Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Klarna reported total revenue of $2.43B in the first nine months of 2025 ($903M in Q3, $823M in Q2, $701M in Q1), up 24% year-over-year.</li><li>In September 2025, Klarna completed its IPO on the New York Stock Exchange under ticker "KLAR," raising $1.4B at a $15B opening valuation.</li><li>Klarna's platform integrates with e-commerce websites, replacing traditional checkouts.</li></ul>

Klarna reported total revenue of $2.43B in the first nine months of 2025 ($903M in Q3, $823M in Q2, $701M in Q1), up 24% year-over-year.In September 2025, Klarna completed its IPO on the New York Stock Exchange under ticker "KLAR," raising $1.4B at a $15B opening valuation.Klarna's platform integrates with e-commerce websites, replacing traditional checkouts.

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

<ul>
<li>In the current volatile investment climate, we rein in our buy ratings retaining just one name despite the continuing attractive valuation metrics</li>
<li>We remove attractively valued PagBank and recent IPO PayPay from our payments buy list, due to a more volatile, potentially “risk-off”, investment climate</li>
<li>We keep only Klarna on the buy list, due management’s solid execution and attractive valuations, but we advise reducing positions</li>
</ul>


In the current volatile investment climate, we rein in our buy ratings retaining just one name despite the continuing attractive valuation metrics
We remove attractively valued PagBank and recent IPO PayPay from our payments buy list, due to a more volatile, potentially “risk-off”, investment climate
We keep only Klarna on the buy list, due management’s solid execution and attractive valuations, but we advise reducing positions


Payment Companies Update: Reining in Positive Recommendations

<ul>
<li>On the back of the “risk on” phase, we remove the sell rating on Affirm shares, and after their recent period of underperformance</li>
<li>We keep our buy rating on Klarna, primarily for its deep value credentials but also for its current high level of short interest</li>
<li>Block (XYZ US) is not a pure BNPL play, but is increasingly exposed to the sector through its acquisition of Afterpay; we maintain our neutral rating on Block</li>
</ul>


On the back of the “risk on” phase, we remove the sell rating on Affirm shares, and after their recent period of underperformance
We keep our buy rating on Klarna, primarily for its deep value credentials but also for its current high level of short interest
Block (XYZ US) is not a pure BNPL play, but is increasingly exposed to the sector through its acquisition of Afterpay; we maintain our neutral rating on Block


BNPL Companies; Risk on Phase, Stick with Buy on Klarna (KLAR US), Lifting Short on Affirm (AFRM US)

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Klarna Group had a successful IPO in September, but shares were volatile in October and November along with Affirm Holdings and other BNPL market players.</li>
<li>A Swedish first mover in the BNPL space went public at $40.00 per share, raising ~$169M of net proceeds. Selling shareholders offloaded ~$1.2B worth of Klarna Group shares.  </li>
<li>Klarna Group reported record results in 3Q as a public company, surpassing analyst expectations. However, net loss widened to $95M and provisions for credit losses jumped.</li>
</ul>


Klarna Group had a successful IPO in September, but shares were volatile in October and November along with Affirm Holdings and other BNPL market players.
A Swedish first mover in the BNPL space went public at $40.00 per share, raising ~$169M of net proceeds. Selling shareholders offloaded ~$1.2B worth of Klarna Group shares.  
Klarna Group reported record results in 3Q as a public company, surpassing analyst expectations. However, net loss widened to $95M and provisions for credit losses jumped.


Klarna Group (NYSE: KLAR): 3Q’25 Quarterly Update, 4Q Guidance Trajectory Looks Strong

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM). </li>
<li>Both the SPX and QQQ are testing their 50-day MAs, and we are buyers on this pullback as we expect 50-day MA supports to hold.</li>
<li>We are upgrading Financials (XLF) and Utilities (XLU) to market weight with RS making bullish inflections. Buys: HOOD DAVE AFRM UPST SEZL KLAR TLN GEV</li>
</ul>


We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM). 
Both the SPX and QQQ are testing their 50-day MAs, and we are buyers on this pullback as we expect 50-day MA supports to hold.
We are upgrading Financials (XLF) and Utilities (XLU) to market weight with RS making bullish inflections. Buys: HOOD DAVE AFRM UPST SEZL KLAR TLN GEV


Upgrading Financials and Utilities to Market Weight; Risk-On Signals Remain Dominant. HOOD DAVE AFRM

United States

Klarna is a Swedish fintech company that provides online financial services. The company provides payment processing services for the e-commerce industry.

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Klarna Group (KLAR US)

Primer: Klarna - 10 Jul 2026

Checkout software offering interest-free installment payments to consumers and higher conversion for merchants

Sacra

Payment Companies Update: Reining in Positive Recommendations

In the present volatile investment climate, only Klarna remains on our buy list due to solid execution and attractive valuations; our caution...

Victor Galliano

BNPL Companies; Risk on Phase, Stick with Buy on Klarna (KLAR US), Lifting Short on Affirm (AFRM US)

A switch to "risk on" in markets and the stock's recent de-rating drives our closing out of Affirm's sell; we keep Klarna on a buy rating for deep...

Victor Galliano

Klarna Group (NYSE: KLAR): 3Q’25 Quarterly Update, 4Q Guidance Trajectory Looks Strong

Klarna Group shares continue to trade below IPO offer price of $40.00 per share. The Swedish BNPL giant reported record results in 3Q as a public...

Andrei Zakharov

Upgrading Financials and Utilities to Market Weight; Risk-On Signals Remain Dominant. HOOD DAVE AFRM

Upgrading Financials and Utilities to Market Weight; Risk-On Signals Remain Dominant. Charts Highlighted: XLF, XLU, HOOD, DAVE, SEZL, AFRM, UPST,...

Vermilion Research

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52-week Range

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Primer: Klarna - 10 Jul 2026

Checkout software offering interest-free installment payments to consumers and higher conversion for merchants

Sacra

Payment Companies Update: Reining in Positive Recommendations

​In the present volatile investment climate, only Klarna remains on our buy list due to solid execution and attractive valuations; our caution...

Victor Galliano

BNPL Companies; Risk on Phase, Stick with Buy on Klarna (KLAR US), Lifting Short on Affirm (AFRM US)

A switch to "risk on" in markets and the stock's recent de-rating drives our​ closing out of Affirm's sell; we keep Klarna on a buy rating for deep...

Victor Galliano

Klarna Group (NYSE: KLAR): 3Q’25 Quarterly Update, 4Q Guidance Trajectory Looks Strong

​Klarna Group shares continue to trade below IPO offer price of $40.00 per share. The Swedish BNPL giant reported record results in 3Q as a public...

Andrei Zakharov

Upgrading Financials and Utilities to Market Weight; Risk-On Signals Remain Dominant. HOOD DAVE AFRM

Upgrading Financials and Utilities to Market Weight; Risk-On Signals Remain Dominant. Charts Highlighted: XLF, XLU, HOOD, DAVE, SEZL, AFRM, UPST,...

Vermilion Research

In the present volatile investment climate, only Klarna remains on our buy list due to solid execution and attractive valuations; our caution...

A switch to "risk on" in markets and the stock's recent de-rating drives our closing out of Affirm's sell; we keep Klarna on a buy rating for deep...

Klarna Group shares continue to trade below IPO offer price of $40.00 per share. The Swedish BNPL giant reported record results in 3Q as a public...