Grindr's Expanding LGBTQ+ Market and 20% Revenue Growth Impresses Goldman Sachs

Benzinga2024-12-17

Goldman Sachs analyst Eric Sheridan initiated coverage on Grindr Inc (NYSE:GRND) with a Buy rating and a price target of $20. Grindr is an online dating platform primarily focused on serving the LGBTQ...

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Sheridan noted Grindr’s addressable market as large and growing, as the company is positively leveraged to both the addressable LGBTQ+ user market  and advertising opportunity.Grindr modeled fiscal 2024-2029 revenues growing at a 20% CAGR driven mainly by direct revenue  and indirect revenue scaling .Sheridan expects adjusted EBITDA margins to remain stable, although margins are unlikely to remain linear as the co","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"GRND.WS":"GRINDR INC C/WTS (TO PUR COM)","GRND":"GRINDR INC"},"translate_title":"Grindr不断扩大的LGBTQ+市场和20%的收入增长令高盛印象深刻","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GRND.WS":1,"GRND":0.9},"content_text":"Goldman Sachs analyst Eric Sheridan initiated coverage on Grindr Inc (NYSE:GRND) with a Buy rating and a price target of $20.\nGrindr is an online dating platform primarily focused on serving the LGBTQ+ community with 14.6 million monthly active users (as of the third quarter of 2024) globally.\nIn this initiation, Sheridan framed his work around three key debates for Grindr stock, including the company’s addressable market, whether it achieves a 20%+ fiscal 2024-2029 revenue CAGR, and whether it can sustain a 40%+ adjusted EBITDA margin.\nAlso Read: Match Group Faces Investor Scrutiny Over Tinder Woes, Hinge Expansion Plans\nSheridan noted Grindr’s addressable market as large and growing, as the company is positively leveraged to both the addressable LGBTQ+ user market (his work sizes the 2024 addressable user market at a range of 40 million-80 million) and advertising opportunity.\nGrindr modeled fiscal 2024-2029 revenues growing at a 20% CAGR driven mainly by direct revenue (primarily paying user growth) and indirect revenue scaling (advertising).\nSheridan expects adjusted EBITDA margins to remain stable, although margins are unlikely to remain linear as the company focuses on key growth investments over the next 12-18 months.  \nBased on Sheridan’s fundamental work, he noted Grindr as a revenue compounder with high margins that are positively leveraged to several long-term secular growth themes and opportunities within online dating. While the online dating sector has been impacted by ongoing investor debates around sources of user growth and user time and engagement, Sheridan noted Grindr as having a user demographic and core proposition that has performed well against such debates (which he expects to persist into 2025 and beyond).  \nPrice Action: GRND stock is up 8.96% at $17.15 at the last check on Monday.\nAlso Read:\n\nUS-Listed Chinese Stocks React To Underwhelming Consumption Data\n\nPhoto via Shutterstock\nUp Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market.\nGet the latest stock analysis from Benzinga?\n\nThis article Grindr's Expanding LGBTQ+ Market and 20% Revenue Growth Impresses Goldman Sachs originally appeared on Benzinga.com\n© 2024 Benzinga.com. Benzinga does not provide investment advice. 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