Market Finally Taking Notice Of Clear Secure's Results
Aug 9, 2024
Clear Secure (YOU) has always had a puzzling valuation to me, given the firm's continued growth and voluminous cash flow generation. Q2 was another good one: revenues were up 25%, paid members grew 15%, total members (including free) were up a very impressive 39%, and platform uses grew 34%. Those last 2 numbers are a testament to some of the partners Clear is starting to add, including Public.com, Home Depot, and LinkedIn. - we're starting to see the optionality in the platform come into play. I would like to see retention start to improve (it was a bit down again at 83.7%), but price hikes are offsetting the effects of that. Overall, I still like Clear and continue to see it as undervalued, even after a big increase in the share price post-report. It gets a couple dollar fair value bump to $48.
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vs. Fair Value Estimates