Report by Galliano's Financials Research
Another blow for SoftBank as its fintech holding eToro has its IPO plans de-railed and now its latest funding efforts point to a "down round" - the now defunct SPAC deal had implied eToro was worth in excess of USD10bn. However, its latest funding round suggests a valuation range of only USD5-6bn, and Victor Galliano argues that even at this lower valuation eToro is too expensive, pointing to the fact that its valuation to assets under administration is at a massive premium to all listed peers.