GoDaddy (GDDY): Quality compounder at a compelling price

Yes it has a silly name, however we find the underlying business highly attractive. Subscription revenues have solid volume and price growth drivers, plus the business has shown consistent operating leverage.

Trades at a 5% FCF yield on 2019 ests.
We estimate GDDY will be able to deliver sustainable 15%+ yoy free cash flow growth.

Potential Upside: $98 (+40%)

Sensible Downside: $62 (-11%)

Link to Research

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