Preliminary Results. Voyager announced preliminary results for the fourth quarter ended June 30, 2021. Revenue is expected to be a record $103-$107 million, up 65% from $60.4 million in the fiscal third quarter. We had forecast $90 million of revenue for the quarter. Notably, basis points per net trade continued to exceed 100 basis points in the quarter, suggesting alt coin trading continued at a brisk pace.Metrics Continued Positive. During the quarter, Voyager's funded accounts grew 145% sequentially to over 665,000 while total verified users on the platform rose 75% to 1.75 million. With increased marketing efforts and the implementation of other programs, such as the Voyager Loyalty Program in September, we expect to see continued growth in both funded accounts and verified users.Fly in the Ointment? June crypto trading volume was down a reported 40% industrywide from May levels. The China crackdown on crypto mining is believed to be a large driver of the volume decline in conjunction with the sharp decline in crypto prices. Nonetheless, June volume was still one of the top five volume months ever and was comping to the record setting May. We would expect to see some variability in trading volumes as this remains an emerging industry, and this may result in some lumpiness in revenue growth, but longer term we believe trading volumes will rise.Shares Repurchased. In the month of June, Voyager took advantage of the softening share price to repurchase 247,500 shares in the open market under the Company's normal course issuer bid under which the Company can repurchase up to 5% of its common shares through May 2022. With the shares down even further in early July we would not be surprised to see additional share repurchases.Maintaining Outperform and $25 PT. We are maintaining our Outperform rating and $25 price target (U.S. dollars). At our price target, Voyager shares would trade at 6.9x our estimated fiscal 2022 revenue and 13.4x our estimated fiscal 2022 EBITDA. Trading at a substantial discount to estimated valuations of the existing and the coming public group, we believe VYGVF shares present a favorable risk/reward opportunity. Read More >>