Currenc Group, Inc.

CURR

Financial ServicesFinancial - Credit ServicesNASDAQ

$4.42

Market Cap: $338.62M

Currenc Group, Inc. (CURR) Valuation Summary

Updated Apr 27, 2026 22:21

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$1.56 – $6.70	$3.03	-8.3%
Revenue DCF 10Y	$1.41 – $5.36	$2.56	-22.4%
▸ Trading Multiples
EV/Revenue	$2.87 – $9.63	$5.60	+69.8%

Valuation History

DCF Analysis

Currenc Group, Inc. (CURR) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.56

Market Price

$4.42

Upside / Downside

-42.1%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -59.0% to a target of 24.0% over 5 years, discounted at a WACC of 7.8%, Currenc Group, Inc. (CURR) has an intrinsic value of $2.56 per share (range: $1.41 – $5.36).

Key Assumptions

Current Operating Margin

-59.0%

Target Operating Margin

24.0%

WACC

7.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.7%

Target CapEx/Rev

8.6%

D&A/Revenue

5.7%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2025	37	-20.1%	-42.4%	-16	-16	2	(1)	0	-14	-14
2026	43	14.6%	-25.8%	-11	-11	2	(1)	3	-13	-11
2027	40	-6.8%	-9.2%	-4	-4	2	(1)	-2	-1	-1
2028	37	-5.6%	7.4%	3	2	2	(1)	-1	4	3
2029	36	-4.4%	24.0%	9	7	2	(2)	-1	8	6
2030	35	-3.1%	24.0%	8	7	2	(2)	-1	7	5
2031	34	-1.9%	24.0%	8	6	2	(2)	-0	7	4
2032	34	-0.7%	24.0%	8	6	2	(2)	-0	6	3
2033	34	0.6%	24.0%	8	6	2	(3)	0	6	3
2034	35	1.8%	24.0%	8	7	2	(3)	0	5	3

Enterprise Value Bridge

Sum of PV(FCFF)1

Terminal Value (Gordon Growth at 3.0%)112

PV of Terminal Value55

Enterprise Value56

(–) Net Debt-41

Equity Value98

(÷) Shares Outstanding38

Fair Value per Share$2.56

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	18.0%	21.0%	24.0%	27.0%	30.0%
5.8%	$3	$4	$4	$5	$5
6.8%	$2	$3	$3	$4	$4
7.8%	$2	$2	$3	$3	$3
8.8%	$2	$2	$2	$2	$3
9.8%	$1	$2	$2	$2	$2

Current price: $4.42. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 56.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Currenc Group, Inc. (CURR) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$3.03

Market Price

$4.42

Upside / Downside

-31.4%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-59.0%

Target Operating Margin

24.0%

WACC

7.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.7%

Target CapEx/Rev

8.6%

D&A/Revenue

5.7%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2025	37	-20.1%	-42.4%	-16	-16	2	(1)	0	-14	-14
2026	43	14.6%	-25.8%	-11	-11	2	(2)	3	-13	-12
2027	40	-6.8%	-9.2%	-4	-4	2	(2)	-2	-2	-2
2028	38	-3.5%	7.4%	3	2	2	(3)	-1	3	2
2029	38	-0.3%	24.0%	9	7	2	(3)	-0	6	4

Enterprise Value Bridge

Sum of PV(FCFF)-21

Terminal Value (Gordon Growth at 3.0%)133

PV of Terminal Value95

Enterprise Value74

(–) Net Debt-41

Equity Value116

(÷) Shares Outstanding38

Fair Value per Share$3.03

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	18.0%	21.0%	24.0%	27.0%	30.0%
5.8%	$4	$4	$5	$6	$7
6.8%	$3	$3	$4	$4	$5
7.8%	$2	$3	$3	$3	$4
8.8%	$2	$2	$3	$3	$3
9.8%	$2	$2	$2	$2	$3

Current price: $4.42. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 56.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$3.60

Market Price

$4.42

Upside / Downside

-18.5%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Currenc Group, Inc. (CURR) has a fair value of $3.60 based on 9 comparable companies in the Financial - Credit Services industry.

