Press Release

Water Tower Research Publishes Initiation of Coverage Report on SurgePays, Inc. “Wireless Provider Turns Emerging Fintech Platform; Initiating Coverage of SurgePays”

January 24, 2024, ST. PETERSBURG, FL – Water Tower Research (www.watertowerresearch.com) has published an Initiation of Coverage Report on SurgePays, Inc. (NASDAQ: SURG) titled, “Wireless Provider Turns Emerging Fintech Platform, Initiating Coverage of SurgePays”. The report can be accessed here.

SurgePays, Inc. is a forward-looking financial technology and telecommunications firm dedicated to serving the underbanked. Its wireless subsidiaries provide mobile broadband, voice, and SMS services to subsidized and direct retail prepaid customers primarily through the ACP. Its innovative blockchain fintech platform transforms local stores into tech hubs for underbanked/underserved communities.

The current primary line of business for SurgePays is distributing wireless broadband services to qualifying individuals and families under the ACP. Through its two brands, Surge Phone Wireless and Torch Wireless, SurgePays has built a profitable $100 million annual business in just a few short years. Longer term, SurgePays could leverage this base in the ACP segment into the much larger prepaid wireless market. It is looking to build on this success in 2024 as it ramps its efforts in its prepaid wireless brand LinkedUp Mobile.

Trading at a P/E multiple of 3.9x 2024 consensus EPS of $1.91, SurgePays trades at a significant discount to its wireless/comm services peers, which trade at nearly 17x P/E on 2024 consensus EPS and a steep discount to the broader S&P 500 Index. Similarly on an EV/EBITDA basis, SurgePays, which trades at ~3x CY24 consensus EBITDA of $34 million, is much less than its wireless/comm services peers of ~6x.

About Water Tower Research 

Water Tower Research is modernizing Investor Relations through research-driven communications and Investor Engagement. Sound investment research begins with good information. At WTR, we help companies and investors connect by creating expert information flow and strategies that are the foundation of a successful modern investor relations platform. Our analysts and capital markets professionals bring decades of unrivaled Wall Street experience and insight to a new digital world of investor communications and engagement. Our research and investor content is distributed across traditional research aggregators like Bloomberg, FactSet, etc., proprietary direct distribution lists, social media, search engines, and our website. As a result, every institutional and retail investor has equal access to our high-quality company research. Our mission is to help companies take control of their IR program and proactively reach investors while bringing investors a consistent flow of quality information to help them understand our clients’ businesses, industries, and the investment opportunities they present.

 

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Name: Water Tower Research LLC
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Job Title: WTR Investor Engagement

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