> **来源：[研报客](https://pc.yanbaoke.cn)** ```markdown # Ticketplus Ltd. Summary ## Core Content Ticketplus Ltd. (NYSE American: TP) is a Santiago, Chile-based event management technology company that provides software and infrastructure for selling and managing tickets and ancillary services for live events across Latin America and the United States. The company operates through two primary models: the Full Operation model in Chile and the White Label SaaS model in 11 countries. It has recently completed an IPO and is now listed on the NYSE American. ## Main Points - **Growth and Expansion**: TP has experienced significant organic growth, with GMV in H1:26 reaching \$280.3 million, surpassing the entire 2025 GMV. The company plans to expand its White Label SaaS business into five new markets over the next 24 months. - **Business Models**: - **Full Operation Model**: TP acts as a full-service partner, managing all aspects of event ticketing, including payments, access control, and on-site operations. It has a higher take rate (17.4% of GMV) compared to the White Label model. - **White Label SaaS Model**: TP licenses its platform to regional companies, allowing them to maintain their brand while using TP's technology. This model is lower risk and has a take rate of 1.63% of GMV. - **Financials**: - As of August 31, 2026, the share price is \$7.83, with a market cap of \$100.46 million. - The company has a strong balance sheet post-IPO, with cash exceeding total debt. - TP's EBITDA is projected to grow significantly, supporting future expansion and acquisitions. - **Valuation**: - Greenridge Global has initiated coverage with a **Buy** rating and a **\$12.50** target price. - The valuation is based on an **EV/EBITDA** multiple of 7.5x and a **P/E** multiple of 18x, both of which are considered low compared to industry peers. - **Platform and Technology**: - TP's platform is a self-developed, modular, cloud-based system that supports the full event lifecycle. - It integrates AI for event recommendations, demand forecasting, and fraud detection. - The platform is not outsourced for core functions like ticketing, payments, and access control. - **Client Base**: - TP serves a wide range of clients, including independent promoters, venues, and regional operators. - It has processed over 10.2 million tickets in 2025, with a significant portion of events being small to mid-sized. - **Management and Ownership**: - The company's management team includes Chien-Fu Chen Chen (CEO), Joaquin Jadue (CFO), and Yethro Dinamarca Santelices (Chairman). - The Chairman holds 79% of the shares, giving him majority control. His financial support includes interest-free loans and payables. - **Market Overview**: - The global live-event ticketing market is growing due to increased consumer spending and a shift to mobile and cloud-based platforms. - Latin America is expected to grow at a faster rate than the global market, with a CAGR of 9.2% for online ticketing. - TP's dual-model strategy positions it well to capture market share in both small/mid-sized and large events. - **Risks**: - Market expansion and transition to Full Operation models involve risks. - Reliance on third parties for event planning and execution. - Potential for extraordinary events (e.g., pandemics, natural disasters) to impact operations. - Platform maintenance and development costs could affect profitability. - Illiquid trading due to low daily volume. - Voting control by the Chairman and related party transactions. - Data protection and foreign currency translation risks. ## Key Financial Metrics | Metric | Value (in USD) | |---------------------------|---------------| | Share Price | \$7.83 | | Market Cap | \$100.46 M | | 52 Week Range | \$6.10–\$8.23 | | Average Volume | 55,000 | | Basic Shares Outstanding | 12.83 M | | Fully Diluted Shares | 12.83 M | | Float | 2.62 M | ## Revenue and EBITDA Projections (in Millions) | Year/Quarter | 2024A | 2025A | 2026e | 2027e | |--------------|------|------|------|------| | Revenue | 17.96| 29.46| 48.23| 54.33| | EBITDA (ttm) | 15.99| 19.90| - | - | ## Dividends and EPS | Metric | Value | |----------------|-------| | Dividends | \$0.00 | | Diluted EPS | \$0.67 | | P/E Ratio | 18x | ## Strategic Outlook Ticketplus is well-positioned to grow its market share by leveraging its strong tech stack, expanding into new markets, and converting White Label partners to Full Operation clients. The company's strategy includes selective M&A and a focus on cost-effective growth, which should help it achieve higher take rates and profitability. ## Conclusion Ticketplus Ltd. presents a compelling investment opportunity due to its strong growth trajectory, innovative platform, and strategic market expansion plans. Despite the risks associated with market entry and third-party reliance, its current financial position and long-term growth potential support the Buy rating and \$12.50 target price. ```