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  "documentTitle": "Remitly Global, Inc. (RELY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-03-11 00:00:00",
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      "text": "Remitly's valuation premium is better illustrated graphically. We understand the case of Remitly's valuation being above the legacy players that have larger physical footprints and more hardware exposure (e.g. Euronet (ATMs) & Western Union (stores)), we do not believe its large premium to Wise or PayPal is justified.",
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      "text": "2025E EV / EBITDA",
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      "text": "2025E EV / Free Cash Flow",
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      "text": "EV / EBITDA: 22.0x",
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      "text": "Source: Company financials, Bloomberg and Spruce Point estimates",
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      "text": "Remitly's Valuation Premium Illustrated",
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