Bernstein initiated the coverage of Figure (Figr) with a higher performance qualification and an objective price of $ 54, calling him leader in bringing blockchain to credit markets, said the corridor in a Monday report.
The action was 2% higher in early trade, around $ 41.10.
Bernstein said that the figure is doing to provide what Stablecoins did for payments, tokenizing traditional assets to make the markets faster and more efficient.
With approximately 75% of the private credit market of $ 17 billion, the figure is the clear favorite, according to analysts led by Gautam Chicugani.
The Blockchain platform of the figure changes the loans of a heavy balance model to a capital light market, providing investors access direct access to consumption loans, the report said.
Bernstein estimated that the Directable Market for Credit Token exceeds $ 2 billion, providing a “tremendous space for the head of growth” as the figure expands beyond the housing capital lines in other loan products and even shares.
The corridor cited the experienced management team of the figure and the wide distribution network, with 170 partners of origin and more than 15 private credit investors, such as key strengths. The figure is already the main lender of the credit line in the independent home (Hloc) in the USA., Around $ 5.1 billion in 2024, or approximately 3% of the market.
Bernstein expects income to increase from $ 341 million in 2024 to $ 754 million by 2027, an annual growth rate of 30%, driven by the Connect market of the figure. Around 19X EV/2027 EBITDA and 30X P/E, the figure is quoted with a premium, but Bernstein said that his market domain, profitability and exposure to the rapid growth tokenization trend justify the valuation.
The figure was made public last month. With a price of its opi at $ 25 per share, valuing the company at $ 787.5 million.
Read more: Blockchain OPI headquarters figure for $ 25 per share, raising almost $ 788 million
