SMWB - Similarweb Shouldn't Be Cheaper Than SEMrush

• Similarweb and SEMrush both declined YTD as investors rotated away from tech.
• However, there is still a meaningful gap in value which cannot really be explained.
• I've personally used both, and preferred Similarweb substantially, and with it being a smaller company, it should have more scope for growth than SEMrush.
• With Similarweb growth being driven by the largest customer segment, they aren't having issues in the big leagues either.
• They trade below IPO price despite turning a cash profit and having achieved major growth since then. We rate them a buy.

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