Dave: Initiating with an Overweight Rating

We are initiating coverage of Dave (DAVE) with an Overweight rating and $480 Dec 2027 price target. Dave has built an impressive growth and profitability profile by solving a core problem for consumers: the timing gap between when everyday Americans get paid and when their bills come due. Its flagship ExtraCash product delivers fast, small-dollar, short-duration liquidity underwritten by real-time cash-flow data, at rates well below traditional overdraft. Among its core peers, Dave is the fastest-growing (25%+), most profitable (mid-40% margins) and relative to headcount, among the most efficient companies we cover, and we see ample demand for its short-duration liquidity products to sustain momentum (validated by our proprietary 3,000 person survey) with visibility into near- and medium-term estimate upside. Dave grows revenue faster (33%/27% in 2026E/2027E) at materially higher margins (44-46% adj. EBITDA) than its peer group, yet trades at a discount on most forward multiples. Our p