$SEAT - Earnings catalyst 15 Nov


This one highlighted by Anpanman looks promising and is probably worth a further look. He’s done a pretty comprehensive DD so I encourage you to read the whole twitter thread as well.

SEAT is an events ticketing marketplace which has been riding the reopening wave.

My further thoughts below

Looks to be executing strongly on their plan as they crushed their 2Q earnings release and 21E forecasts have been revised significantly upwards. Company now estimates 21E EBITDA @ 100+m vs. 7m in original SPAC merger presentation (https://investors.vividseats.com/news-releases/news-release-details/vivid-seats-updates-2021-financial-guidance)

Fundamentally strong, EBITDA margins based on updated company 21E estimates are already around c.25%, higher than players like LiveNation. Biggest question now is whether this is already priced in or if we will get a further pop on earnings - but given the strong 2Q, i think it could be possible that the 3Q comes out even stronger.

Note: Has warrants but no option chain