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INITIATING COVERAGE

Pinning down the essential parts of Pinterest’s IPO

Reuters/Brendan McDermid
An artificially intelligent investment decision.

Pinterest is a digital discovery platform that helps its users get stuff done. And, true to form, the company’s IPO filing shows that it’s getting stuff done itself. Pinterest—launched in 2010— has built an enviable audience, has a win/win value proposition for its users and advertisers, and has one of the most impressive AI platforms in the world. It’s accomplished all this while making steady progress toward profitability. Here are the seven things we think investors should consider:

Market

Pinterest shows that being a small player in the digital advertising market can still be a great business. While the company’s revenue of $756 million grew at 60% per year in 2018, it only represents 0.2% of the global digital advertising market. With digital advertising forecast to grow by almost 20% by 2022, there’s clearly opportunity to keep expanding. Pinterest also targets the most lucrative geography in the world, the US, which accounts for almost 40% of the global digital advertising market.

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