London, UK, 26 April 2024

Edison issues outlook on AGBA Group Holding (AGBA): A transformational deal

On 18 April, AGBA, announced a surprise deal to acquire 100% of Triller Corp, a global AI-driven social video platform, in an all-stock transaction. Triller is privately-owned but has been independently valued at US$3.2bn. AGBA’s management is using a US$4bn valuation for the combined entity, in which AGBA shareholders will own 20% and Triller shareholders 80%. Triller recorded FY23 revenues of US$45m on 450m user accounts and 2.2m creators but is loss-making. In FY23, AGBA reported revenues of US$54m and 400,000+ clients. The combined group expects synergies from expanding and marketing to Triller’s users and utilizing Triller’s AI, natural language processing (NLP) technology and digital marketing capabilities to drive growth in its Asian investment advisory business and fintech investments.

Neither AGBA nor Triller have direct listed peers. As a standalone entity, AGBA expects to break even by Q424, currently trading at FY23 3.4x EV/revenue. On the new number of shares and current share price (+460% since the announcement) the combined equity would be valued at c US$832m or 8.4x FY23 pro forma revenues.

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