Voyager Digital (TSX:VOYG) - Share price, News & Analysis

VOYG fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	4/6
Past Performance	0/6
Financial Health	6/6
Dividends	0/6

VOYG Stock Overview

Voyager Digital Ltd., through its subsidiaries, operates as a crypto asset brokerage firm primarily in the United States and Canada.

Rewards

Earnings are forecast to grow 157.04% per year

Risk Analysis

Highly volatile share price over the past 3 months

Shareholders have been diluted in the past year

Does not have a meaningful market cap (CA$111M)

Voyager Digital Competitors

FRNT Financial

TSXV:FRNT

CA$30.9m

WonderFi Technologies

TSX:WNDR

CA$79.3m

Valour

NEOE:DEFI

CA$81.9m

RF Capital Group

TSX:RCG

CA$224.7m

Price History & Performance

Summary of all time highs, changes and price drops for Voyager Digital
Historical stock prices
Current Share Price	CA$0.58
52 Week High	CA$26.12
52 Week Low	CA$0.42
Beta	3.66
1 Month Change	-81.05%
3 Month Change	-92.17%
1 Year Change	-97.17%
3 Year Change	-4.92%
5 Year Change	n/a
Change since IPO	-35.56%

Shareholder Returns

	VOYG	CA Capital Markets	CA Market
7D	-24.7%	-2.7%	-0.8%
1Y	-97.2%	-17.3%	-5.0%

Return vs Industry: VOYG underperformed the Canadian Capital Markets industry which returned -17.3% over the past year.

Return vs Market: VOYG underperformed the Canadian Market which returned -5% over the past year.

Price Volatility

Is VOYG's price volatile compared to industry and market?
VOYG volatility
VOYG Average Weekly Movement	32.4%
Capital Markets Industry Average Movement	6.9%
Market Average Movement	10.1%
10% most volatile stocks in CA Market	17.4%
10% least volatile stocks in CA Market	4.4%

Stable Share Price: VOYG is more volatile than 90% of Canadian stocks over the past 3 months, typically moving +/- 32% a week.

Volatility Over Time: VOYG's weekly volatility has increased from 21% to 32% over the past year.

About the Company

Founded	Employees	CEO	Website
2018	318	Steve Ehrlich	https://www.investvoyager.com

Voyager Digital Ltd., through its subsidiaries, operates as a crypto asset brokerage firm primarily in the United States and Canada. It operates a digital platform that enables users to buy and sell crypto assets across multiple centralized marketplaces in one account. The company was formerly known as Voyager Digital (Canada) Ltd.

Voyager Digital Fundamentals Summary

How do Voyager Digital's earnings and revenue compare to its market cap?
VOYG fundamental statistics
Market Cap	US$85.70m
Earnings (TTM)	-US$57.72m
Revenue (TTM)	US$458.15m

0.2x

P/S Ratio

-1.5x

P/E Ratio

Is VOYG overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
VOYG income statement (TTM)
Revenue	US$458.15m
Cost of Revenue	US$91.42m
Gross Profit	US$366.73m
Other Expenses	US$424.45m
Earnings	-US$57.72m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	-0.30
Gross Margin	80.05%
Net Profit Margin	-12.60%
Debt/Equity Ratio	0.0%

How did VOYG perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

Is VOYG undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Price-To-Book vs Peers
Price-To-Book vs Industry
Price-To-Book vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for VOYG?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for VOYG. This is calculated by dividing VOYG's market cap by their current preferred multiple.
What is VOYG's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	US$85.70m

VOYG key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Book Ratio vs Peers

How does VOYG's PB Ratio compare to its peers?

VOYG PB Ratio vs Peers

The above table shows the PB ratio for VOYG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PB	Estimated Growth	Market Cap
Peer Average	3.1x
FRNT FRNT Financial	7.3x	n/a	CA$30.9m
WNDR WonderFi Technologies	3.2x	n/a	CA$79.3m
DEFI Valour	1.1x	57.7%	CA$81.9m
RCG RF Capital Group	0.9x	164.7%	CA$224.7m
VOYG Voyager Digital	0.3x	157.0%	CA$110.7m

Price-To-Book vs Peers: VOYG is good value based on its Price-To-Book Ratio (0.3x) compared to the peer average (3.1x).

