Investment case
Spark Networks SE (LOV), referred to in this article as "Spark" or "New Spark," is one of the top five online dating companies operating in the US. It was formed in 2017 through a 75:25 merger between Affinitas GmbH ("Affinitas") and Spark Networks, Inc. ("Old Spark"). The merger created a combined entity with about 500,000 paid subscribers and is forecast to achieve 2018E revenue of EUR108 million and adjusted EBITDA of EUR10.4 million. Spark is significantly undervalued when compared with its main listed comparables Match Group (MTCH) and Meet