🌻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4部Youtube影片,追蹤數超過41萬的網紅Torres Pit托哥,也在其Youtube影片中提到,Thanks AQUMON for sponsoring this video!! Try out MY billion-dollar company's (AQUMON) app today! Use my referral code 908772 or register with this l...
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company's name 在 Engadget Facebook 的精選貼文
The two say they "love the new company's name."
company's name 在 Facebook 的最佳貼文
[音無響子](*)又一個欣榮花園商場。唔怪得張栢芝都變張百知。我頓時覺得小米改Logo好有誠意好大分別!
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耶L勿睇,費事你覺得好冒犯。咁亦可能,係我會寫錯嘅,有幾出奇?
TLDR:Aberdeen改名,變做Abrdn.點讀?「就係讀Aberdeen」
1. 繼福士汽車Volkswagen話改名做Voltswagen以突顯自己專注電動車後,估唔到英國人都咁幽默。今次Abrdn話係趕上新時代,個名潮好多喎,係咪好潮先!
2. 不過福士係愚人節玩嘢,而唔好笑,亦提早外泄咗,Abrdn就唔係講笑啦。
3. 官方真係咁講架:The new Abrdn name (pronounced "Aberdeen") will be part of a modern, agile, digitally-enabled brand that will also be used for all the Company's client-facing businesses globally.
4. 又,係咪潮啲?雖然近年唔少樂隊都改啲冇響音嘅名(https://bityl.co/6Yvv),但我覺得係復古。點古?希伯來化!耶L化!
5. 憑我細個返主日學有限嘅耶L知識(好出奇?我返過基督徒團契添,主要因為有個好大胸嘅師姐。願主赦免我),神的名字叫乜先?叫「耶和華」嘛(你可以叫「雅威」,但我諗起艾威)。但耶和華英文係乜?Jehovah?好似話唔多準,其實都冇乜人知,都有好多寫法。大佬,耶穌又會講英文啦?
6. 咁應該好多人知,原文就係四個希伯來字母,יהוה(當然係抄維基的)。咁都話耶穌唔係講英文亦唔講意大利文亦唔講以色列文(**),所以「拉丁化」就變咗……其實任你寫,可以係IHVH,YHVH,YHWH,JHVH或JHWH(***)
7. 見唔見到個特點係乜?特點係,「都唔知點發音」,因為全部係consonant(子音),冇vowel(母音,或叫響音,AEIOU之類)。當然耶穌唔係啞嘅,以色列人猶太人都唔係啞嘅,希伯來文都有響音,但關於呢個JHVH嘅 vowel係乜,就失傳咗。
8. 亦因為,古希伯來文獻,就係全部冇響音嘅。任你質入去。
9. 既然唔係耶L,做乜又講呢啲?因為關係就大。
10. 唔係耶L,大約都聽過「聖經密碼」,暗示晒所有宇宙會發生嘅事咁喎。諾查丹馬斯或者推背圖燒餅歌或者六合彩藏寶圖啲朋友,話2020肺炎疫情都早有預言咁喎。你問我就當然係偽科學,即係好似薯仔又見到媽祖 多士又有聖母個樣咁。但反正信者恒信
11. 但我想講「聖經密碼」一個好大嘅flaw係,用古希伯來聖經,而係冇響音嘅。咁就大檸樂,因為啲響音任你填,然後你拎返嚟對現代嘅人名地名,就實可以中的。加埋啲IJ又亂咁轉,VU又任你揀
12. 仲有個插曲係,「聖經密碼」個作者,當然堅稱自己係啱,話你用第本書搵唔到呢啲嘢,仲話「你拎本無比敵Moby Dick搵到有呢啲訊息我就話你叻」。都唔好講話古希伯來文呢啲嘢,好大彈性,亦應該長過Moby Dick好多(你估有Dick就長咩),但結果都係被打面:就有人搵到甘地遇刺嘅「信息」
13. 無論如何,即使係「官方」,即係教廷,都唔認可呢個「聖經密碼」。不過諗真啲好合理,「教廷即係歐洲足協咁」,佢壟斷咗個解釋權嘛。其他當然係異端—咁即係,你唔鍾意嘅宗教咪邪教,未奪權成功嘅咪係異端。
14. 又,如果埃汾要走響音,就變咗….N。我是N仔。
15. 由金融講到相聚一刻講到希伯來文馬榮成史匹堡葉芳華,證明我都係狐狸唔係刺猬,a fox knows many things, but a hedgehog knows one big thing
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(*)其實原本個題想叫做「狂野三千響」,但應該冇乜人睇過套戲。巧震憾的說,特別係結局一幕,自己上網搵。又,當時葉芳華巧正的說。
