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Wednesday, April 27, 2016 10:06:59 AM
Management estimates that the ON Comercio business could reach $42M in revenue by Year 2 after funding. Listed consumer finance operations in Mexico trade at an average of 2.9 times Price to Sales. Applying this metric to the estimates for Year 2 provides a valuation of $121M to the ON Comercio business. Management estimates that approximately $18M would have to be invested to achieve this level of sales, providing a value of approximately $103M from this business.
We believe that the longer-term valuation of ON Comercio could be much higher. As the business grows and becomes a more integral part of the Mexican convenience store industry, the value of ON Comercio could rise towards $1B.
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