IAC Reported Strong 1Q Results; Raising FVE to $168; Shares Undervalued
IAC’s first-quarter results beat our expectations and consensus on the top and bottom lines as continuing growth in Match and ANGI Homeservices, along with video and publishing segments, accelerated overall revenue growth. Margin expansion in Match and publishing pushed IAC’s operating margin higher. The demand side of ANGI Homeservices strengthened during the quarter, which we believe illustrates the business’ progression toward possibly attaining a network effect moat source. Regarding Faceboo...
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