Groupon Reported Mixed 3Q Results, Adjusts Guidance Higher; Raising FVE to $4.25; Shares Overvalued
No-moat Groupon’s third-quarter results missed on the top line but beat on the bottom line, mainly due to the firm’s cost-cutting measures. Management slightly upped its gross profit and adjusted EBITDA margin for 2017. While we view the sequential and year-over-year growth in Groupon’s active customers as positive, the lack of a network effect moat source will likely force Groupon to continue increasing its marketing spending, lessening the likelihood of the firm generating excess returns on ca...
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