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For the reasons mentioned in the summary, I issue an outperform rating and a $93.86 price target for Match Group (MTCH) derived from an average of the high-end estimate prices in Exhibit 10's football field range.
Financial Summary
Tinder, Hinge and Pairs North America and International subscriber growth and Tinder in-app activity and premium fees continued FY19's trends to drive 1Q20 revenue up 17% YoY (vs 1Q19 14% YoY). Continued dollar strength saw International ARPU down 1% YoY to $0.55 (+2% YoY ex-FX) while North America revenue notably slid to $263.3m for a consecutive