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BILL: Building A Bill-Nopoly

Apr. 05, 2022 9:30 AM ETBILL Holdings, Inc. (BILL)MQ10 Comments
Jared Simons profile picture
Jared Simons


  • Bill.com is a rapidly growing platform that more than 350,000 SMBs use to automate their financial operations.
  • In this note, we will analyze Bill.com’s platform, business fundamentals and discuss its future prospects, specifically using Beating The Market’s Crucial Characteristics.
  • This is our official research on Bill.com, and while we like Bill.com as a company, its valuation is unjustifiable right now compared to other fintech companies.
  • Although Bill.com isn’t a new Weekly Top Idea, we will follow up with the community should we make it an official Weekly Top Idea.
  • This idea was discussed in more depth with members of my private investing community, Beating the Market. Learn More »

Bill.com headquarters building exterior.

Michael Vi/iStock Editorial via Getty Images

Investment Thesis

Bill.com Holdings Inc. (NYSE:BILL) offers SMBs an intelligent business payment platform to optimize their finances. Through a virtual card, ACH payment, paper check, or international wire, Bill.com makes it easy for SMBs to make payments

This article was written by

Jared Simons profile picture
Jared brings a Peter-Peter approach to his role as Equity Analyst at Porter & Co. That’s to say he takes what he’s learned from studying Peter Lynch and Peter Thiel and uses those insights to identify disruptive innovators – with a special focus on companies that are democratizing financial services. Prior to joining Porter & Co, Jared was the Lead Analyst at L.A. Stevens Investments and the ‘Beating the Market’ service on Seeking Alpha. Jared graduated from the University of Florida, Warrington College of Business with a Finance degree. Jared enjoys studying investor psychology and the history of capital markets, and when he doesn’t have his face in a book, you can usually find him on a golf course.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of MQ either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Comments (10)

Jared Simons profile picture
Jared Simons
Article Update 06 Apr. 2022
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BILL has been an incredible short!
refreshingsoda profile picture
@Ernieballer Probably still a good short. Price to sales of 22 doesn't work in this market.
any info on competition ?
BILL's QoQ jumped to 34.5%, and is more than double of 16.9% a year ago.
Organic core revenue growth further accelerated to 85% YoY
Organic subscription revenue accelerated to 51% from 39% last quarter

I am holding BILL at a loss but will buy more on pullbacks. Yes the PS is high but the growth is high and accelerating higher.
I would worry that BILL has most of it's income tied to one customer.
This reluctance and Gary Alexander's memo provide all the contrarian motivation to continue owning BILL needed. BILL grows into its valuation.
Louis Stevens profile picture
@gdcase Hi gdcase, thanks for your comment.

At 50-105x sales (depending on the day), I can assure you: there is nothing contrarian about Bill.com
@Louis Stevens insiders selling!! Look at the Form 4’s filed yesterday. Do you know more about the company than the insiders? If so keep buying their overpriced shares.
@joeinNJ Louis is agreeing with you. He's saying its overvalued. I like the company as well but at even lower valuation than where it is now- maybe a single digit P/S as profitability is close and retention looks great.
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