Eventbrite (EB), mcap=$1bn, price $10.52 vs $12.40

– Online self-service ticketing platform.
– During Covid transformed business towards higher-margin self-sign-on products.
– Drastic cost cuts allowed breakeven revenue levels to be reduced from $345m to $185m.
– Demand is expected to inflect with recovery in live-events space.
– Undervalued on a relative and absolute basis.
– Further upside from the introduction of marketing services (mirroring ETSY) allowing to expand take rate.

– Expected to reach pre-covid revenue by 2023.
– 30-35% projected EBITDA margins post-covid.
– Trades at 3x fwd revenue and less than 10x normalized adjusted EBITDA.
– Historically traded at 5x fwd sales.

Exp. gain: 40-60% upside.

Full EB write-up (free guest account required): https://www.valueinvestorsclub.com/idea/EVENTBRITE_INC/2078974619

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