(**)以色列講咩文?講希伯來文咯。咁巴西講咩文?睇片咪知(https://ytube.io/3HDF)
(***)呢個係「Indiana Jones and the Last Crusade」(聖戰奇兵)嘅一個機關(https://ytube.io/3HDI),四十歳以上嘅多數睇過。跟隨神嘅腳步,呀夏里遜福就係後生仔未夠爐火純青,諗住Jehovah,踩咗落去J度,幾乎跌死。都係老豆辛康納利醒,即使係拉丁文,都唔會有J!後來「風雲」嘅小說版照抄呢條橋,變咗步驚雲踩般若波羅蜜多心經
company's name 在 Torres Pit托哥 Youtube 的精選貼文
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*投資涉及風險,因此在做出最終投資決定之前,請仔細投資並充分了解所有相關風險。 優惠受條款及細則約束,請到https://www.aqumon.com/或AQUMON app內查看詳情。
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company's name 在 ロイドごはん Youtube 的最讚貼文
濃厚豚骨ラーメン『山岡家』で限定ラーメンを!『ラーメン山岡家』にお邪魔して限定ラーメンをいただきました(今回頂いたG系ガツンもやし味噌ラーメンは終了。現在はもつ味噌ラーメンを実施中)。屋号に「家」がついたり具材も似ていますが、鶏ガラを一切使用していないため家系ラーメンとは異なるそうです。FCながら工場でスープを作るのではなく各店舗ごとに豚骨を炊いて作っているそう。こうした味へのこだわりだけでなく、JAF会員証提示で受けられるサービスがあったり、今回頂いたような期間限定商品も一年間でいろいろ変わるので伺う楽しみがありますね。思わずハマる山岡家、早速ご覧ください!
*山岡家では時短要請がある場合、国からの指定時間の20分前が最終調理開始時間になるとのこと(同社HPより)。
*感染対策を徹底して撮影を行っています。
*撮影に際しては、お店の方や周りのお客様に充分配慮して撮影をおこなっています。
Limited ramen at the rich tonkotsu ramen "Yamaokaya"! I visited the "Ramen Yamaoka Family" and received a limited edition ramen (the G-based Gatsun Moyashi Miso Ramen that I received this time has ended. Currently, I am implementing the Miso Ramen that I have). The shop name has "house" and the ingredients are similar, but it is different from Iekei ramen because it does not use chicken meat at all. It seems that they do not make soup at the factory while FC, but cook pork bones at each store. In addition to this commitment to taste, there are services that you can receive by presenting your JAF membership card, and the limited-time products that you received this time will change in a year, so I'm looking forward to hearing from you. Please take a look at the Yamaoka family who are addicted to it! .
* If the Yamaoka family requests a shorter time, the final cooking start time will be 20 minutes before the designated time from the government (from the company's website).
* We take thorough measures against infection.
* When shooting, we give due consideration to the shop and customers around us.
いつもありがとうございます!( ´ ▽ ` )
高評価&チャンネル登録もよろしくお願いいたします!
