Flywire Corp：有机飞轮效应带来同类最佳的SMID金融科技增长，但尚未正确定价；重申增持并上调目标价至22美元

研报英文原文证据摘录

M

Idea

August 5, 2026 09:30 AM GMT

Morgan Stanley & Co. LLC

Flywire Corp | North America

Michael N Infante

Equity Analyst

Organic Flywheel Producing

Best-in-Class SMID Fintech

Growth That's Still Not Properly

Priced; Reiterate Overweight

and Raise PT to $22

What’s Changed

Flywire Corp (FLYW.O)

From

To

Price Target

$20.00

$22.00

AlphaSignals Earnings Reaction

Strengthens our thesis

Modest upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

FLYW remains a scarce SMID fintech growth asset. Share gains,

cross-sell and faster payment ramps support ~20% organic

growth upside, while <11x 2028 FCF ex. SBC and a ~59% 202628 CAGR leave valuation compelling. Reiterate OW, PT to $22.

Key Takeaways

FLYW raised FY FXN RLAS growth 300bps to 21-27% despite lower UK visa

James E Faucette

Equity Analyst

Meryl R Thomas, CFA

Equity Analyst

Shefali Tamaskar

Research Associate

Flywire Corp (FLYW.O, FLYW US)

Payments and Processing | United States of America

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

Mkt cap, curr (mm)

52-Week Range

Overweight

Attractive

$22.00

$17.26

$2,113

$18.98-10.11

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

EPS ($)**

Prior EPS ($)**

P/E

EPS ($)§

Div yld (%)

0.11

131.4

0.11

0.51

0.55

34.0

0.40

0.89

0.82

19.3

0.61

1.18

1.09

14.6

0.91

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

§ = Consensus data is provided by Refinitiv Estimates

e = Morgan Stanley Research estimates

Quarterly EPS ($)

Quarter

2025

2026e 2026e

Prior Current

Q1

Q2

Q3

Q4

(0.03)

(0.10)

0.23

0.00

- 0.10a

- (0.07)a

0.31

0.33

0.10

0.14

2027e 2027e

Prior Current

0.14

0.08

0.40

0.19

0.18

0.10

0.41

0.20

e = Morgan Stanley Research estimates, a = Actual Company reported data

assumptions, reinforcing that share gains and cross-sell are outweighing macro

pressure.

The high end implies ~19% 4Q growth versus ~15% pre-print 2027 consensus,

while FLYW has beaten its RLAS high end by ~440bps on average for 6 straight

quarters.

…