Bending Spoons: The antidote to the AI trade. Initiating at Outperform; PT $40

Research evidence excerpt

Bending Spoons: The antidote to the AI trade. Initiating at Outperform; PT $40

ion in Software and Internet stocks tied to terminal risk, and a quick

knee-jerk would conclude that old bloated software/digital assets along the likes of Vimeo, Evernote, etc. should be some of AI’s

easiest casualties. Looking deeper, it’s not that these assets aren’t exposed to churn and disruption risk, it’s that many of these

products are deeply embedded with their users, and many of these same users are further down the adoption curve (read: older)

to continuously jump across to the latest shiny vibe-coded alternative.

Across assets acquired, BSP has 500M MAUs and 9M+ paying subscribers - it’s these paying subscribers we think are

stickier than folks think. ~93% of revenues came from repeatable and mostly predictable subscription services in 2025 - it’s not

immune but certainly requires an active customer churn event to cause disruption. 50%+ of revenues comes from end-users

that have been using these products for 5+ years, so again to churn a learned behavior requires a significantly superior and

more economical alternative. And it’s not like BSP is standing still - the company is using AI themselves like everyone else to ship

more product features faster to increase paying subscribers utility. The proof so far is in the numbers with a mid-90%s revenue

retention rate and 3-5% organic revenue growth rate, the KPIs are clear on tracking the AI risk.

If we’re right and BSP’s assets are more protected from AI disruption, then perhaps BSP’s best investment case is that it’s

a cash flow generating place to hide from the AI trade. In-fact, one of the most refreshing aspects of the BSP story is that

management is not trying to falsely wear the "AI winner" badge.