Airtasker Limited (ASX:ART) is an online marketplace for local services, connecting people and businesses who need work done with people who want to work. We have revisited the investment case for ART incorporating the latest peer updates, trading results and sector commentary around AI disruption. Based on a RaaS selected international peer group ART will be the only marketplace to record revenue growth in FY26 and is forecast to achieve 3x the nearest peer revenue CAGR between FY24 and FY27. With ART Australia trading around the average peer group cash EBITDA multiple there is an argument for a premium rating relative to peers because of relative growth. That said we think an improvement in overall peer group multiples from a vicious sell-off over the past six months (most peers and ART are down between 50% and 60%) will be the key driver for near-term ART share price performance. While LSEG FY26 consensus forecasts predict revenue declines in all selected peers due predominantly to AI disruption, we see ART as more protected given the nature of work transacted on the platform, embedded roles across the transaction process (from matching to payment, insurance and dispute resolution) and early-stage international growth.
