Groupon Q3 Results Disappointing While Stake in SumUp May Be Monetized; Lowered FVE to $27

As a first mover in the local-market daily deals space, Groupon has captured a leadership position, but robust profitability has not followed. While there have been some indications of improvements thanks to the firm's restructuring plan, we are skeptical about Groupon's ability to accelerate top-line growth and expand margins over the long run.