Airtasker (ART) : worth looking into more details ? Probably.
If we take a quick look at what they say, it seems interesting as they claim that the "established Australian business" is generating a free cash flow of 31 m$ (for a market cap and an EV of 163 m$), while they also show a strong growth at a very early stage in the UK and the US. So, no surprise that the stock did so well with an increase of 92 % on 1 year.
However, as usual, things are more complicated than that : their Australian business, while successful, just generated 12 m$ of EBITDA, so their claim of 31 m$ of free cash flow looks a bit strange. And they will probably face more competition in the UK and the US.
It reminds me the story on EZZ. ART is spending a lot on marketing and is already very successful in its main market (Australia), whith still a good growth and a high EBITDA margin. However, like EZZ, it is difficult to assess the return on their marketing costs, as there is a risk that their customers are just doing one off transactions on the platform (I don't know if ART communicates on the number of repeat customers).
