Facedrive Research

Goals

To have a company overview on Facedrive which is a Canadian ride share company. An ideal response would include analyst reports on their stock performance (Buy/Sell/Hold; price targets), the bank(s) that are covering the stock from an equity research perspective, the bank(s) that did FD’s IPO and/or still doing banking for Facedrive, and the current owners and investors.

Early Findings

  • Providing transportation solutions for riders and drivers, Facedrive is a $377 million technology company that differentiates itself from other ride sharing companies by offering it customers carbon neutral options, taking riders along on a sustainable journey.
  • "Facedrive gives its riders options like EVs (electric vehicles), hybrids, or gas-powered vehicles to choose from. Riders can check the environmental impact after their ride. Also, a percentage of the rider fare is invested in green initiatives like planting trees. Facedrive offers its drivers high payout rates, which lower manpower risks like peer ride-hailing platforms are currently facing."
  • As of December 2019, it reported that it had just over 13,000 drivers. They reported revenues of $599,104 for 2019 compared to reported revenues of $13,579 in 2018.
  • Facedrive, at this moment in time, considered a loss-making venture; however according to the Motely Fool, "it could turn profitable amid growing rider base and geographical expansion. "
  • As of May 7th, 2020, the stock was trading at $4.2 which was a tremendous uptick from $0.65 which was the price in May 2019. If someone had invested $10,000 in Facedrive in 2019, they would have made approximately $65,000 a year later.
  • As of the writing of this initial report, Facedrive is trading at $14.27 which is up from $0.14 (+0.01) yesterday.
  • Facedrive’s condensed consolidated interim financial statements for the 3 months ended March 31, 2020, and 2019 can be viewed here.
  • Their investor presentation can be viewed here.
  • In May 2019, High Mountain Capital Corporation Announced that they were entering into of an amalgamation agreement with Facedrive Inc. Imran Khan, a co-founder of Facedrive and a resident of Canada, and Sayan Navaratnam, a resident of Canada, will hold 22.72% and 24.25% of the Resulting Issuer Common Shares, respectively, each representing a controlling interest in Facedrive following the completion of the Transaction.

Summary Of Our Early Findings Relevant To The Goals

  • Our initial hour of research focused on ensuring the data asked for was publicly available, as well as providing data points relevant to the ask.
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