🌻Docusign(DOCU), Crowdstrike(CRWD)財報結果
上週這兩家公司發表財報了.
這兩天看了一下他們的財報結果. Again, 兩家的表現都很好, 但發現分析師給DOCU的調價(往上)幅度比較多, 就好奇研究了一下SaaS公司是怎麼被估值的. 有興趣的話可以看看(從中學習到很多. 非常推薦一讀):
https://makingsenseofusastocks.blogspot.com/2021/09/blog-post.html
(By the way, 分析師對CRWD的價格調幅沒那麼大, 主因是成長趨緩了. 而DOCU的free cash flow佔營收比, 以及顧客黏著力在這季創了新高, 是讓分析師按讚的幾個原因).
關於CRWD: "The Street is already modeling revenue growth deceleration in 2022 to 36%, down from 60% expected in 2021, which on its own might prove a hurdle for a stock already trading at a high multiple," said Bank of America analyst Tal Liani in a report.
分析師對於DOCU的評價:
• 11位buy; 給的價格分別是: $310, $320 (x2), $330 (x2), $340 (x2), $345, $350, $350, $389
• 給Buy的分析師的評語:
o Baird: The analyst continues to view them as a best in class way to play digital transformation trends with strong growth, cash flow and profitability, and a strong competitive position. Power said DocuSign remains one of his top long-term compounding growth ideas.
o Citi: While slightly shy of the double-digit billings beat in recent quarters, DocuSign still delivered a solid 8% beat to Q2 billings, which grew 47% year-over-year, Radke tells investors in a research note.
o Evercore ISI: he calls "another strong quarter." While some may have wanted to see more aggressive Q3 billings guidance, he believes estimates "continue to leave room for upside," Materne said.
o JMP Securities: While revenue growth decelerated to 50% from 58% in Q1, the company is the clear leader in electronic signature and the broader system of agreement having crossed over 1M customers with a $2B run rate this quarter, the analyst tells investors in a research note, adding that he sees lots of room for growth as DocuSign targets a $50B total addressable market.
o Needham: The analyst commented, "Docusign reported another strong quarter in 2QF22 with typical DOCU upside to revenue and profitability. Sales metrics and growth decelerated Q/Q, as we expected against a massive pandemic quarter, but at a much slower rate than we believe much of the Street was anticipating. 65k net new customers was lower than the 70k - 90 range of CY20 but was still more than 2x greater than any pre-pandemic quarter, highlighting a strong end-market driving 47% billings growth against a strong comp. Commentary on incremental Agreement Cloud demand was positive, suggesting an additional growth tailwind combined with solid international can further aid 2HF22. Although DOCU shares could be lower near-term due to weak 2H OpMg guidance, we think this guidance is conservative, as the recent OM was greater than the pre-pandemic level even with tough comps."
o RBC Capital: The quarter highlighted the sustainability of the company's tailwinds post-pandemic as most of its underlying metrics such as billings and net revenue retention were solid, the analyst tells investors in a research note, adding that the traction with CLM and Notary was also "impressive".
分析師對於CRWD的評價:
• 12位buy; 給的價格分別是: $300, $310 (x2), $313, $315 (x2) , $305, $320, $325, $330 (x2), $340
• 1位給hold: $280 (from $220 by J.P. Morgan(same))
• 給Buy的分析師的評語:
o Baird: The analyst believes the company has significant room for growth with core modules, opportunities with Humio and in cloud workload security, among others, should help drive a continuation of strong growth over a long time horizon.
o BTIG: The company's "strong" Q2 results "cleared every hurdle", even though the buy-side benchmarks may have been slightly higher, the analyst tells investors in a research note. Powell adds that Crowdstrike is clearly gaining share in its core endpoint security target market at a rapid pace and gaining traction with new products across multiple categories.
o Canaccord: The analyst said the stock is down from its recent highs, and he thinks the re-rating creates a more favorable entry point for longer-oriented investors for a foundational security name. He views Crowdstrike as a long-term secular winner in security due to its native cloud platform advantage versus closely held peers in endpoint security combined with platform expansion into tangential segments to capture greater share of security budgets.
o Goldman Sachs: CrowdStrike last night delivered "another beat and raise quarter as the company benefited from another quarter of elevated demand," Essex said. But it traded lower following net new annual recurring revenue growth guidance that was slightly less than investors had hoped for. Essex, nonetheless, said the quarter demonstrated CrowdStrike's "ability to continue to go down market efficiently."