EV/Revenue Valuation — Financial - Credit Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Currenc Group, Inc.CURR	272	5.6x	4.7x
Innventure, Inc.INV	385	174.2x	—
BRC Group Holdings, Inc.RILY	273	1.5x	—
Open Lending CorporationLPRO	207	1.3x	1.1x
CPI Card Group Inc.PMTS	207	1.0x	1.2x
First Internet BancorpINBK	198	1.7x	5.4x
Consumer Portfolio Services, Inc.CPSS	187	8.6x	13.3x
BTCS Inc.BTCS	96	6.4x	62.3x
Kestrel Group, Ltd.KG	80	7.0x	0.1x
Fold Holdings IncFLD	77	2.2x	33.9x
Industry Median		2.2x	5.4x
(*) Revenue		38	45
= Enterprise Value		83	243
(-) Net Debt		-58	-58
Equity Value		141	302
(/) Outstanding shares		61	61
Fair Price		$2	$5

Selected Fair Value (avg of trailing + forward)

$3.60

-18.5%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$1.56 – $6.70

$3.03

-8.3%

Revenue DCF 10Y

$1.41 – $5.36

$2.56

-22.4%

▸ Trading Multiples

EV/Revenue

$2.87 – $9.63

$5.60

+69.8%

DCF Analysis

Currenc Group, Inc. (CURR) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.56

Market Price

$4.42

Upside / Downside

-42.1%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-59.0%

Target Operating Margin

24.0%

WACC

7.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.7%

Target CapEx/Rev

8.6%

D&A/Revenue

5.7%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2025	37	-20.1%	-42.4%	-16	-16	2	(1)	0	-14	-14
2026	43	14.6%	-25.8%	-11	-11	2	(1)	3	-13	-11
2027	40	-6.8%	-9.2%	-4	-4	2	(1)	-2	-1	-1
2028	37	-5.6%	7.4%	3	2	2	(1)	-1	4	3
2029	36	-4.4%	24.0%	9	7	2	(2)	-1	8	6
2030	35	-3.1%	24.0%	8	7	2	(2)	-1	7	5
2031	34	-1.9%	24.0%	8	6	2	(2)	-0	7	4
2032	34	-0.7%	24.0%	8	6	2	(2)	-0	6	3
2033	34	0.6%	24.0%	8	6	2	(3)	0	6	3
2034	35	1.8%	24.0%	8	7	2	(3)	0	5	3

Enterprise Value Bridge

Sum of PV(FCFF)1

Terminal Value (Gordon Growth at 3.0%)112

PV of Terminal Value55

Enterprise Value56

(–) Net Debt-41

Equity Value98

(÷) Shares Outstanding38

Fair Value per Share$2.56

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	18.0%	21.0%	24.0%	27.0%	30.0%
5.8%	$3	$4	$4	$5	$5
6.8%	$2	$3	$3	$4	$4
7.8%	$2	$2	$3	$3	$3
8.8%	$2	$2	$2	$2	$3
9.8%	$1	$2	$2	$2	$2

Current price: $4.42. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 56.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$3.60

Market Price

$4.42

Upside / Downside

-18.5%

Verdict

Overvalued

EV/Revenue Valuation — Financial - Credit Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Currenc Group, Inc.CURR	272	5.6x	4.7x
Innventure, Inc.INV	385	174.2x	—
BRC Group Holdings, Inc.RILY	273	1.5x	—
Open Lending CorporationLPRO	207	1.3x	1.1x
CPI Card Group Inc.PMTS	207	1.0x	1.2x
First Internet BancorpINBK	198	1.7x	5.4x
Consumer Portfolio Services, Inc.CPSS	187	8.6x	13.3x
BTCS Inc.BTCS	96	6.4x	62.3x
Kestrel Group, Ltd.KG	80	7.0x	0.1x
Fold Holdings IncFLD	77	2.2x	33.9x
Industry Median		2.2x	5.4x
(*) Revenue		38	45
= Enterprise Value		83	243
(-) Net Debt		-58	-58
Equity Value		141	302
(/) Outstanding shares		61	61
Fair Price		$2	$5

Selected Fair Value (avg of trailing + forward)

$3.60

-18.5%