MTCH - Embedded Expectations Analysis - 2021 07 12
Match Group, Inc. (MTCH:USA) currently trades at a historical high relative to UAFRS-based (Uniform) earnings, with a 50.5x Uniform P/E. At these levels, markets are pricing in bullish expectations for the firm, but management may be concerned about user engagement, the IDFA policy change, and international market headwinds.Specifically, management is also confident the pandemic is still causing user acquisition volatility. Additionally, they may have concerns about headwinds in international markets, user experience and data privacy, and the global regulatory environment, particularly the Identifier for Advertisers (IDFA) policy change. Moreover, management may lack confidence in their ability to meet spending guidance and maintain cyber safety standards across brands. Finally, they may have concerns about their non-Tinder brand growth potential, advertising market difficulties, and engagement on their non-Tinder dating platforms.
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