Pinterest Update (from Dec 2022)

Why would you be interested in PINS now?

1. Pinterest user base has stabilised, ARPU continues to grow.

2. Expanding margins in 2023 and on

3. Potential cyclical tailwind / at least the comps get easy soon and the structural tailwind remains.

We see 60-70% upside in the shares.

A recessionary environment could see further erosion of growth for the next year or two. But we are convinced of Pinterest's prospects over the next five years.

link to research