Financial PerformanceFLYW reported sound 3Q results with revenues 3% above expectations and a $10 million increase to the low end of the FY24 guidance.
ProfitabilityThe company has delivered admirable margin expansion with healthy gross margins and operational levers at management's disposal.
ValuationFLYW is currently trading at ~16x FY25E EV/EBITDA, which is seen as very attractive given its 23%+ organic growth, 300+ bps of annual EBITDA margin expansion, and ability to convert 80%+ of EBITDA to FCF.