o JMP Securities: The analyst notes the company's Q2 annualized recurring revenue of $1.34B topping his estimate of $1.30B, with "sustained" 70% ARR and revenue growth along with margin upside seen as key highlights for the quarter. Suppiger adds that the metrics reflect Crowdstrike's "strong execution and robust demand environment".
o Mizuho: "very good" fiscal Q2 results. The annual recurring revenue growth of 70% year-over-year "was strong and still nicely surpassed" the Street's 65%-66% estimate, Moskowitz tells investors in a research note. He believes "strong execution can propel" Crowdstrike's stock higher.
o Piper Sandler: The company's metrics "outperformed across the board" in Q2 with 70% annual recurring revenue and revenue growth and record net new customer adds in the quarter, Owens tells investors in a research note.
o RBC Capital: Hedberg adds that CrowdStrike's record pipeline entering Q3 should continue to fuel the company's "land-and-expand" momentum.
o Stifel: Q2 results that he said "exceeded consensus estimates across all major financial metrics." He continues to believe that Crowdstrike's growth opportunity "remains in the early days" despite the company's scale given continued share capture within its core endpoint security market and incremental module adoption on the Falcon Platform, Reback tells investors.
o UBS: the company reported "pretty good" Q2 results against high expectations.
🌻趨勢: 跨境電商 Cross-border commerce
Morgan Stanley:
From our perspective, we think many are underestimating what the cross-border eCommerce demand could ultimately be, once key friction points like FX rates, tax and duties, shipping, language, etc are smoothed—all issues that Global-E directly addresses.
Cross-border ecommerce brings new, high-yield volume: We think elevated levels of cross-border ecommerce (ex-travel) is a structural shift thathas yet to be fully contemplated in MA (and V)'s long-term forecasts. MA's cross-border CNP ex-travel volume was 69% above 2019's level in 2Q and 63% higher in 1Q. Strength reflects both broader ecommerce adoption plus globalization of commerce, as marketplaces and services that reduce cross-border friction (such as those from GLBE) make international online ordering more readily adopted. Early data at V suggests greater cross-border ecommerce spend is persisting even in areas with pre-pandemic levels of international travel. Cross-border transactions also come at a higher yield, making us more optimistic that the trend can bring incremental long-term growth to the networks.
產業的潮流是有連貫性的. 疫情讓電商更發達後, 接下來應該就是加速電商跨境了. 跨境的話, 有很多問題需要解決(稅率, 語言, etc.) 這就需要有公司來做整合的動作. 這種跨境, 也可以想像是omnichannel的一種呈現.
Harley Finkelstein (President of Shopify): "I mean I think commerce in 2021 is cross-border."
🌻SPAC熱潮退卻,初創市值蒸發750億美元
"SPAC熱潮已經退卻。分析顯示,在2月中旬以前完成合併的137家SPAC的總市值已經蒸發25%,市值回落幅度上個月一度超過1,000億美元。"
"像貝萊德(BlackRock Inc., BLK)和富達投資(Fidelity Investments Inc.)這類企業管理的基金,以及許多對沖基金、養老金管理公司和其他一些投資者,都在SPAC的回落中遭受了衝擊,他們在去年年底開始的熱潮中競相投資SPAC。其中許多基金由於在價格還很低的時候就早早入場,所以現在仍坐擁可觀收益。事實上,SPAC市值仍有約2,500億美元,高於一年前的約1,000億美元,反映出這期間股價上漲和新公司上市的影響。
但即便如此,今年年初令人炫目的回報還是讓許多後來者做了接盤俠,扎堆投資所謂穩賺不賠的領域,其永恆的風險可見一斑。在過去的幾個月裡,一些投資者眼睜睜看著帳面財富縮水。"
"股價下跌會在SPAC領域形成惡性循環,因為投資者有權在併購交易前從空白支票公司撤資。一旦SPAC跌破發行價,投資者就更有可能這樣做,而許多SPAC的股價現在正處於這樣的水平。目前,在尚未宣布併購交易的空白支票公司中,超過95%的公司股價低於發行價。
投資者的大規模撤資會讓已經上市的空白支票公司手上的現金大幅減少,讓其更難實現業務目標,並可能加劇股價跌勢。"
https://on.wsj.com/3n6JznC
🌻BNPL (buy now pay later)
But most BNPL providers including Affirm, Klarna and Afterpay have been losing money despite breakneck revenue growth as they invest heavily in marketing to win share. Sweden-based Klarna’s credit losses more than doubled in the second quarter. Affirm has projected adjusted operating losses of $50m-$55m for the fiscal year that ended June 30.
