UP Fintech Holding (NasdaqGS:TIGR) - Share price, News & Analysis

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

TIGR ($4.71) is trading above our estimate of [[fair value]] ($3.55)

TIGR fundamental analysis
Snowflake Score
Valuation	1/6
Future Growth	5/6
Past Performance	0/6
Financial Health	5/6
Dividends	0/6

TIGR Stock Overview

UP Fintech Holding Limited provides online brokerage services focusing on Chinese investors.

Rewards

Earnings are forecast to grow 120.26% per year

Risk Analysis

Volatile share price over the past 3 months

UP Fintech Holding Competitors

B. Riley Financial

NasdaqGM:RILY

US$1.2b

Cowen

NasdaqGS:COWN

US$657.9m

Freedom Holding

NasdaqCM:FRHC

US$2.6b

Piper Sandler Companies

NYSE:PIPR

US$2.0b

Price History & Performance

Summary of all time highs, changes and price drops for UP Fintech Holding
Historical stock prices
Current Share Price	US$4.71
52 Week High	US$29.45
52 Week Low	US$2.68
Beta	1.53
1 Month Change	15.44%
3 Month Change	-4.85%
1 Year Change	-82.00%
3 Year Change	-9.07%
5 Year Change	n/a
Change since IPO	-56.87%

Recent News & Updates

Jun 01

UP Fintech: A Buying Opportunity, Despite The Risk

UP Fintech Holding Limited, also called Tiger Brokers, is a fully digitized securities brokerage company with headquarters in Singapore and China. Tiger Brokers has grown at super-charged growth rates since the company's inception and as of 2021 /2022, the company is also profitable. Given UP Fintech's financials and growth potential, I believe the stock merits a buy recommendation. However, given the regulatory exposure to China, I add a 'high risk' label to reflect that this idea is addressed to speculators. My base-case target price is $6.74/share, implying >60% upside potential.

Shareholder Returns

	TIGR	US Capital Markets	US Market
7D	-0.2%	-0.5%	-0.6%
1Y	-82.0%	-21.3%	-21.7%

Return vs Industry: TIGR underperformed the US Capital Markets industry which returned -20.4% over the past year.

Return vs Market: TIGR underperformed the US Market which returned -20.8% over the past year.

Price Volatility

Is TIGR's price volatile compared to industry and market?
TIGR volatility
TIGR Average Weekly Movement	14.2%
Capital Markets Industry Average Movement	0.5%
Market Average Movement	8.0%
10% most volatile stocks in US Market	16.8%
10% least volatile stocks in US Market	3.2%

Stable Share Price: TIGR is more volatile than 75% of US stocks over the past 3 months, typically moving +/- 14% a week.

Volatility Over Time: TIGR's weekly volatility (14%) has been stable over the past year, but is still higher than 75% of US stocks.

About the Company

Founded	Employees	CEO	Website
2014	1,134	Tianhua Wu	https://www.itigerup.com

UP Fintech Holding Limited provides online brokerage services focusing on Chinese investors. The company has developed a brokerage platform, which allows investor to trade stocks, options, warrants, and other financial instruments that can be accessed through its APP and website. It offers brokerage and value-added services, including investor education, community engagement, and IR platform; and account management services.

UP Fintech Holding Fundamentals Summary

How do UP Fintech Holding's earnings and revenue compare to its market cap?
TIGR fundamental statistics
Market Cap	US$772.98m
Earnings (TTM)	-US$12.24m
Revenue (TTM)	US$219.34m

3.5x

P/S Ratio

-63.1x

P/E Ratio

Is TIGR overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
TIGR income statement (TTM)
Revenue	US$219.34m
Cost of Revenue	US$51.98m
Gross Profit	US$167.37m
Other Expenses	US$179.61m
Earnings	-US$12.24m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	-0.075
Gross Margin	76.30%
Net Profit Margin	-5.58%
Debt/Equity Ratio	34.5%

How did TIGR perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

1/6

Valuation Score 1/6

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 TIGR?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for TIGR. This is calculated by dividing TIGR's market cap by their current preferred multiple.
What is TIGR's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	US$772.98m

TIGR 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 TIGR's PB Ratio compare to its peers?