Price to Earnings Ratio vs Industry

How does VOYG's PE Ratio compare vs other companies in the CA Capital Markets Industry?

Price-To-Book vs Industry: VOYG is good value based on its Price-To-Book Ratio (0.3x) compared to the Canadian Capital Markets industry average (1.1x)

Price to Book Ratio vs Fair Ratio

What is VOYG's PB Ratio compared to its Fair PB Ratio? This is the expected PB Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

VOYG PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio	0.3x
Fair PB Ratio	n/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate VOYG's Price-To-Book Fair Ratio for valuation analysis.

Share Price vs Fair Value

What is the Fair Price of VOYG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: Insufficient data to calculate VOYG's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate VOYG's fair value for valuation analysis.

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate VOYG's PEG Ratio to determine if it is good value.

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Future Growth

How is Voyager Digital forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

Future Growth Score

4/6

Future Growth Score 4/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

157.0%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: VOYG is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.6%).

Earnings vs Market: VOYG is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: VOYG is expected to become profitable in the next 3 years.

Revenue vs Market: VOYG's revenue (9.9% per year) is forecast to grow faster than the Canadian market (6.5% per year).

High Growth Revenue: VOYG's revenue (9.9% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if VOYG's Return on Equity is forecast to be high in 3 years time

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Past Performance

How has Voyager Digital performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-41.8%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: VOYG is currently unprofitable.

Growing Profit Margin: VOYG is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: VOYG is unprofitable, and losses have increased over the past 5 years at a rate of 41.8% per year.

Accelerating Growth: Unable to compare VOYG's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: VOYG is unprofitable, making it difficult to compare its past year earnings growth to the Capital Markets industry (0.2%).

Return on Equity

High ROE: VOYG has a negative Return on Equity (-22.39%), as it is currently unprofitable.

Discover strong past performing companies

Financial Health

How is Voyager Digital's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Stable Cash Runway
Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: VOYG's short term assets ($5.9B) exceed its short term liabilities ($5.7B).

Long Term Liabilities: VOYG's short term assets ($5.9B) exceed its long term liabilities ($9.5M).

Debt to Equity History and Analysis

Debt Level: VOYG is debt free.

Reducing Debt: VOYG had no debt 5 years ago.

Balance Sheet

Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: Whilst unprofitable VOYG has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.

Forecast Cash Runway: VOYG is unprofitable but has sufficient cash runway for more than 3 years, due to free cash flow being positive and growing by 83.7% per year.

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Dividend

What is Voyager Digital current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

Dividend Yield vs Market

Notable Dividend: Unable to evaluate VOYG's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate VOYG's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if VOYG's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if VOYG's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as VOYG has not reported any payouts.

Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

1.2yrs

Average management tenure

CEO

Steve Ehrlich (55 yo)

4.5yrs

Tenure

US$320,669

Compensation

Mr. Stephen Jay Ehrlich, also known as Steve, is the Co-Founder of Voyager Digital Ltd. and has been its Chief Executive Officer and Director since January 29, 2018. He serves as Chief Executive Officer an...

CEO Compensation Analysis

Compensation vs Market: Steve's total compensation ($USD320.67K) is above average for companies of similar size in the Canadian market ($USD191.60K).

Compensation vs Earnings: Steve's compensation has increased whilst the company is unprofitable.

Leadership Team

Experienced Management: VOYG's management team is not considered experienced ( 1.2 years average tenure), which suggests a new team.

Board Members

Experienced Board: VOYG's board of directors are not considered experienced ( 1.3 years average tenure), which suggests a new board.

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 21.9%.

Data	Last Updated (UTC time)
Company Analysis	2022/07/03 00:00
End of Day Share Price	2022/06/30 00:00
Earnings	2022/03/31
Annual Earnings	2021/06/30