Added to YB: 2026-03-23
Pitch date: 2026-03-19
STUB [neutral]
StubHub Holdings, Inc.
Author Info
No bio for this author
Company Info
StubHub Holdings, Inc. operates ticketing marketplace for live event tickets worldwide. It engages in buying and selling tickets to live events and experiences through websites and mobile applications under the StubHub and viagogo brands.
Market Cap
$2.5B
Pitch Price
N/A
Price Target
N/A
Dividend
N/A
EV/EBITDA
-2.81
P/E
-1.12
EV/Sales
2.05
Sector
Entertainment
Category
special_situation
StubHub update (STUB)
STUB (update): Post-DOJ decree on LYV, market misreads S&M spike. Ex-Swift, core GMS grew 24% CAGR 2023-25, vol 34M→53M tickets, 51% resale share (vs VS 12%, SeatGeek collapsing). S&M at 54% rev normalized to ~10% marginal CAC; direct traffic +22-30% YoY proves retention. Bear FCF $366M 2026, $685M 2027 = 17-24% yield to equity at current cap. Decree forces TM to offer non-exclusive API in 9mo, auto-renewals banned, retaliation illegal. MLB/NFL primary deals live. 2027 EV $2.5B on $685M FCF = 3.6x. Risks: enforcement delays, intl regulatory bans, CAC inflation if競爭 re-emerges
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