BTIG notes Flywire’s stock was trading down about 5% on Thursday morning following a short report that argued the company offers a commoditized product that is facing growing competition, while trading at a steep multiple. The firm disagrees. Flywire’s Proprietary Global Payment Network, which is one of the three parts of “The Flywire Advantage,” has been built out over the last decade to over 240 countries, BTIG says. The firm views the large scale of the company’s payment network and local relationships as a key differentiator and moat for the business. Furthermore, it notes that Flywire’s net revenue retention in 2022 and average for the past five years was 124%, demonstrating the company’s ability to not only retain clients but also grow with them in the face of competition. BTIG has a Buy rating on the shares with a price target of $33.
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