Amazon 1Q22: (Some) Cost Inflation Is Transitory, The Moat Is Not
Current 2023E has AWS @ $104B and Advertising at $48B in revenues. Both are 45%+ EBITDA margin businesses. Today you are paying 16x forward EBITDA...
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Facebook 1Q22: TikTok-Ified
Positively addressed IDFA, spending, and monetization concerns. Facebook is massively undervalued. We think its worth at least $290, which is 50%...
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Tesla Motors: Record Exposure, But Still Under-Owned
Ownership in Tesla hits record levels among Global managers. Of the 371 Global equity funds in our analysis, a record 15.1% now have exposure to...
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One Store IPO: Changes Comps But Maintains Same IPO Price Range
The bankers used new comps in the OneStore IPO valuation analysis (Tencent, Naver, Kakao Corp, and Nexon). The P/S multiple is slightly higher than...
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One Store IPO - Refiling Updates, No Change to Price Tag
ONE Store (ONE KS) is looking to raise up to US$228m in its Korean IPO. One Store delayed its bookbuild by two weeks, with book building slated to...
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