Paris Analyst

Remitly: Winning the First Send, Owning the Rest

A category winner trading at <8x ‘27e free cash flow

Aug 25 • 

Paris Analyst

12

3

June 2025

Weave - VC Overhang Ends, Revenue Acceleration Begins

1.8x EV/sales for SaaS platform with 15-20% growth outlook & 15+% FCF margin within 8 quarters.

Jun 23 • 

Paris Analyst

8

5

March 2025

nCino - Mission-Critical SaaS at 11x CY27 FCF

Mid-teens gross profit growth + flat operating expenses = highly compelling FCF setup.

Mar 14 • 

Paris Analyst

2

Evolv – Channel Acceleration & Margin Inflection

Doubling down on the channel + inflecting gross & operating margins

Mar 11 • 

Paris Analyst

9

4

Why Sphere Works in 2025

Replacing V-U2 with Oz, Concerts >65% YoY, and Reducing SG&A

Mar 8 • 

Paris Analyst

3

December 2024

SPHR: Material upside to concert runrate + Spheres 3/4/5 optionality

120+ concerts/yr runrate anchors material upside to consensus estimates. New Spheres a compelling call option.

Dec 26, 2024 • 

Paris Analyst

2

November 2024