TWLO - Zenvia: The Brazilian Underdog

2024-04-08 23:18:27 ET

Summary

• Brazilian software company Zenvia focuses on customer relations management and is comparable to Twilio and Salesforce.
• Zenvia recently went public but has seen a cratered stock price due to earn-out funding gap issues.
• Zenvia has recently refinanced debt and renegotiated earn-out liabilities on much better terms, resolving funding gap issues, and returning to high profitable growth.
• Price target of $4–$4.5 in 12–16 months. Rating company a Buy.

Zenvia ( ZENV ) is a Brazilian Software-as-a-Service (SaaS) and Customer-Platform-as-a-Service (CPaaS) enterprise software company focused on customer relations management ((CRM)), the Brazilian analogue to Twilio ( TWLO ) and Salesforce ( CRM ). To avoid confusion, the use of CRM throughout refers to customer relations management, not Salesforce.

As Zenvia is an underfollowed company, here is some quick background on the company for orientation. Zenvia is led by an owner-operator with a significant stake in the company. The company recently went public in 2021 and has since cratered in stock price....

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