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Match Group Inc MTCH

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Morningstar’s Analysis

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Match Reported Mixed Q2 Results; Tinder Continues to Soar; Maintaining FVE; Shares Overvalued

Ali Mogharabi Senior Equity Analyst

Analyst Note

| Ali Mogharabi |

Match reported mixed second-quarter results with revenue exceeding the FactSet consensus estimates while the bottom line came in slightly short. The firm’s continuing growth in users and revenue per user displayed its network effect moat source, supporting our narrow moat rating. However, the acquisition of Hyperconnect could pressure gross margin a bit. We continue to view the stock overvalued given our unchanged $118 fair value estimate and we continue to recommend new investors to wait for a bigger pullback before investing.

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Company Profile

Business Description

Match Group is a provider of online dating products. The firm became public in 2015 and was more than 80% owned by IAC/InterActiveCorp until IAC spun it off in second-quarter 2020. The company has a vast portfolio of different online dating service providers, including Tinder,, OkCupid, PlentyOfFish, and Meetic. Match Group has more than 45 brands of online dating sites and/or apps, from which it generates user fee revenue (95%) and advertising revenue (5%).

8750 North Central Expressway, Suite 1400
Dallas, TX, 75231
T +1 214 576-9352
Sector Communication Services
Industry Internet Content & Information
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Slow Growth
Employees 1,900