ACF Financials

The Reputation Exchange (REPX) Strategic Update Note ACF Equity Research FINAL 10032022

The Reputation Exchange (REPX) is a fintech/esports company with a strongly differentiated social engagement neobank model using affiliate marketing. With branded prepaid cards assigned to top sporting and influencer brands planned for roll-out in the next 21 months. Since our last note REPX has received: LSE standard list sign-off, conditional US OTCQX ticker approval, its first patent approval for the singing card and increased its number of cards in production by 2023, and has launched AC Milan’s Italy REPX PayFan card in Dec 21. We have recast our revenue and cost development expectations. Our subs win assumptions are highly conservative, revenue growth modest and cost assumptions aggressive. Compared to peers our valuation is modest.

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