As a past $IAC shareholder/fairly familiar with ANGI sit, I say you are onto something intriguing.
One pushback I have, a structural one, is the relationship between homeowners and handymen has far less dependency on the platform, esp for repeated business, v.s. Uber, for example.
That’s a really thoughtful point, and we tend to agree — the chances ANGI reaches Uber-level platform reliance are low. But management is clearly trying (with better matching, pre-priced jobs, and pro tools). And at ~15x 2025 trough EBIT vs. Uber at 46x, it hopefully doesn’t need to be the next Uber to be a great bet!
That's a fair point. FWIW, my intent wasn't to compare it to Uber but to think through its unit economics. it is difficult when each transaction threatens the platform (happy customers match and go offline), thus make a large % of your transactions carry an acquisition cost. Cheers.
I recently used these types of services - ended up finding the simplest answer was describing the issues I wanted addressed to ChatGPT and asking for top recs for each job in my area. Interestingly I was directed to Thumbtack in some instances but not ANGI. I like the turnaround story here at this valuation but wonder about AI threat to the business.
As a past $IAC shareholder/fairly familiar with ANGI sit, I say you are onto something intriguing.
One pushback I have, a structural one, is the relationship between homeowners and handymen has far less dependency on the platform, esp for repeated business, v.s. Uber, for example.
That’s a really thoughtful point, and we tend to agree — the chances ANGI reaches Uber-level platform reliance are low. But management is clearly trying (with better matching, pre-priced jobs, and pro tools). And at ~15x 2025 trough EBIT vs. Uber at 46x, it hopefully doesn’t need to be the next Uber to be a great bet!
That's a fair point. FWIW, my intent wasn't to compare it to Uber but to think through its unit economics. it is difficult when each transaction threatens the platform (happy customers match and go offline), thus make a large % of your transactions carry an acquisition cost. Cheers.
Great post, would be great to get your view on market drivers as well
Net income trailing 34,5M - Stock based compensation trailing 15,4M.
I recently used these types of services - ended up finding the simplest answer was describing the issues I wanted addressed to ChatGPT and asking for top recs for each job in my area. Interestingly I was directed to Thumbtack in some instances but not ANGI. I like the turnaround story here at this valuation but wonder about AI threat to the business.