Emergers initiate equity analysis on Crunchfish



Emergers have published an equity analysis on Crunchfish titled “The most interesting fintech rollout since iZettle.” The model emphasises Crunchfish’s Digital Cash platform, which enables offline payments as an extension of any payment system regardless of type of payment rail. The fair value range is outlined at SEK 48-63 per share over 12-24 months.



As a service to the company’s shareholders and to increase transparency, Crunchfish have commissioned Emergers to conduct analysis of the company. The analysis includes an independent review of the company, markets, products, and competitors, as well as a discounted analysis of a financial forecast of free cash flow that serves as a basis for a fair value range of the company’s market cap.


In the analysis, Emergers write: “With the rise of digital cash, the shift to online has created a gap for users with poor or no connectivity, forcing emerging markets’ Central Banks, commercial banks and payment service providers to scramble for solutions. With a digital payment platform covering the whole spectrum of the ecosystem and an ongoing pilot with India’s largest bank (>60 million customers), Crunchfish now looks to rollout their digital cash solution globally. Estimating 50 million users in 2025 and a per-app-user fee structure, we find support for a fair value range of SEK 48-63 per share in 12-24 months.”


Emergers initial equity analysis is attached and will also be available on Emergers and Crunchfish’s websites.


For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88


This information was provided by the contact person above for publication on 24 January 2023 at 11:50 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.



About Crunchfish – crunchfish.com

Crunchfish are a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR, automotive and digital interfaces. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with representation in India.

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