$Match group (MTCH.US)$The stock price has fallen 20% since ...

Launched in 2020, it mainly deals in the dating business. 46% of the market is in the US, and the current price is 35.56.

Since listing, revenue has continued to grow, with an average growth rate of 13.2%, of which 5.5% in 2023, operating profit also continued to grow, with an average growth rate of 10.6%. Net profit in 2020, 2021, and 2022 were seriously affected by cessation of operations losses, other non-operating expenses, and capital asset impairment, respectively. It only basically returned to normal in 2023, with an average growth rate of 3.5%. Interest expenses account for 16.6% of operating profit in 2023, and the interest burden is heavy. Since the listing, gross margin has declined from 73.4% to 71.6%, and the return on net assets has increased from 14.2% to 21.5%.

Since listing, the balance ratio has declined from 146% to 100.4%. Goodwill increased dramatically in 2021, indicating that there were acquisitions. Various subsequent impairment may be the result of bold acquisitions in the early stages. Currently, goodwill still be 2.65 billion, and there may continue to be depreciation pressure in the future.

Currently, the price-earnings ratio is 15.7. Although there is a big discount compared to the growth rate of operating profit, considering that depreciation pressure still exists, the valuation is not very attractive.