New Street: Nubank - Pre-IPO: Model, Outlook and 12 Key Questions for Management
Whilst market conditions are tough we understand the Nubank IPO roadshow is still set to start tomorrow (30th) ahead of listing in the US on December 9th. If all proceeds, this will be the fourth largest US IPO this year. Nubank is the largest digital bank in the world, a very high quality asset in a world overburdened with questionable digital wallet business models. The main issue is one of valuation and the targeted $50 billion; the mid-point of the $10-11 price range implies 15x 2022e EV/revenue, perhaps not seeming to reflect the strong pull lack for Brazilian fintechs since late Summer, or the more recent Covid worries (Omicron). A cut in the range is not out of the question. With no role in the syndicate and providing an independent view, we run through our thoughts on the business, supported by a full company model, and highlight 12 key questions to ask management over the coming days.
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