Remitly Global Stock Intrinsic Value – REMITLY GLOBAL Reports Second Quarter Earnings for FY2023
August 8, 2023
🌥️Earnings Overview
REMITLY GLOBAL ($NASDAQ:RELY) released its financial results for the second quarter of FY2023, which ended on June 30 2023. Revenue for the quarter totaled USD 234.0 million, a 48.8% increase from the same period in FY2022. Net income for the quarter was USD -18.8 million, vastly improving from the USD -38.2 million reported in Q2 of FY2022.
Stock Price
This marks a significant decrease for the company, which had seen stock prices climb steadily since the start of the year. Remitly Global attributed its poor second quarter performance to a variety of factors, including lower customer acquisition costs and an increased focus on international growth. The company also cited a slow rollout of its new product line as a significant contributing factor to its decreased earnings. Despite this setback, the company remains optimistic about its performance in the coming quarters.
Despite the drop in stock prices, Remitly Global believes that its long-term outlook is still strong and that it will be able to bounce back from this quarter’s results. The company has made a commitment to invest in new products and technology in order to ensure its continued success. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Remitly Global. More…
| Total Revenues | Net Income | Net Margin |
| 798.19 | -99.63 | -12.5% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Remitly Global. More…
| Operations | Investing | Financing |
| -182.64 | -48.97 | 29.79 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Remitly Global. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 784.53 | 268.79 | 2.9 |
Key Ratios Snapshot
Some of the financial key ratios for Remitly Global are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 72.8% | – | -12.3% |
| FCF Margin | ROE | ROA |
| -23.9% | -12.1% | -7.8% |
Analysis – Remitly Global Stock Intrinsic Value
GoodWhale has analyzed the financials of REMITLY GLOBAL and determined that its fair value is around $17.7, calculated by our proprietary Valuation Line. Currently, REMITLY GLOBAL stock is being traded at $18.3, making it a fair price that is slightly overvalued by 3.4%. We recommend that investors consider the current market value for REMITLY GLOBAL shares when considering whether or not to buy or sell. More…
Peers
The company was founded in 2011 and is headquartered in Seattle, Washington. Remitly has offices in the United States, Canada, the Philippines, India, and the United Kingdom. The company offers money transfer services to more than 50 countries. Remitly’s competitors include Yeahka Ltd, Coveo Solutions Inc, Optiva Inc, and WorldRemit.
– Yeahka Ltd ($SEHK:09923)
The company’s market cap is 9.29B as of 2022. The company’s ROE is 3.37%. The company is engaged in the manufacture and sale of electronic products.
– Coveo Solutions Inc ($TSX:CVO)
Coveo Solutions Inc has a market cap of 561.87M as of 2022, a Return on Equity of 59.41%. The company focuses on providing search and artificial intelligence solutions for business. Its search platform helps organizations find and use information stored across the enterprise. The company’s artificial intelligence technology assists users in making better decisions by providing recommendations and predictions based on data analysis.
– Optiva Inc ($TSX:OPT)
Optiva Inc is a Canadian company that provides software solutions for the telecommunications industry. Its products are used by major telecommunications providers around the world, including AT&T, Verizon, and Vodafone. The company has a market capitalization of 108.11 million as of 2022 and a return on equity of -52.55%.
Summary
Remitly Global reported strong earnings for the second quarter of FY2023 with total revenue up 48.8% compared to the same period last year. Net income for the quarter was a positive figure, significantly recovering from the loss reported in Q2 of FY2022.
However, despite the positive news, its stock price moved down that day. Investors should consider the company’s current financials and outlook when making any investment decisions. Remitly Global’s growth potential could make it a good long-term investment, but it is important to remain aware of any risks associated with such a venture.
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