#ラーメン #山岡家 #期間限定 #ロイドごはん #フラメンコロイド
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【サブチャンネルもよろしくお願いします!】
メロンシートジャーニー
https://www.youtube.com/channel/UCwNlBAUziFWkJZFY_u3t65A
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🍀「ロイドごはん」公式LINE、お友だち追加はこちら!
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『山岡家』
https://www.yamaokaya.com
—————《ロイドおすすめ動画はこちら》———————————
78才お爺ちゃんの屋台ラーメンの朝『幸っちゃん』夜明けの銀座 【飯テロ】Old Style Ramen yatai Japanese Street Food
https://youtu.be/YHiWYvhxUI4
【家系ラーメン特集!】
https://www.youtube.com/playlist?list=PL6yW17uB9uIVUmOS8qnXrRwcBu8W-uRYZ
神回【ラーメン二郎の貴重映像】全増しが出来るまで一部始終を大公開!【ラーメン二郎 ひばりヶ丘店】ramen
https://youtu.be/mBFcdMHyaxA
巨大塊肉に挑戦!【いきなりステーキ】2人で1.5キロの結果は?【飯テロ】
https://youtu.be/lxn_oa-rCvQ
神技!いつもびっくりするよ!【がんちゃん】お好み焼きの名店に感動!【飯テロ】× フラメンコロイド 広島県
https://youtu.be/8q_j5QX4-vg
消滅する屋台ラーメンの職人技【幸っちゃん】ラーメンの作り方一部始終【ramen】
https://youtu.be/prw-olhOAyI
消えゆく屋台ラーメンが出来るまで!【幸っちゃん】職人技の一部始終….ramen
https://youtu.be/BDUhncb3ESQ
消滅する屋台ラーメン『幸っちゃん』職人技ドキュメンタリー虎ノ門前編/Old Style Ramen yatai documentaly/Japanese Food Street
https://youtu.be/TU3dJWWxreA
78才お爺ちゃんの屋台ラーメン『幸っちゃん』職人技ドキュメンタリー【飯テロ】虎ノ門後編 Old Style Ramen Stall in Tokyo
https://youtu.be/8G-UrI5v6k4
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★ロイドwalker《人生をドラマチックに彩る旅とグルメと温泉図鑑》
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https://flamenkoroid.net
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company's name 在 七王 Youtube 的最佳解答
The Kunio-kun (くにおくん) series is a video game series started by Technōs Japan. The series is now handled by Arc System Works who purchased all of the intellectual property rights from Technōs' spiritual successor, Million Corp. The first game in the series is fully titled Nekketsu Renegade Kunio-kun (Nekketsu Kōha Kunio-kun 熱血硬派くにおくん), which roughly translates to "Hot Blood Tough Guy Kunio", with Nekketsu being the name of Kunio's high school. The kun suffix after his name is an informal Japanese honorific usually applied to young males.
The series originated in the arcades and the Famicom console; its title and its protagonist, Kunio (variously renamed "Alex" and "Crash Cooney" in the United States), were named after Technōs Japan's former president, Kunio Taki. Along with that, Kunio also later became Technōs Japan's main mascot, appearing on the company's logo in several games and television commercials. Although the original game was created by Yoshihisa Kishimoto — who later designed Double Dragon — many of the later games (particularly those under the Downtown Nekketsu moniker) were the handiwork of two men: Mitsuhiro "Yoshimitsu" Yoshida and Hiroyuki "Mokeke" Sekimoto.
A few of the early Kunio games for the NES were localized for the North American market. These include Renegade, River City Ransom, Super Dodge Ball, Crash 'n' the Boys: Street Challenge and Nintendo World Cup, which were heavily "Americanized" versions of the Kunio-kun games. Technōs Japan has released over twenty Kunio-kun titles for the Famicom, Game Boy, and Super Famicom in Japan. In addition, licensed ports of the games were made for other platforms such as the PC-Engine (through Naxat Soft), Mega Drive (through Pal Soft) and the Sharp X68000 (through Sharp).
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