereum ETFs, without directly increasing our Ethereum exposure.
Morning Views Asia: Lippo Karawaci
Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.
The Dark Night Rises – Part 1
- Navigating a challenging macro environment with conflicting signals on Fed policy and inflation risks.
- Global liquidity contractions impact BTC, but future easing could spark a market revival.
- Crypto markets face headwinds, yet long-term growth potential and institutional adoption remain strong.
EQD | KOSPI 200 Sell-Off Could Accelerate This Week, But It’s A BUY
- The KOSPI 200 INDEX started a modest pullback and is entering a BUY area, but it could fall further this coming week, caution is advised.
- The support levels to buy are between 383-371, this coming week.
- Alternatively buy the Close, if the WEEKLY Close is negative, next Friday.
BOLSAA MM – Actinver MX Local Flavor: Local stock market records weekly advance of 5%
- After five days of increases in the quotes of its primary indices, the local market ends the week on a high note.
- On the one hand, the IPC climbs 5.01%, marking its best weekly performance since last December.
- In contrast, the FTSE BIVA indicated a 4.87% rise.