Lightspeed Commerce (LSPD), mcap=$3.4bn, price $22.28 vs $19.66

– Cloud-based PoS terminals and software for SMB restaurants and retailers.
– Long growth run-away from SMBs replacing legacy PoS systems.
– Expected to be one of the winners in the industry, especially in international markets with limited competition.
– Trades significantly below peers despite posting 50-70% organic growth.
– Long-term FCF margins are expected at 30%+ in 5 years and 50% in 10 years.

Valuation: Trades at 5.7x forward GP, with peers at 10-15x multiples.

Exp. gain: 24% IRR over 5 years.

Full LSPD write-up (free guest account required):


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