Section1: Company Overview

Shopify Inc. (TSX: SHOP) offers an e-commerce platform primarily to small and midsize businesses. The firm has two segments: subscription solutions and merchant solutions, The subscription solutions segment allows Shopify merchants to conduct e-commerce on a variety of platforms, including the company's website, physical stores, pop-up stores, kiosks, social networks (Facebook), and Amazon. Merchant solutions are add-on products for the platform that facilitate e-commerce and include Shopify Payments, Shopify Shipping, and Shopify Capital.

This Report covers the Investment Highlights, Key Financial Metrics, Valuation, Target Price, and Recommendation on the stock. 

1.1 Investment Highlights

Section2:  Financial Highlights

 2.1 Key Financial Highlights

Section 3:  Stock Recommendation Summary

3.1 Valuation Methodology

Valuation Methodology (Illustrative): EV to Sales based 

3.2 Price Performance and Stock Recommendation

The stock has witnessed an upside of ~8.14% and 55.01% over the last 1 month and 3 months respectively. Moreover, the stock is trading above the average 52-week high price of CAD 176.99 and 52-week low price of CAD 72.36, providing an opportunity to exit. 

3.3 One-Year Technical Price Chart

One-Year Technical Price Chart (as of February 4, 2025). Source: REFINITIV, Analysis: Kalkine Group

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, and currency as of February 4, 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Dividend Yield may vary as per the stock price movement. 

Note 5: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.