Axsesstoday: Outstanding value among peer group

Josh Kitchen

Axsesstoday provides finance solutions to the rapidly expanding small business lending market. Founded in 2012, the company’s loan book has grown exponentially to over $300m today. Currently, AXL is trading on a 1 yr forward PE of 12.0x with EPS CAGR of over 20% p.a. in the foreseeable future. In our opinion, AXL offers outstanding value relative to its peers, such as soon to be listed Prospa.

Future catalysts include:

  • Beneficiary of Royal Commission, as target SME customers continue to transition away from major banks.
  • Rapidly gaining market share through compelling value proposition and innovative technology.
  • Recently announced $200m securitisation warehouse is expected to materially reduce cost of funds and significantly lower equity requirements from 25% to 10%, enabling loan book growth of 2.5x.
  • Opportunities to further expand business lending and enter new markets, i.e. Canada

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