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Alexander Markgraf

Vice President and Equity Research Analyst at KeyBanc Capital Markets Inc.

Alexander Markgraf is a Vice President and Equity Research Analyst at KeyBanc Capital Markets Inc., specializing in fintech and vertical/back-office SaaS companies. He covers specific firms such as Intuit, Visa, and CoinCheck Group, actively participating in their earnings calls and issuing ratings like Overweight on Visa with a $300 price target. Markgraf engages in detailed analyst questioning on product strategies, partnerships, and financial metrics, contributing to market insights on these key players. He joined KeyBanc Capital Markets in a role focused on these sectors, with professional credentials including FINRA registration as a standard equity research analyst.

Alexander Markgraf's questions to i3 Verticals (IIIV) leadership

Question · Q1 2026

Alexander Markgraf asked about the 15x EBITDA multiple paid for the recent acquisition, noting it was outside the company's historical sweet spot, and whether more such unique opportunities exist. He also inquired if product investments were proceeding as planned and yielding benefits in the sales pipeline.

Answer

Chief Financial Officer Geoff Smith justified the higher multiple by the acquired company's 20%+ organic growth and 50%+ margins, contrasting it with the typical 10% growth of past acquisitions. President Rick Stanford added that while this was a 'unicorn' deal, the current pipeline is back within their 7x-10x sweet spot. Mr. Smith confirmed that product investments were going to plan, aligning with the previously introduced acceleration investment strategy.

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