Mizuho Starts Bending Spoons (BSP) at Outperform

Mizuho analyst Lloyd Walmsley initiates coverage on Bending Spoons (NASDAQ: BSP) with a Outperform rating and a price target of $45.00.

The analyst comments: “We initiate coverage of Bending Spoons shares with an Outperform rating and $45 target price, or ~32% upside. We see Bending Spoons as a unique, high quality M&A compounder that will deploy increasing capital, at high returns, where the company has a significant operational edge with its transformation playbook. We model the company to deploy ~$4B/$4.3B of capital in '26 and '27 and compound Adj Operating Income (OI) at ~79% from '25-'28. Even assuming the multiple contracts from its current 18.4x on '26 Adj EBITDA to ~11x on '28, discounted, gets to $45 on a 12-month basis. Our bull case of 15x on '28 would equate to $70 ~+106%, vs a downside case of -28% in our bear case. We like the non-correlated aspect of the story, where value creation comes down more to execution and less driven by broader Internet sector trends.

Six things to like: (1) impressive track record of driving revenue growth and cost reductions post M&A (2) compelling financial profile compounding revenue/EBIT by ~70%/79% ('25-'28), (3) scaling the capital deployed efficiently, (4) diversified set of assets with skew towards subscription businesses, (5) non-correlated asset, less driven by any industry trend and more by operational execution, and (6) significant addressable market of lagging businesses to acquire and optimize, with more limited competition in auctions.”

For an analyst ratings summary and ratings history on Bending Spoons click here. For more ratings news on Bending Spoons click here.

Shares of Bending Spoons closed at $34.06 yesterday.

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