Thread by @Patrick_Invests

$TRIT up big off this analyst note which reads very bullish.

I tend to ignore PT of early stage companies such as Triterras, but there are some other key points here I did like

First, the comps chosen were $TW and $MKTX which trade at roughly ~36x and ~51x 2021 EBITDA

$TRIT trades at 14.1x 2021 EBITDA with much faster growth and worse EBITDA and net margins

Triterras deserves to trade at a much lower multiple until it proves it can scale its ecosystem

The margin profiles of these comps fit $TRIT mgmt. projections pretty well, so while they are on the very high end of the total comp set laid out by mgmt., Oppenheimer choosing them isn't cherrypicking to me.

If Triterras hits their medium-term forecast laid out in their investor presentation from Oct., the multiple rerate would be massive.

Of course this is a big if, but one I am willing to bet on.

Second, Oppenheimer almost certainly met with $TRIT management at the Oppenheimer Fall Blockchain & Digital Assets Summit held on 11/19/20.

It's good to see a strong sell-side note after a management meeting, as it helps alleviate the management concerns I addressed previously.

Finally, I saw Cramer passed on $TRIT on his Lightning Round last night and told his audience to "just buy bitcoin".

I am a fan of Cramer, but Triterras has nothing to do with Bitcoin. Yes, blockchain forms the backbone of Bitcoin, but that's about where the similarities end.

A digital marketplace for trade finance that is built on an ethereum blockchain is completely different from Bitcoin.

I will be adding to $TRIT here (almost at a 3% position now) using proceeds from beginning to sell $WORK.

More information to come with where the rest of my $WORK proceeds go.