Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

BWS provides independent stock specific research focused on companies with distinct value that are going through a special situation where there is a tangible catalyst not priced in. The catalyst can be anything from new product, restructuring, M&A, management change, change in business strategy, etc. BWS’s focus is to understand the change and evaluate the potential return for investors.

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>We are initiating coverage of Eventbrite (EB) with a Buy Rating and $12 target.</li>
<li>Eventbrite benefits from social change where in-person meet ups are celebrated more so than virtual events.</li>
<li>Eventbrite fills the void of online dating apps. The popularity of online dating apps is dwindling, and Eventbrite should benefit from this growing trend.</li>
</ul>


We are initiating coverage of Eventbrite (EB) with a Buy Rating and $12 target.
Eventbrite benefits from social change where in-person meet ups are celebrated more so than virtual events.
Eventbrite fills the void of online dating apps. The popularity of online dating apps is dwindling, and Eventbrite should benefit from this growing trend.


EB: Brightening Up the Portfolio, Initiating with Buy

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

StubHub Holdings / Equity Capital Markets

<ul>
<li>StubHub Holdings is expected to IPO in September. The online ticketing giant did not disclose the proposed size and price range for the share sale.</li>
<li>According to the WSJ and CNBC, StubHub Holdings was eyeing a valuation of about $16.5B, implying the richest valuation among peers in the secondary ticketing market.</li>
<li>While I’m bullish on the market opportunity for StubHub Holdings, ~$16.5B IPO valuation forces me to remain on the sidelines.</li>
</ul>


StubHub Holdings is expected to IPO in September. The online ticketing giant did not disclose the proposed size and price range for the share sale.
According to the WSJ and CNBC, StubHub Holdings was eyeing a valuation of about $16.5B, implying the richest valuation among peers in the secondary ticketing market.
While I’m bullish on the market opportunity for StubHub Holdings, ~$16.5B IPO valuation forces me to remain on the sidelines.


StubHub IPO Valuation Analysis: Premium Multiple Is Justified, But The Growth Is Slowing Down

<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

<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. 


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)

EB: Brightening Up the Portfolio, Initiating with Buy

EB has restructured its operating expenses and established new pricing schedule that should result in the Company growing adjusted EBITDA and free...

BWS Financial Inc

StubHub IPO Valuation Analysis: Premium Multiple Is Justified, But The Growth Is Slowing Down

In my follow-up piece, I discuss key investment risks, valuation comps and competitive landscape in the U.S. ticketing industry

Andrei Zakharov

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

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

EB: Brightening Up the Portfolio, Initiating with Buy

EB has restructured its operating expenses and established new pricing schedule that should result in the Company growing adjusted EBITDA and free...

BWS Financial Inc

StubHub IPO Valuation Analysis: Premium Multiple Is Justified, But The Growth Is Slowing Down

In my follow-up piece, I discuss key investment risks, valuation comps and competitive landscape in the U.S. ticketing industry

Andrei Zakharov

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

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