The path to profitability for many of these companies was to achieve massive scale, analysts said.
https://www.ft.com/content/ca201a37-a16d-4223-b123-04d38350a972
Pictures: 一葉知秋; from EarningsWhispers
同時也有1148部Youtube影片,追蹤數超過8萬的網紅Meicyun Channel,也在其Youtube影片中提到,【1周年記念スペシャル🔥】 気がつけばギャル系野球女子めいちゅんがチャンネル開設して早や1年🔥 そんな1周年記念・特別企画でこれまでのめいちゅんのビタドメ映像を全部集めてみました🔥これはめいちゅんの成長記録でもある🔥お楽しみに🔥大谷翔平もきっとビックリ🔥次々と剛速球をキャッチしながら成長していくめい...
growth record 在 Sarah Chang 張學仁 Facebook 的最佳解答
好消息分享!飛利浦現在正在號召各位網友們加入「運動成長營」,大家只要分享居家運動小撇步與美照,就有機會抽中飛利浦超活氧調理機!活動網址:https://lihi1.cc/Gr7CQ
邊忙著工作還要兼顧兩個娃,當上媽咪後常常一忙就忘了時間,一轉眼就過了一天!平日把焦點100%放在小孩的健康身上,一不小心就忘了自己也需要被照顧。最近生了二寶特別有感,真的要多關照身體的需要,忙碌工作的同時也要按時哺乳,除了三餐飲食之外,時時補充水分是非常非常重要的事!新入手的 #飛利浦超活氧調理機,最近成為我的神隊友!
在家運動可以緩解壓力和保持身心健康,結束後來杯營養滿點的蜂蜜蔬果優酪乳,奢侈的享受一下 #metime.飛利浦隨行杯可直接接上調理機快速攪打,輕鬆完成我的健身特調,陪我到運動空間,新鮮隨享有。我的最愛配方就是準備我喜歡的蔬果,搭配優酪乳和蜂蜜,立即補充營養及運動中流失的水分,大家可以試一試!
它擁有2L大容量玻璃壺,準備一次就可以餵飽所有家人(包括我自己!)不管蔬菜的纖維有多粗(例如紅蘿蔔和芹菜),甚至是冰塊都可以擊碎,創造細緻綿密口感,快速打成一杯超營養蔬果汁,補水補營養!
仔細研究它的功能,六向立體多刀頭,強勁950瓦力,每分鐘22,000轉的速度,短時間內就能完成飲品,減緩氧化更保鮮是我愛上它的原因。特別是無段速設計+瞬間加速功能,調整口感超easy,為大寶準備時就可打得比較綿密(媽咪總是先想到寶寶,自己的口感就隨意一些)大寶超級喜歡我親手幫她打果汁,每次都會在旁邊等著,期待著,然後還沒喝到就開心大笑起來,廚房充滿歡笑聲。
飛利浦活氧調理機HR3573立即下單,上網登錄送SNOW FACTORY 優格禮券
官網 https://lihi1.cc/5BhLF
MOMO購物 https://reurl.cc/yEpg8E
#飛利浦會員募集 #飛利浦活氧調理機 #運動成長營
功夫媽媽元氣蔬果飲
蜂蜜蔬果優酪乳:
/食材清單
2片西瓜、一小碗藍莓、半根紅蘿蔔、150ml優酪乳、1小匙蜂蜜、200ml冰塊
超營養蔬果汁:
/食材清單
2顆奇異果、2根香蕉、一根芹菜、半根紅蘿蔔、150ml蘋果汁、200ml冰塊
By the way, Philips is now calling on all netizens to join the "Sports Growth Camp". As long as you share your home exercise tips and your beautiful photos, you will have the opportunity to win the Philips Blender! Event website: https://lihi1.cc/Gr7CQ
It's so easy to lose track of time when taking care of two kids, so when trying to make sure my kids eat healthy, I often forget about my own healthy diet and leave all the fruits and veggies to my baby Kali. Especially, as both an active mom and breastfeeding mom, keeping hydrated is a must! That's why having my Philips HR3573 Blender is a must!
