ART - Airtasker Limited

[System]

Launched in 2012, Airtasker is Australia's leading marketplace for local services, connecting people and businesses who need work done (Customers) with people or businesses who want to work (Taskers). Airtasker delivers a simple ecommerce experience for Customers to buy local services and creates flexible working opportunities and income for Taskers. It is free to join, and users can then engage with the Airtasker marketplace as a Customer or Tasker, with many people using Airtasker for both. More than 4.3 million registered users have joined Airtasker's marketplace to date.

Service industries currently facilitated by the Airtasker marketplace include everyday tasks such as handyman jobs, domestic cleaning and business administration, through to more complex work including architectural design, tax consultancy and legal advice, and many service industries in between. In addition, a range of new service industries have emerged on Airtasker that may not otherwise exist without the Airtasker marketplace including, for example, flatpack furniture assembly, date night planning and spider removal services.

It is anticipated that ART will list on the ASX during March 2021.

Hire skilled people & earn extra money today on Airtasker.com/us | Airtasker US

Access thousands of skilled people for your home & office tasks. From furniture assembly to data entry - hire a skilled Airtasker today.

www.airtasker.com

 

[Dona Ferentes]

Listing date	22 March 2021 #
Contact details	https://www.airtasker.com/
Principal Activities	Online marketplace
GICS industry group	TBA
Issue Price	$0.65
Issue Type	Ordinary Fully Paid Shares
Security code	ART
Capital to be Raised	$83,700,000
Expected offer close date	9 March 2021
Underwriter	Morgans Corporate Limited (Lead Manager)

 

[Dona Ferentes]

Airtasker cofounder and CEO Tim Fung is immensely proud of the fact his job services platform, which started on the web in 2012, helped remove 2000 spiders last year at about $35 a pop.

There's no way that you could have posted a job for spider removal pre Airtasker, he says

He says there is no limit to the jobs that could exist on a marketplace platform such as Airtasker. Apart from spider removal, Fung says Airtasker's taskers have facilitated these new services: flat pack furniture assembly, drone retrieval, date night planning and Halloween costume making.

Airtasker lists on the stock exchange on Monday, raising $84M at $0.65 a share and which values the company at $255 million. Investors have backed the stock, which is priced at nine times its forecast 2021 revenue, a relatively cheap valuation compared to other tech platforms. Airtasker became cash flow positive in May last year.

Airtasker chairman James Spenceley says the initial public offering was priced in order to "leave something on the table". He says employees are true believers in the story, having subscribed for 10 times the amount of shares allocated to them.

Spenceley and Fung met in 2011 when it was a start-up in need of cash. Spenceley says Airtasker is the most exciting business he has been involved in notwithstanding his passion for Vocus, the telco he founded many years ago that is now being purchased by Macquarie Infrastructure and Real Assets.

Airtasker was founded by Fung and Jonathan Lui after Fung borrowed a friend's chicken nuggets delivery truck to move some furniture to a new apartment.

"That little weekend of work just made us think, why is it that we ask friends and family to do all these kinds of jobs when there's so many people out there under employed or unemployed?" he says. "We thought it was just crazy that you couldn't call on someone in your local area and be able to just work with that person in a trusted way. That was really the genesis of starting Airtasker.

"We have seen the platform evolve from simple jobs like moving boxes or maybe doing a little bit of light gardening or something all the way up to now you're seeing architects, tax consultants and lawyers", Fung says. "From the tasker side of the equation, which is really where our mission stands, it's really about creating jobs and income as the core purpose of what we do.

"I would differentiate ourselves from something like UBER or Deliveroo, which are really focused on getting the job done as cheaply as possible. .. And so really, the manifestation of that is simply to promise the local services. But at the heart of what Airtasker is doing is creating jobs for people, and primarily that is in Australia right now, but we think that is a problem that's solvable on a global basis."

The company is expanding into the United Kingdom, Ireland, Singapore and New Zealand.

Airtasker charges its taskers a service fee calculated as a percentage of the task value agreed between the customer and the tasker. Those taskers who complete higher value transactions are charged lower fees.

 

[Dona Ferentes]

Australian Securities Exchange chief executive officer Dominic Stevens has had to make an embarrassing apology over another failure by the market operator, which has briefly delayed Airtasker’s $255 million float. Blaming “human error and oversight” for the failure, Mr Stevens was “profusely apologetic about the situation” .

An ASX spokesperson said the market operator “regrets the disruption and has taken steps to address this as quickly as possible” and added that Airtasker did everything it needed to and had satisfied ASX listing rules.

The delay is because the ASX failed to notify “relevant market participants”, including brokers and information vendors, of Airtasker’s listing in time for market launch that has now been postponed to Tuesday.

 

[Dona Ferentes]

good finish for IPO price of $0.65 a share

today's price and volume action ... 3 min intervals

 

[Dona Ferentes]

And a scenario seen too often ... late for the party, not a fun place to be

Days 1 & 2 after IPO looking good, but where are the new buyers afterwards??

 

[over9k]

And that's hype for you. It looks like a pump & dump.

Deliveroo in the U.K was a total flop as well.

