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We prefer to remain on the side lines given the likely spike in leverage post spin-off, along with impact of rising competition on sales growth.In essence, IAC’s legacy of creating shareholder value through carve-outs and spin-offs should instill confidence that its recent announcement on MTCH would remain accretive for shareholders. BTIG’s Ross isn’t concerned about Match’s Tinder product suffering when Facebook comes out with its dating rival, but he does see it as a threat to the rest of the company’s portfolio, which is aimed at more serious daters.Nonetheless, he was relatively upbeat on the acquisition, which he said was probably “not that painful to the wallet” and will allow Match to leverage its dating-app expertise to a new platform. We believe that IAC’s current market capitalization of $20.8 billion does not fully reflect the fair value of its stake in MTCH and ANGI, and growth prospects in its other businesses.IAC Stub EV Revenuse and EV EBITDA multiplesIAC is a leading media and Internet company comprised of some of the world’s most recognized brands and products. IAC is also using the spin-off of MTCH as an opportunity to bolster its own balance sheet by transferring its entire debt to MTCH and receiving cash consideration.For MTCH, we look at valuations of listed companies offering social media platforms including Facebook Inc, Weibo Corp, Twitter Inc, and Snap Inc. We raise our valuation multiples for MTCH, considering growth prospects in international markets. Match was founded by Gary Kremen and Peng T. Ong in 1993. IAC shareholders will receive 2.35 MTCH shares per IAC share. We choose to apply a discount to peer multiples given timid sales growth prospects and a weaker margin profile after the MTCH spin-off. Early on, Kremen was assisted by Ong, who helped in the design of the initial system, and Simon Glinsky, who served as the company's marketing consultant. History. ANGI is amongst the leading providers of platforms for home improvement services through domestic brands (HomeAdvisor, Angie’s List, Handy, Fixd Repair) and international brands (HomeStars, MyHammer, MyBuilder, Instapro, Travaux and Werkspot). DALLAS, June 20, 2018 /PRNewswire/ -- Match Group Inc. (NASDAQ: MTCH) announced today that it has acquired a 51% ownership stake in Hinge, the New York City-based relationship app. Match Group went public on November 19, 2015. Accordingly, we subtract pro forma net debt of $3.5 billion and NCIs worth $1.1 million to arrive at an estimated equity value of $20.0 billion for MTCH. IAC will transfer its complete debt of $1.7 billion to New Match, while MTCH will borrow $500 million to fund the cash consideration of $840M ($680 million + $160 million). However, post the transaction, alleviation of investor concerns over the company’s exposure to MTCH, a stronger balance sheet (net cash position) and improved growth prospects through pursuit of inorganic opportunities could drive the valuation of the stub upwards.Photographer: Andrew Harrer/BloombergPrice Performance and Spin-Off DetailsMTCH is a leading provider of dating platforms and operates under various brands such as Tinder, Match, PlentyOfFish, Meetic, OkCupid, OurTime, Pairs, Hinge and others. Over the years, its popular dating app, Tinder has grown at a rapid pace (average subscribers in 2Q19: 5,233k; 1Q16: 915k). Match Group, parent company of dating apps Tinder, OkCupid and Match, announced yesterday that it has acquired a 51 percent stake in Hinge. As of September 30, 2019, IAC held 80.8% stake and 97.5% voting interest in MTCH, along with 83.7% stake and 98.1% voting interest in ANGI.Earlier, on November 19, 2015, IAC completed the initial public offering of Match Group Inc., creating the eighth public company. Published: June 22, 2018 at 11:39 a.m. For FY18, IAC reported revenue of $4.3 billion.As part of this transaction, MTCH public shareholders will receive one share of New Match and $3/share in consideration (which they can choose to receive in cash or additional shares of New Match worth $3), while IAC will receive ~$680 million ($3/share) in cash consideration.