TIGR PB Ratio vs Peers

The above table shows the PB ratio for TIGR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PB	Estimated Growth	Market Cap
Peer Average	2.4x
RILY B. Riley Financial	1.8x	n/a	US$1.2b
COWN Cowen	0.7x	-4.8%	US$657.9m
FRHC Freedom Holding	5.1x	n/a	US$2.6b
PIPR Piper Sandler Companies	2x	n/a	US$2.0b
TIGR UP Fintech Holding	1.7x	120.3%	US$773.0m

Price-To-Book vs Peers: TIGR is good value based on its Price-To-Book Ratio (1.7x) compared to the peer average (2.4x).

Price to Earnings Ratio vs Industry

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

Price-To-Book vs Industry: TIGR is expensive based on its Price-To-Book Ratio (1.7x) compared to the US Capital Markets industry average (-20.2x)

Price to Book Ratio vs Fair Ratio

What is TIGR'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.

TIGR PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio	1.7x
Fair PB Ratio	n/a

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

Share Price vs Fair Value

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

Below Fair Value: TIGR ($4.71) is trading above our estimate of fair value ($3.55)

Significantly Below Fair Value: TIGR is trading above our estimate of fair value.

Price to Earnings Growth Ratio

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

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Future Growth

How is UP Fintech Holding forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

Future Growth Score

5/6

Future Growth Score 5/6

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

120.3%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: TIGR is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.9%).

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

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

Revenue vs Market: TIGR's revenue (22.9% per year) is forecast to grow faster than the US market (8.3% per year).

High Growth Revenue: TIGR's revenue (22.9% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: TIGR's Return on Equity is forecast to be low in 3 years time (8%).

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Past Performance

How has UP Fintech Holding 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

71.9%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: TIGR is currently unprofitable.

Growing Profit Margin: TIGR is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: TIGR is unprofitable, but has reduced losses over the past 5 years at a rate of 71.9% per year.

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

Earnings vs Industry: TIGR is unprofitable, making it difficult to compare its past year earnings growth to the Capital Markets industry (78.6%).

Return on Equity

High ROE: TIGR has a negative Return on Equity (-2.77%), as it is currently unprofitable.

Discover strong past performing companies

Financial Health

How is UP Fintech Holding's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

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

Financial Position Analysis

Short Term Liabilities: TIGR's short term assets ($3.6B) exceed its short term liabilities ($3.0B).

Long Term Liabilities: TIGR's short term assets ($3.6B) exceed its long term liabilities ($157.9M).

Debt to Equity History and Analysis

Debt Level: TIGR has more cash than its total debt.

Reducing Debt: Insufficient data to determine if TIGR's debt to equity ratio has reduced over the past 5 years.

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 TIGR has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.

Forecast Cash Runway: TIGR is unprofitable but has sufficient cash runway for more than 3 years, due to free cash flow being positive and growing by 67% per year.

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Dividend

What is UP Fintech Holding 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 TIGR's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate TIGR'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 TIGR's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if TIGR'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 TIGR has not reported any payouts.

Discover strong dividend paying companies

Management

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

3.7yrs

Average management tenure

CEO

Tianhua Wu (36 yo)

4.42yrs

Tenure

Mr. Tianhua Wu has been Chief Executive Officer and Director of UP Fintech Holding Limited since January 2018 and serves as its Chairman. Mr. Wu is the founder and CEO of Ningxia Rongke since June 2014. Be...

Leadership Team

Experienced Management: TIGR's management team is considered experienced (3.7 years average tenure).

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.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/06/30 00:00
End of Day Share Price	2022/06/30 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31