2025-06-02-Jefferies-明智（WISE）_从Revolut2024年报中解读_故事分化_17页_1mb

This report analyzes Revolut's 2024 annual accounts, comparing them to Wise's performance to highlight diverging strategies in the UK Payments & FinTech sector. Key findings include: Revolut showed strong growth with a 72% increase in total income, driven by Wealth and Subscriptions, while Wise's growth was modest at +16% in FY25. Revolut operates a neo-banking model with a 97% European customer base and higher employee growth, but has fewer word-of-mouth acquisitions, whereas Wise has better user acquisition efficiency and is more geographically diversified. Financially, Revolut's headcount grew eightfold since 2019, leading to higher costs, while Wise maintains a focus on cross-border payments. The report recommends a "Buy" rating for Wise with a 1,247p price target based on discounted cash flow, reflecting its leadership in multi-product monetization. Risks include competition from banks and tech giants. Upcoming catalysts include Wise's June 5, 2025, FY25 results and potential regulatory or competitive shifts.