 

[Dona Ferentes]

And that's hype for you. It looks like a pump & dump.

Deliveroo in the U.K was a total flop as well.

got to wait for the disappointing 1st Q, 1H numbers a la Nuix?

 

[Dona Ferentes]

Airtasker has upgraded its gross marketplace volume guidance to between $148 million to $152 million from $143.7 million. It said it has also maintained costs below prospectus forecasts, but declined to provide details.

It also warned current lockdowns means it expects a “softer start” to FY 22 but no impact to full year targets due to the strong marketplace performance and pattern of sharp recovery from prior lockdowns.

gross marketplace volume guidance .... gmvg for short but not for long?

holding at $1.15 to $1.20

 

[divs4ever]

this was 'an accidental trade ' for me

i read some of the pre-float info , put a bid in for $1.40 when the market opened i got hit at $1.01 and was pretty content UNTIL the announcement about the US acquisition , thought about it briefly and worried this was going to expand too fast too slow , when trading recommenced the share-price spiked i hit the exit button at $1.25

a resonable profit for 2 months wait , ..... and THAT is how i trade .. not even the slightest hint of a plan LOL

 

[frugal.rock]

Probably worth watching for a turnaround at some stage?

 

[divs4ever]

48 cents , eh ??

that rapid expansion plan still has me concerned ( i prefer recent floats , to consolidate , and gets some revenue in the war-chest )

might still be a goer if the economy collapses ( will be lots of folk trying for any work they can)

will probably just glance at it from time to time , probably until late 2023 and then reassess

( of course IF the global economy implodes before 2024 , this is liable to start looking more attractive , as a future recovery/growth stock ,)

 

[Dona Ferentes]

Probably worth watching for a turnaround at some stage?

Neighbours had some clunky furniture they needed transporting to their place. They looked at rental vehicles, and were thinking of GoGet, doing it themselves. Then on Airtasker they found they could could get a ute, with two blokes who would pick up, deliver and carry up 3 flights of stairs, for the same price. Pretty easy to see who got the business.

Of course, anything that can be measured can be priced, and they got the good deal on a mid-week, when it fitted into a schedule. Weekend rates are higher. As they are for Uber and other 'new economy' business models that adjust charges based on demand.

I think the issues with ART are competition (lots of similar service offerings) and sheer frequency of use by customers. And the need to stay relevant, to capture the eyeball and the click to engage.

 

[frugal.rock]

Quarterly out today.
I guess it was ok?
Finally ditched the very old phone.
Charts may look a little different moving forward.

 

[divs4ever]

Quarterly out today.
I guess it was ok?
Finally ditched the very old phone.
Charts may look a little different moving forward.

View attachment 140892

the aftermath ( when ever it finishes ) of the virus restrictions will be key here

lots of UNDER-employed folk , lots of paperwork on hiring new staff for permanent ( and permanent-casual ) jobs

this has found a niche .. but how big and for how long ( especially if shopping centres and their notice-boards become ghost-towns )

watch that ambition to expand ( that made me nervous enough to sell out )

time will tell if that is great or terrible

 

[Dona Ferentes]

ART in a Trading Halt ... a cap raising on the way?

Airtasker is looking to acquire the No.3 tasks outsourcing player Oneflare; it is understood Airtasker has signed a deal to acquire Oneflare for $9.8 million, in a deal to be funded with a $6.25 million equity raising

EDIT: appears the raising is structured as a placement at 43¢ a share

 

[Dona Ferentes]

coming from a long way down, ART moved up 33% today. However that was from somewhere plumbing the depths. 28c to 38c

Is there a good reason? Quarterly out, and the company pulled forward the company’s investor update from the full-year results to the fourth quarter.

What do we see? FY23 outlook: Airtasker well positioned to benefit in an inflationary macro environment (their claim)

• Potential macro factors driving Airtasker demand:

● Flexible labour represents a lower cost alternative compared to traditional labour sources => Increased marketplace demand
● Lower consumer confidence and less overall demand for services => 70% of Airtasker jobs are essential (non-discretionary) services

• Potential macro factors driving Airtasker supply

● Less economic growth and jobs created => Increased availability of workers
● Increased cost of living => Incentives to seek more income
● Reversal of immigration barriers and Covid-related absenteeism => Increased worker availability

Strong balance sheet with $31.8m in cash and equity receivables, strong gross margins and low cost to operate

 

[divs4ever]

happy to watch and learn from the sidelines , here

i made a useful profit in the first two months of trading ( for ART )

looks like a stock for the real traders among us ( and i ain't one of them )

 

[PetEarwig]

I'm picking ART for the September comp. I recently have started using Airtasker and have been impressed with the volume of tasks and the response times to fullfill the jobs. They take a decent cut of each job completed too. They also just released the years results which showed revenue increasing but still a loss of 20mil. They have expanded into Europe and the US but the revenues from each of these will take some time to develop, Australia still contributes the majority of Airtaskers revenues. I've attached a chart.

Craig

 

[frugal.rock]

I've managed to miss the run and find it on today's bar...
Gunna have to sack those monkeys!