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i3 Verticals Inc (NASDAQ:IIIV) is an under-the-radar integrated payments provider, which has bullish long-term prospects, an analyst at Cowen said.
The Analyst
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George Mihalos initiated coverage of i3 Verticals with an Outperform rating and $20 price target.
The Thesis
i3 Verticals can leverage its technology in a narrow set of verticals, which supports a high-single digit organic revenue growth, Mihalos said in a Monday note. This along with an aggressive M&A strategy can help the company achieve outsized double-digit revenue/EBITDA growth in the longer term, the analyst added.
Mihalos sees the company achieving differentiation through blending software with acquiring a few underpenetrated, fragmented verticals. More than 50 percent of volume is likely to be integrated by FY2019, he said.
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The analyst expects M&A to be a core investment theme for the company. Acquisition of independent software vendors in its core verticals, where it doesn't currently own a software platform is a near-term focus, the analyst said.
"Given the consolidating nature of the acquiring industry and IIIV's focus on technology driven solutions, direct distribution and a narrow number of targeted verticals - we see the company as an attractive and likely take-out candidate long term," Cowen said.
Price Action
Since listing on June 21, shares of i3 Verticals have lost about 9.4 percent.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.