ANGI - ANGI Homeservices: Too Pricey By Far
Investment Thesis
Based on analysts' consensus EPS estimates, ANGI Homeservices (ANGI) is not attractive at current share price levels. While profitable, and with a strong balance sheet, ANGI has not fulfilled the promise at the time of merger of Angies' List and IAC/InterActiveCorp's (IAC) HomeAdvisor. At that time, 2017 pro forma revenue of $890 million was targeted to grow at a CAGR of 20% to 25% per year, and this is on track with 2019 revenue of $1.3 billion. But adjusted EBITDA margin target of 35% has not been met. Adjusted