360 DigiTech Is Valued Like A Bank But Should Be Valued Like A Fintech Platform

  • While revenue growth came in a little soft, the company is still growing pretty fast and FY2021 outlook wasn’t changed.
  • The company has plenty of growth tailwinds and initiatives to keep on growing. The company is insanely profitable, touting profit margins of almost 40%.
  • The shift towards a capital-light model improves margins, reduces capital needs and regulatory and credit risks and should confer the shares with higher valuation multiples.
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