Q2 supported by Euros and Copa America, but note tough comps. Minor revisions; we arrive near the low-end of '24e EBITDA target. Stay away for now; a better entry should come.
Soft Q1 margin and rev-share NDC intake making us cut '24e and '25e adj. EBITA by 2% and 4%. Keep HOLD on uncertain outlook and limited valuation support.
Q1e: 12% pro forma revenue decline y-o-y on notably tough comps. We cut '25e North America growth, weighing 6% on '25e-'26e EBITA. Maintain HOLD – keep awaiting a better entry point.
Q3e to show 38% top line growth and 26% EBITA margin Small total revisions in ‘22e-‘24e on offsetting factors We remain BUYers and highlight the rev-share value
Q2 sales beat driven by paid media, miss on adj. EBITDA We expect negative cons revisions of 2-5% Share likely to come down in line with expected revisions