CLICK HERE for event details (includes video link, materials link and dial-in).
Hedgeye Macro recently introduced its US Quad 4 investment theme, which has historically been a tough environment for the Tech equities. Internet has since been hit particularly hard, and with earnings season and 2019 around the corner, we believe it is important to identify any potential downside fundamental catalysts within what may be an unforgiving backdrop for the space. In short, the purpose of this call is to identify where the blow-up risk exists within this risk-off environment.
We are going to discuss our Active Positions (MTCH, SPOT, YELP) as well as our Bench (TWTR, SNAP) with an emphasis on their fundamental setups and tracker updates where available. We're planning to omit most of the supporting detail for the sake of time, so please see the below decks for supporting detail on our theses. We plan to host a separate call on Online Travel (BKNG, EXPE, TRIP, TRVG) at a later date.
KEY POINTS OF DISCUSSION
- MTCH: Trajectory of 2H18 Tinder Sub Adds.
- SPOT: Feasibility of 3Q18 consensus sub growth expectations
- TWTR: 2018 tailwinds becoming 2019 headwinds.
- YELP: Ad revenue trajectory after lapping the non-term roll-out.
- SNAP: Feasibility of 2H18 vs. 2019 revenue estimates.
MOST RECENT DECKS & REPLAYS
- SNAP | Long-Term Bearish Thesis | 9/21/18 | CLICK HERE
- YELP | Short Thesis Refresh | 9/5/2018 | CLICK HERE
- MTCH | New Best Idea Long | 6/11/2018 | CLICK HERE
- SPOT | Bull vs. Bear | 3/28/2018 | CLICK HERE
- TWTR | New Best Idea Long | 1/5/2018 | CLICK HERE
Let us know if you have any questions or would like to discuss in more detail.