Pinterest, Inc. (PINS)

Pinterest is a platform where people look for ideas to buy: a renovation, a wedding, a wardrobe, a recipe.

The difference from social networks is fundamental: people come here not to talk but to plan. Someone assembling a board of kitchen ideas is closer to a purchase than a reader of a news feed, and advertisers value that — an ad looks like one more idea rather than an interruption.

The weak point is turning that intent into money: revenue per user here is markedly below the large advertising platforms', especially outside the United States, where the audience is big and advertisers few. The company is building out buying tools on the platform itself. Risks: competition for advertising budgets and dependence on search referrals. The company pays no dividend.