2024-05-13 03:45:05 ET
Summary
- The investment thesis for Toast is that it is prime for a winner-takes-all market in the restaurant SMB segment.
- 1Q24 witnessed strong execution, marked by rapid merchant location expansion, driving robust subscription and FinTech revenue growth, suggesting that TOST continues to gobble up market share.
- Excluding the non-recurring restructuring expenses, operating losses would have narrowed, signaling a path to profitability.
- Forward 1-year valuation implies ~12% upside, maintaining "buy" rating.
Investment Thesis
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For further details see:
Toast: Driving Market Expansion Through Robust Execution