Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

StubHub Holdings / Equity Capital Markets

<ul>
<li>StubHub Holdings, a category-leading marketplace for secondary tickets, seeks to raise up to $1B in US IPO. J.P. Morgan and Goldman Sachs are leading the offering.</li>
<li>The company was backed by Madrone Capital Partners, Bessemer Venture Partners, WestCap Management, and PointState Capital, among others.</li>
<li>I view StubHub Holdings as a great company and a category winner that is addressing a large and growing TAM with room for growth for years.</li>
</ul>


StubHub Holdings, a category-leading marketplace for secondary tickets, seeks to raise up to $1B in US IPO. J.P. Morgan and Goldman Sachs are leading the offering.
The company was backed by Madrone Capital Partners, Bessemer Venture Partners, WestCap Management, and PointState Capital, among others.
I view StubHub Holdings as a great company and a category winner that is addressing a large and growing TAM with room for growth for years.


StubHub IPO Preview: Bread and Games! The Ticketing Decacorn Is Ready To Go Public

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BWS Financial Inc

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BWS utilizes a self formed proprietary approach in discovering stocks by putting great emphasis on deep research. BWS does generate short recommendations following a similar criteria.

Equity Bottom-Up

<ul>
<li>EB showed a gradual sequential improvement in operating metrics in the third quarter. EB is anticipating greater positive gains in the number of event creators in the fourth quarter</li>
<li>EB reported third quarter revenue of $77.8 million compared to our estimate of $76.1 million. EB did have a year over year decline in paid tickets and paying creators. </li>
<li>EB is projecting Q4 revenue of $74 million to $77 million and an adjusted EBITDA margin of 10 percent. We were anticipating revenue of $74 million due to the seasonality.</li>
</ul>


EB showed a gradual sequential improvement in operating metrics in the third quarter. EB is anticipating greater positive gains in the number of event creators in the fourth quarter
EB reported third quarter revenue of $77.8 million compared to our estimate of $76.1 million. EB did have a year over year decline in paid tickets and paying creators. 
EB is projecting Q4 revenue of $74 million to $77 million and an adjusted EBITDA margin of 10 percent. We were anticipating revenue of $74 million due to the seasonality.


<ul>
<li>The third quarter was the first time EB generated traffic from its relationship with TikTok. </li>
<li>EB's traffic has remained elevated, and the attention turns to how many event creators EB was able to generate through the increase in traffic.   </li>
<li>The number of event creators has declined over the past year due to EB charging for all events posted. The pricing model has changed with EB reintroducing a free option. </li>
</ul>


The third quarter was the first time EB generated traffic from its relationship with TikTok. 
EB's traffic has remained elevated, and the attention turns to how many event creators EB was able to generate through the increase in traffic.   
The number of event creators has declined over the past year due to EB charging for all events posted. The pricing model has changed with EB reintroducing a free option. 


<ul>
<li>EB continues to face challenges in its go to market strategy with paid creators not using the platform like they were in the past. </li>
<li>EB is now in the predicament where it plans to cut more costs out to reshape operations as the revenue base is now expected to be lower than expected.</li>
<li>Our timing on EB was on the expectation event creators would not move away because competition was also charging a fee. EB is now trading at near ZERO enterprise value. </li>
</ul>


EB continues to face challenges in its go to market strategy with paid creators not using the platform like they were in the past. 
EB is now in the predicament where it plans to cut more costs out to reshape operations as the revenue base is now expected to be lower than expected.
Our timing on EB was on the expectation event creators would not move away because competition was also charging a fee. EB is now trading at near ZERO enterprise value. 


<ul>
<li>EB has teamed up with TikTok in an integration that could lead to a sharp increase in new creators and overall traffic on EB’s marketplace.</li>
<li>TikTok announced on its blog that EB has been integrated to allow content creators to manage and promote events within their TikTok content.</li>
<li>The integration would enable followers to purchase tickets to creators’ events straight from TikTok without having to leave the platform.</li>
</ul>


EB has teamed up with TikTok in an integration that could lead to a sharp increase in new creators and overall traffic on EB’s marketplace.
TikTok announced on its blog that EB has been integrated to allow content creators to manage and promote events within their TikTok content.
The integration would enable followers to purchase tickets to creators’ events straight from TikTok without having to leave the platform.


United States

Eventbrite, Inc. operates as a platform as a service company. The Company offers a platform that allows users to provide online event planning services, as well as publishes, promotes, and sells tickets through social networks and e-mails. Evenbrite operates in the United States.

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Eventbrite Inc (EB US)

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Andrei Zakharov

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EB is making strides in cost reductions while the return of free event listings is expected to help lift the number of events in 2024. The...

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EB: TikTok a New Momentum

EB and TikTok is a significant relationship as it would help boost awareness of EB's marketplace by generating traffic and more paid ticket sales.

BWS Financial Inc

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StubHub IPO Preview: Bread and Games! The Ticketing Decacorn Is Ready To Go Public

​StubHub Holdings, a leading secondary ticket marketplace, aims to raise up to $1B in US IPO with backing from top-tier investors. The ticketing...

Andrei Zakharov

EB: Ticketing a Turnaround

EB is making strides in cost reductions while the return of free event listings is expected to help lift the number of events in 2024. The...

BWS Financial Inc

EB: A Brite Preview

The simplified fee structure and higher website traffic should have positive implications for 2025. Higher count of event creators due to the lower...

BWS Financial Inc

EB: Eventful Turnaround Price at Zero EV

Ticket volumes have not grown, and the Company is now trying to increase engagement with event creators via disassembling the pricing strategy that...

BWS Financial Inc

EB: TikTok a New Momentum

EB and TikTok is a significant relationship as it would help boost awareness of EB's marketplace by generating traffic and more paid ticket sales.

BWS Financial Inc

StubHub Holdings, a leading secondary ticket marketplace, aims to raise up to $1B in US IPO with backing from top-tier investors. The ticketing...