Keeping up my physical and mental health always starts with exercise. When I finally get a minute to exercise and enjoy the luxury of #metime, I always prepare a nice cup of my very own Kungfu Momma’s vitality shake, a mixture of healthy fruits and veggies and a touch of honey and yogurt. The ultimate time saver is that the shake can actually be blended in the go bottle accessory that comes with the blender. It’s the best way to replenish water and nourishment after an intense workout. You can try it! The recipe is below!
This blender has a whopping 2L large-capacity glass pot, which can feed all the family members (including myself!) and no matter how fibrous the vegetables (such as carrots and celery) or how hard the ice cubes are, they can all be easily blended. It doesn't become a struggle to feed our baby girl some veggies after all!
After studying its functions carefully, the six star blades, powerful yet energy efficient motor that uses only 950 watts, and 22,000 revolutions per minute, makes whipping that drink in record time easy, while keeping the fruit and veggies nutritious. The stepless speed design of the blender and the pulse function helps make everything so easy. Even when making the shake, baby Kali knows what’s coming and sits right next to me while I prepare the drink. Eventually we all just burst into laughter, because of that contagious smile.
Here’s the Philips Blender HR3573 if you’d like to immediately place an order,
Official website https://lihi1.cc/5BhLF
MOMO shopping https://reurl.cc/yEpg8E
#PhillipsMemberRecruitment #Phillips_taiwan #SportsGrowthCamp
Here are the recipes, let me know what you think!
Kungfu Momma’s vitality drink:
Ingredients list
2 slices of watermelon, a small bowl of blueberries, half a carrot, 150ml yogurt, 1 teaspoon of honey, 200ml ice cubes
Super nutritious vegetable juice:
Ingredients list
2 kiwis, 2 bananas, 1 celery, half a carrot, 150ml apple juice, 200ml ice cubes
growth record 在 TrendForce Facebook 的最佳解答
#NEWS
Data center demand for enterprise SSDs will become the primary growth driver of the NAND Flash market. #TrendForce expects quarterly NAND Flash revenue to reach a record high in 3Q21.
growth record 在 Meicyun Channel Youtube 的最佳解答
【1周年記念スペシャル🔥】
気がつけばギャル系野球女子めいちゅんがチャンネル開設して早や1年🔥
そんな1周年記念・特別企画でこれまでのめいちゅんのビタドメ映像を全部集めてみました🔥これはめいちゅんの成長記録でもある🔥お楽しみに🔥大谷翔平もきっとビックリ🔥次々と剛速球をキャッチしながら成長していくめいちゅんの勇姿を見よ🔥
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【English】
It's been almost a year since this Meichun channnel opened🔥
This is a special project to celebrate the first anniversary of the channel, and I've collected all the video footage of Meichun's the perfect catching so far 🔥It's also a record of Meichun's growth 🔥Please enjoy
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🔥めいちゅんのお仕事依頼はこちら🔥
[email protected]
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🔥各SNSはこちら🔥
ツイッター:https://twitter.com/emumityan_4199
インスタ:https://instagram.com/meicyun1120?igs...
ティックトック:https://vt.tiktok.com/SKn5Ho/
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#めいちゅん
#野球女子
#baseball
#awesome
#ビタドメ
#キャッチャー
#プロ野球
#perfectcatch
#meicyun
#棒球美人
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#世界記録
#世界最速
#tiktok
#話題
#ギネス記録
#始球式
#パリーグtv
growth record 在 SENASARAちゃんねる Youtube 的最佳貼文
サラちゃんの1週間のコーディネート&成長記録を
まとめました👶💗
生後9ヶ月、元気に大きくなっています💟
最近はさらに表情豊かになりましたので
良かったらのぞいてみてくださいね❤️
チャンネル登録もよろしくね💕
https://www.youtube.com/channel/UCtcKGuBZWJCaEjCcDYU-RbA
サラちゃん成長記録1👶
https://youtu.be/Q6gx2nDqeQM
サラちゃん成長記録2👶
https://youtu.be/Xo-97G1e_Hc
#赤ちゃん#女の子ベビー#赤ちゃんのいる暮らし#生後9ヶ月
growth record 在 SENASARAちゃんねる Youtube 的最佳貼文
サラちゃんの成長をただただ流していく
ムービーになります👶
最近はつかまり立ちもできるようになって
ますます目が離せません💛
すくすく大きくなってね♪
良かったらのぞいてみてくださいね❤️
チャンネル登録もよろしくね💕
https://www.youtube.com/channel/UCtcKGuBZWJCaEjCcDYU-RbA
その他のSNSはこちらから💗
https://linktr.ee/amikuma