SHOP: Top Initiation Questions - FCF margin guidance, Enterprise GMV -> Revenue, Attach Rate upside
The most common questions we’ve received following our SHOP initiation have focused on the level of conservatism (or not) in management’s FCF margin guidance, how Enterprise GMV growth will translate to revenue growth, and potential upside for SHOP’s attach rate. Below we review our views on each of these subjects.
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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