💼 How does Mode's valuation compare to its competitors in the industry?

**Conclusion – MODE is a “nano-cap outlier.”**
At ~£1.5 m market cap (≈ US $1.9 m) MODE Global Holdings is **two orders of magnitude smaller** than even the tiniest listed peers in U.K./European FinTech. That extreme scale gap—and the absence of meaningful revenue—makes almost every traditional valuation multiple either unavailable or incomparable. 📉

---

### 1. Size and multiples side-by-side

| Company | Ticker | Market Cap (USD) | P/E (TTM) | P/S (TTM) |
|---------|--------|------------------|-----------|-----------|
| **MODE Global** | MODE.L | ≈ $1.9 m | n/a* | n/a* |
| WISeKey | WKEY | $56.1 m | –4.17 | 4.66 |
| Paymentus | PAY | $4.33 bn | 77.17 | 4.21 |

\*MODE hasn’t reported recurring operating revenue since pivoting to a cash-shell strategy, so P/E and P/S are not meaningful. Market-cap figure comes from the latest RNS price data (£1.49 m) converted at £1 = US $1.27 [^fb72af989ca5af10].

---

### 2. What the numbers tell us

1. **Scale differential:**
• MODE’s valuation is **~30× smaller than WISeKey** and **~2,000× smaller than Paymentus**.
• Institutions that screen for >$50 m float will simply not see MODE.

2. **Liquidity & spreads:**
A sub-$2 m float typically trades only a few thousand dollars a day. Slippage and 5-10 % bid/ask gaps are common.

3. **Multiples:**
• Both WISeKey and Paymentus trade around 4× sales despite vastly different profitability profiles—showing what the market is willing to pay for “real” FinTech revenue.
• MODE would need to generate **~$500 k in annual sales** to justify even a 4× P/S at today’s share price—yet it currently records near-zero.

4. **Event-driven upside vs dilution risk:**
Any reverse takeover (RTO) that injects an operating business could transform MODE’s valuation—but would almost certainly involve **significant new share issuance, diluting existing holders**.

---

### 3. Practical takeaway for investors

• **Speculative binary play:** MODE behaves more like an option on management finding a credible acquisition than a going concern.

• **Opportunity cost:** Investors seeking FinTech exposure with better liquidity and operating visibility might focus on profitable mid-caps (e.g., Adyen, Wise PLC) that can actually leverage lower discount rates after the Fed cut.

• **Position sizing:** If you remain intrigued, treat MODE as a *tiny* satellite holding (≤ 1 % of portfolio) and be prepared for either a multi-bagger on an RTO announcement **or** a total write-off.

---

### 4. Food-for-thought 🤔
What matters more to you over the next 12 months: catching a high-risk turnaround at the ground floor, or compounding steadily in proven FinTech names? Your answer will steer how—or whether—MODE fits in your portfolio.

---

: Referencable result ID 5 – WISeKey market-cap data
: Referencable result ID 6 – WISeKey P/E data
: Referencable result ID 7 – WISeKey P/S data
: Referencable result ID 8 – Paymentus market-cap data
: Referencable result ID 9 – Paymentus P/E data
: Referencable result ID 10 – Paymentus P/S data
[^fb72af989ca5af10]: Referencable result ID fb72af989ca5af10 – MODE share-price & market-cap figure