Bernstein launched the coverage of the figure (FIGR) with an outperformance note and a price target of $ 54, calling it leader in the blockchain on the credit markets, the broker said in a report on Monday.
The action was 2% higher at the start of trade, or about $ 41.10.
Bernstein said that the figure did to lend what the stablecoins have done for payments, traditional tokenization assets to make markets faster and more effective.
With around 75% of the private credit market of $ 17 billion, the figure is the clear precursor, according to analysts led by Gautam Chhugani.
The Figure Blockchain platform moves the loans from a heavy balance sheet model to a capital light market, giving investors direct access to consumer loans, noted the report.
Bernstein estimated that the market Addressable for Credit tokenization exceeds 2 billions of dollars, providing a “formidable growth height” as the figure extends beyond capital lines in other loan products and even shares.
The broker cited the experienced figure management team and a large distribution network, with 170 origin partners and more than 15 private credit investors, such as key strengths. Figure is already the main independent home credit line (HLOC) in the United States, which is responsible for around 5.1 billion dollars in 2024, or around 3% of the market.
Bernstein expects revenues to drop from $ 341 million in 2024 to $ 754 million by 2027, an annual growth rate of 30%, driven by the Connect de Figure market. About 19x EV / 2027 EBITDA and 30x p / e, the figure is negotiated to a bonus, but Bernstein declared that its domination of the market, its profitability and its exposure to the trend for rapid growth tokenization justify the evaluation.
The figure became public last month. He estimated his IPO at $ 25 per share, assessing the company at $ 787.5 million.
Find out more: Price of loans based on blockchain at $ 25 per share, increasing nearly $ 788 million
