Similarweb (SMWB), mcap=$462m, price $6.09 vs $7.49

$SMWB pitch:
– web and app comparison/analysis tool – leading SaaS digital shopper intelligence provider.
– $190m ARR with only 4k customers – still in the early innings of growth.
– Primarily targets enterprise clients.
– 115% net revenue retention.
– Currently spending heavily on its product and sales efforts.
– The payoff from S&M investments is c. 4x.
– Expected to re-rate when it becomes profitable over the next 2-3 years.

$SMWB valuation:
– Trades at 3x EV/gross profit.
– A clean balance sheet with no debt at $94m in cash.
– Positive FCF is expected by 2025.

Exp. gain: 20% compounder for many years.

Full SMWB write-up (free guest account required):

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