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.
瑞穗分析师西蒂·帕尼格拉希将Squarespace（纽约证券交易所代码：SQSP）从中性上调至买入，将预测从34美元上调至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%).
根据分析师的说法，该公司可以为共识估计带来显著的上行空间。上行情景意味着2024年同比增长近22％（共识为19％）。到2025年，Squarespace还有可能实现20％的同比增长（共识为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被低估的主要增长杠杆是——谷歌域名资产收购及其推动新域名的光环效应、2025年的定价顺风以及Squarespace Payments的微薄贡献。
Panigrahi emphasizes that these drivers will position the company for 20%+ growth with 30% uFCF margins over the medium term.
帕尼格拉希强调，这些驱动因素将使公司在中期内实现20％以上的增长，UFCF利润率为30％。
The Google Domains acquisition has already contributed $13 million of revenue in the first quarter alone.
谷歌域名的收购仅在第一季度就已经贡献了1300万美元的收入。
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，管理层指出，帕尼格拉希说，由于收购带来的光环效应，Squarespace看到该平台的新域名 “流量大幅增加”，谷歌将用户直接引导到Squarespace来满足他们的域名需求。
The analyst estimates that the domains could contribute $93 million in revenue in 2024 and $153 million in 2025.
分析师估计，这些域名在2024年可能带来9300万美元的收入，到2025年可能贡献1.53亿美元的收入。
Panigrahi added that a pricing increase for Squarespace could generate a $35 million incremental revenue tailwind in 2025.
帕尼格拉希补充说，提高Squarespace的定价可能会在2025年带来3500万美元的增量收入。
Squarespace recognizes payment revenues on a net basis and Payments could generate a modest $6 million revenue contribution in 2025.
Squarespace按净额确认支付收入，支付可能在2025年产生600万美元的适度收入贡献。
The investor day next week could be a catalyst for shares to re-rate, the analyst notes.
分析师指出，下周的投资者日可能是股票重新评级的催化剂。
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.
在本周早些时候Squarespace公布第一季度财报后，该分析师将24财年收入和UFCF的预期从之前的11.84亿美元（同比增长17％）和2.96亿美元上调至12.02亿美元（同比增长19％）和3.07亿美元。
Price Action: SQSP shares are trading higher by 3.48% to $38.13 at last check Friday.
价格走势：周五最后一次检查时，SQSP股价上涨3.48％，至38.13美元。
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