Orion Digital: Buy Rating on 2026 Re-Rating Potential Driven by High-Growth Fintech Segments and Deep Valuation Discount

In a report released today, Scott Buck from H.C. Wainwright maintained a Buy rating on Orion Digital, with a price target of $4.00.

Scott Buck has given his Buy rating due to a combination of factors that, in his view, position Orion Digital for a material re-rating in 2026. He believes the company has successfully repositioned its business around higher-growth segments such as digital wealth management, payments, and Bitcoin-related services, while exiting legacy and unprofitable lines like institutional brokerage. He highlights the strong performance of the Carta Worldwide payments platform, which delivered double-digit growth in 2025, and anticipates that the refreshed wealth platform and planned addition of crypto trading capabilities could unlock further upside as these offerings scale. Buck also notes that Orion is well capitalized and has a track record of effective M&A in wealth management, leaving room for acquisitions to further boost growth.
At the financial level, Buck expects reported growth to become more visible after the impact of the brokerage exit rolls off by early 2026, pointing to his 2026 revenue forecast of C$71.0M and an improving growth trajectory driven by the payments and wealth verticals. He acknowledges that management may prioritize revenue expansion over near-term adjusted EBITDA margins, but views this as an appropriate trade-off given the operating leverage inherent in the model and the goal of progressing toward the Rule of 40. On valuation, his $4 price target implies roughly 275% upside from the current share price, based on a conservative 2.5x EV/revenue multiple for 2026, which is well below where high-quality U.S. fintech peers trade. In his assessment, the market is significantly undervaluing both Orion’s core operating businesses and its investment portfolio, making the current share price an attractive entry point for investors willing to look through near-term noise.