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Shares of home services and InsurTech platform Porch Group have fallen by over 80% since mid-November 2021, as the market continues to shun unprofitable high-growth businesses.
The company grew its revenue 166% in FY21 – driven largely by acquisitions – but won’t be profitable until 2H23.
With 65% top-line growth forecasted in FY22 and currently trading at 1.3x FY22E revenue, this SPAC-created Busted IPO merited a deeper dive.
A full investment analysis follows in the paragraphs below.