Launching Coverage of No Moat, Stable Moat Trend GoDaddy With an $80 FVE

We are initiating coverage of GoDaddy with an $80 fair value estimate and no moat, stable moat trend, and high uncertainty ratings. While domain registration remains the company’s core offering, GoDaddy has expanded its business beyond domain registration to include a domain aftermarket platform, website design, security and hosting services, productivity tools such as email, and omni commerce solutions. This shift has included the 2021 acquisition of payment processing platform Poynt, which complements the company’s existing product suite and allows GoDaddy to compete more directly with providers such as narrow moat Block (owner of Square) and narrow moat Shopify.