Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/cloudflare" target="_blank" data-smartkarma-citation="entities:28263:1" rel="noopener">CloudFlare (NET US)</a> has rapidly achieved scale in the content delivery network (CDN) space by offering a high quality free product for startups and individual programmers running their own websites. By doing so the company aims to enlarge its network, increasing the scope of its data gathering ability, tapping free users as beta testers, improving branding in terms of both its products and its attractiveness as an employer, and spread costs over a wider base.We compare the company's cost structure with its peers which typically do not offer the same free service and some of whom are more focused on streaming related services.

CloudFlare (NET US) has rapidly achieved scale in the content delivery network (CDN) space by offering a high quality free product for startups and individual programmers running their own websites. By doing so the company aims to enlarge its network, increasing the scope of its data gathering ability, tapping free users as beta testers, improving branding in terms of both its products and its attractiveness as an employer, and spread costs over a wider base.We compare the company's cost structure with its peers which typically do not offer the same free service and some of whom are more focused on streaming related services. 

Cloudflare IPO Quantamentals: Who Pays the Cost of Free?

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<a href="https://www.smartkarma.com/entities/cloudflare" target="_blank" data-smartkarma-citation="entities:28263:1" rel="noopener">CloudFlare (NET US)</a> is expected to complete its IPO in the New York Stock Exchange in the next few weeks. Cloudflare provides websites protection from cyberattacks as well as services and software that speed up content delivery, and cloud-based networking.Prior to this IPO, the company has already raised nearly $332 million from numerous investors including <a href="https://crunchbase.com/organization/franklin-templeton-investments" target="_blank" data-type="organization" data-entity="franklin-templeton-investments" rel="noopener">Franklin Templeton Investments, </a> Fidelity, and <a href="https://crunchbase.com/organization/union-square-ventures" target="_blank" data-type="organization" data-entity="union-square-ventures" rel="noopener">Union Square Ventures.</a> In a private market valuation, Cloudflare was valued at $3.2 billion. Some media accounts have mentioned that Cloudflare could be valued at more than $5 billion in this IPO.The recent IPOs that are comparable to Cloudflare have done really well, especially <a href="https://www.smartkarma.com/entities/crowdstrike-holdings-inc" target="_blank" data-smartkarma-citation="entities:28117:1" rel="noopener">Crowdstrike Holdings Inc (CRWD US)</a> and Zscaler (ZS US), whose share prices are up 183% and 406%, respectively since their IPOs.Cloudflare generated revenue of $192.7 million in 2018, up 42.8% YoY. It also had revenue of $129.2 million in 1H19, up 48.3% YoY. From 2016 to 2018, the company's revenue increased by 50.8% CAGR.

CloudFlare (NET US) is expected to complete its IPO in the New York Stock Exchange in the next few weeks. Cloudflare provides websites protection from cyberattacks as well as services and software that speed up content delivery, and cloud-based networking.Prior to this IPO, the company has already raised nearly $332 million from numerous investors including Franklin Templeton Investments,  Fidelity, and Union Square Ventures. In a private market valuation, Cloudflare was valued at $3.2 billion. Some media accounts have mentioned that Cloudflare could be valued at more than $5 billion in this IPO.The recent IPOs that are comparable to Cloudflare have done really well, especially Crowdstrike Holdings Inc (CRWD US) and Zscaler (ZS US), whose share prices are up 183% and 406%, respectively since their IPOs.Cloudflare generated revenue of $192.7 million in 2018, up 42.8% YoY. It also had revenue of $129.2 million in 1H19, up 48.3% YoY. From 2016 to 2018, the company's revenue increased by 50.8% CAGR. 

United States

Cloudflare, Inc. designs and develops software solutions. The Company offers platform for load balancing, video streaming, security, analysis, and domain registration. Cloudflare serves customers worldwide.

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Cloudflare (NET US)

Cloudflare IPO Quantamentals: Who Pays the Cost of Free?

CloudFlare (NET US) has rapidly achieved scale in the content delivery network (CDN) space by offering a high quality free product for startups and...

Mio Kato

Cloudflare IPO Preview

CloudFlare (NET US) is expected to complete its IPO in the New York Stock Exchange in the next few weeks. Cloudflare provides websites protection...

Douglas Kim

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