Sezzle Fundamental Model
A public research pipeline, not a current Sezzle valuation or investment recommendation. The assumptions and limitations are part of the published record.
A valuation pipeline starts with definitions
The June 2025 Sezzle research repository separates filing ETL, normalized statements, credit-loss modeling, scenario valuation, configuration, tests and retained outputs. The DCF layer reads the prepared financial series and credit-loss results before building five-year scenario forecasts.
This is an inspectable historical modeling system. It was not refreshed with current filings or market prices for this portfolio edition, and neither forecast accuracy nor an investment return is claimed.
Carry the credit-loss assumption into the cash flow
For a buy-now-pay-later company, headline GMV and revenue can grow while delinquencies, charge-offs or loss recoveries change unit economics. The repository exposes a credit-loss simulation layer as an input to valuation rather than leaving it in a narrative risk section.
The valuation model also makes simplifications visible: a 10% starting take rate, a configured rebate adjustment, an operating-margin ramp from 10% to 25%, and simplified capital expenditure and working-capital treatment. These are model assumptions, not reported Sezzle operating facts.
Premium, base and tail are configurable
The checked-in scenario configuration gives the base case half the aggregate scenario weight, with a quarter each for premium and tail. Growth, credit-loss multipliers, discount rates and terminal-growth assumptions are scenario inputs.
The retained executive summary has flat, placeholder-like valuation outputs, including enterprise-value fields of 1.0 and zero sensitivity ranges. That file should not be used as a live target price or as evidence that the DCF produces a decision-ready valuation.
| Case | Weight | Role |
|---|---|---|
| Premium | 25% | Upside modeled assumptions |
| Base | 50% | Central modeled assumptions |
| Tail | 25% | Downside modeled assumptions |
From public scenario configuration; not empirical outcome probabilities.
Read the code and challenge the assumptions
The useful artifact is the separated pipeline: financial preparation, credit-loss estimation, scenario inputs, DCF calculation and tests. A new investment thesis would require current filings, a clean rerun, updated assumptions and cross-checks against today's market price.
The public repository includes model code, configuration and retained outputs. Its June 2026 documentation-only link change does not re-date the June 2025 model.