Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

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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.


<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

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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