2024-04-18 16:21:28 ET
Summary
- Having fallen 75% since its 2021 IPO and more than 80% from peak, BMBL is near a positive inflection point with new management, a refreshed core app, and operating efficiencies.
- The market should continue to support modest growth, and BMBL is in a good position to at least maintain its share.
- The economics of the business are outstanding, with BMBL generating 70%+ gross margin and adjusted EBITDA margin of 25%+, and strong free cash conversion.
- We consider BMBL a compelling investment opportunity over the next 12-24 months.
Brief History
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For further details see:
Bumble: Stock Bumbling Around - Valuation Now Compelling