VersaBank - Public Comps and Valuation Multiples

VersaBank Overview

About VersaBank

VersaBank is a Canadian Schedule I chartered bank with a difference. It has 3 operating segments: Digital Banking Canada, Digital Banking USA and DRTC. It's, cloud-based, business-to-business deposit and lending model provides valued-added solutions to Canadian financial intermediary partners, enabling them to focus on growing their own businesses faster and more profitably. It obtains all of its deposits and provides the majority of its loans and leases electronically, with deposit and lending solutions for financial intermediaries that allow them to excel in their core businesses. In addition, leveraging its internally developed IT security software and capabilities, Company established a wholly owned, subsidiary. Geographically located in Canada and USA.

Founded

2002

HQ

Employees

121

Website

versabank.com

Sectors

Neobanking
Commercial Banking
FinTech

Financials

LTM Revenue $83.8M

LTM EBITDA n/a

EV

$380M

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VersaBank Financials

VersaBank has a last 12-month revenue of $83.8M and a last 12-month EBITDA of n/a.

In the most recent fiscal year, VersaBank achieved revenue of $78.1M and an EBITDA of n/a.

VersaBank expects next 12-month revenue of XXX and NTM EBITDA of XXX

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VersaBank P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$76.0M	$78.1M	XXX	XXX	XXX
Gross Profit	n/a	n/a	XXX	XXX	XXX
Gross Margin	NaN%	NaN%	XXX	XXX	XXX
EBITDA	n/a	n/a	XXX	XXX	XXX
EBITDA Margin	NaN%	NaN%	XXX	XXX	XXX
Net Profit	$15.8M	$29.5M	XXX	XXX	XXX
Net Margin	21%	38%	XXX	XXX	XXX
Net Debt	$11.5M	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

VersaBank Stock Performance

As of April 15, 2025, VersaBank's stock price is CAD 13 (or $9).

VersaBank has current market cap of CAD 433M (or $303M), and EV of CAD 543M (or $380M).

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VersaBank Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$380M	$303M	XXX	XXX	XXX	XXX	$1.02

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VersaBank Valuation Multiples

As of April 15, 2025, VersaBank has market cap of $303M and EV of $380M.

VersaBank's trades at 4.5x LTM EV/Revenue multiple, and n/a LTM EBITDA.

Analysts estimate VersaBank's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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VersaBank Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$380M	XXX	XXX	XXX
EV/Revenue	4.7x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	XXX	XXX
P/E	10.6x	XXX	XXX	XXX
P/E/Growth	n/a	XXX	XXX	XXX
EV/FCF	n/a	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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VersaBank Valuation Multiples

VersaBank's NTM/LTM revenue growth is 31%

VersaBank's revenue per employee for the last fiscal year averaged $0.6M, while opex per employee averaged n/a for the same period.

Over next 12 months, VersaBank's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate VersaBank's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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VersaBank Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	3%	XXX	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	XXX	XXX	XXX
EBITDA Growth	n/a	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	n/a	XXX	XXX	XXX	XXX
Revenue per Employee	$0.6M	XXX	XXX	XXX	XXX
Opex per Employee	n/a	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	47%	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
Opex to Revenue	n/a	XXX	XXX	XXX	XXX

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