RaaS Research Group is initiating coverage of online marketplace Airtasker (ASX:ART) with a Sum of The Parts valuation of $0.54/share, representing 86% upside to the current share price. Airtasker has created a market leading and profitable position in Australia and established but still young positions in both the US and UK with significant potential upside from brand awareness built through media deals. We see upside potential from the Australian discretionary spending environment which in our view could be amplified by two new media deals, with oOh!media and ARN Media, totaling $11.0m. Our analysis suggests these deals could add an additional $13.1m in revenue alone over FY25 and FY26, representing 28% of the FY24 revenue base. We see the contra media deal in the UK delivering the brand building benefits seen within the Australian business from the Seven West Media deal which operated between 2016 and 2021 (6x brand awareness, 12x GMV, 20x revenue). The company was cash flow positive in FY24 and ended the year with $17.8m in cash, providing significant optionality for growth across Australia and internationally. We initiate coverage with a Sum of The Parts valuation of $0.54/share, representing 86% upside to the current price of $0.29/share. As a sense check, our DCF valuation is $0.52/share.