Squarespace To See Whopping 20% Growth Over Medium Term On Pricing Tailwinds: Analyst
Squarespace To See Whopping 20% Growth Over Medium Term On Pricing Tailwinds: Analyst
Mizuho analyst Siti Panigrahi upgraded Squarespace (NYSE:SQSP) to Buy from Neutral, raising the forecast to $50 from $34.
瑞穗分析師西蒂·帕尼格拉希將Squarespace（紐約證券交易所代碼：SQSP）從中性上調至買入，將預測從34美元上調至50美元。
According to the analyst, the company can deliver a significant upside to consensus estimates. The upside scenario implies almost 22% year-over-year growth in 2024 (consensus at 19%). Squarespace also has potential for 20% year-over-year growth in 2025 (consensus at 14%).
根據分析師的說法，該公司可以爲共識估計帶來顯著的上行空間。上行情景意味着2024年同比增長近22％（共識爲19％）。到2025年，Squarespace還有可能實現20％的同比增長（共識爲14％）。
The major growth levers underappreciated for Squarespace are – Google Domains asset acquisition and its halo effect driving new domains, pricing tailwind in 2025, and a modest contribution from Squarespace Payments.
Squarespace被低估的主要增長槓桿是——谷歌域名資產收購及其推動新域名的光環效應、2025年的定價順風以及Squarespace Payments的微薄貢獻。
Panigrahi emphasizes that these drivers will position the company for 20%+ growth with 30% uFCF margins over the medium term.
帕尼格拉希強調，這些驅動因素將使公司在中期內實現20％以上的增長，UFCF利潤率爲30％。
The Google Domains acquisition has already contributed $13 million of revenue in the first quarter alone.
谷歌域名的收購僅在第一季度就已經貢獻了1300萬美元的收入。
In addition, management noted that Squarespace is seeing "greatly increased traffic" in new domains coming onto the platform due to the halo effect from the acquisition, with Google directing users directly to Squarespace for their domain needs, Panigrahi says.
此外，管理層指出，帕尼格拉希說，由於收購帶來的光環效應，Squarespace看到該平台的新域名 “流量大幅增加”，谷歌將用戶直接引導到Squarespace來滿足他們的域名需求。
The analyst estimates that the domains could contribute $93 million in revenue in 2024 and $153 million in 2025.
分析師估計，這些域名在2024年可能帶來9300萬美元的收入，到2025年可能貢獻1.53億美元的收入。
Panigrahi added that a pricing increase for Squarespace could generate a $35 million incremental revenue tailwind in 2025.
帕尼格拉希補充說，提高Squarespace的定價可能會在2025年帶來3500萬美元的增量收入。
Squarespace recognizes payment revenues on a net basis and Payments could generate a modest $6 million revenue contribution in 2025.
Squarespace按淨額確認支付收入，支付可能在2025年產生600萬美元的適度收入貢獻。
The investor day next week could be a catalyst for shares to re-rate, the analyst notes.
分析師指出，下週的投資者日可能是股票重新評級的催化劑。
After Squarespace's first quarter earnings reported earlier this week, the analyst raised FY24 revenue and uFCF estimates to $1.202 billion (19% Y/Y) and $307 million from $1.184 billion (17% Y/Y) and $296 million previously.
在本週早些時候Squarespace公佈第一季度業績後，該分析師將24財年收入和UFCF的預期從之前的11.84億美元（同比增長17％）和2.96億美元上調至12.02億美元（同比增長19％）和3.07億美元。
Price Action: SQSP shares are trading higher by 3.48% to $38.13 at last check Friday.
價格走勢：週五最後一次檢查時，SQSP股價上漲3.48％，至38.13美元。
Photo via Shutterstock
照片來自 Shutterstock
譯文內容由第三人軟體翻譯。