EVENTS:   Best Equity Short Ideas Conference Call 12 - Zach Shannon/Corto Capital Advisors & Craig Huber/Huber Research Partners & Thomas Beevers /Forensic Alpha & Ed Steele/Iron Blue Financials & Bill Campbell/Paragon Intel - 12 Nov 25   Will AI Deflate the World? Macro Lessons from Three Industrial Revolutions and China - Manoj Pradhan/Talking Heads Macro - 13 Nov 25     ROADSHOWS: Forest Products Sector Equity and Commodity Research With Expertise in Distressed Debt - Kevin Mason /ERA Research   •   London   12 - 14 Nov 25       Buyside to Buyside Forum and Expert Calls across TMT, Consumer, Healthcare and Fintech - Andrew Peters /Revelare Partners   •   London   17 - 19 Nov 25       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   17 - 19 Nov 25      

Fortnightly Publication Highlighting Latest Insights From IRF Providers

Company Research

Rover Group (ROVR)

Consumer Discretionary

Gordon Haskett Research Advisors

Wrongfully tossed into the bad SPAC bucket - poised to benefit from rising pet ownership and rapidly rebounding travel demand. Furthermore, ROVR’s meaningful valuation discount relative to marketplace peers is increasingly unjustifiable with 1) fundamentals that are largely in line with / if not better than peers and 2) numerous potential top-line upward revision catalysts ahead (adjacent verticals such as pet health, expanding partnerships with retailers, etc). Trades at 2.5x EV/Sales (4.4x peer avg.) and 12x EV/EBITDA (30x for peers).

Edition: 130

- 04 March, 2022