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. ART held an investor day last week showcasing a range of senior management and media capital partners. Product development continues to focus on improving marketplace trust (improved tasker details and job descriptions), increased frequency of transactions (better/fewer quotes, taskers own page) and using AI for better/faster job matches. Ultimately, the real opportunity is to reduce the gap between postings and bookings. There are several growth initiatives in Australia in conjunction with accelerated marketing spend, including a bigger focus on cities outside of Sydney, Melbourne and Brisbane, a doubling down of the distribution model (a link within third-party websites) and the introduction of gift cards. Media partner deals are as much around long-term advertising potential as any uplift from the related convertible notes. While our numbers and DCF valuation of $0.51/share are unchanged, our confidence in management depth and growth initiatives is much improved.
