Disclosure: Bullpen receives compensation from VersaBank for research coverage. VersaBank is also an IR client of LodeRock Advisors, an affiliate of Bullpen.

VersaBank (VBNK) announced the launch of its Structured Receivable Program to the US small business sector, which more than doubles its addressable market south of the border…

… and improves visibility towards its US$3B funding target for 2027, half of which is tied to new partner wins. Combined with strong growth in Canada tied to real-time SRP adoption, there’s room for our estimates to move higher…

… but the trajectory is more important than a point-in-time metric, as continued asset growth should drive ROE expansion…

… which is being increasingly priced in by investors, with VBNK’s book value multiple flirting with all-time highs.

Read our VersaBank report

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