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$SEND (@suilendprotocol) can do a 5x from here and it still would sit at the lower end vs the peer group
5x => $250m FDV
That’s a 25x FDV/Rev multiple
For a high growth protocol , that would still be cheap
Comps (FDV/Rev):
EUL: 65x
Aave: 34x
KMNO: 24x

27.7. klo 02.09
Simple inv math for $SEND (Suilend)
Mcap/FDV: $37m/$52m
Annualised Fees & Revs: $28m & 10m
Mcap/FDV-multiples to...
Fees: 1.3x / 1.85x
Revs: 3.7x / 5.2
Cumulative (=realised) Fees of $19m & Revs of $9.6m
=> Signals high income quality. Annualised income not driven by one-off gains
Comps (FDV/Rev):
EUL: 65x
Aave: 34x
KMNO: 24x
What am I missing about $SEND? What's wrong with the valuation?


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