E-Commerce
5 posts
We have updated our coverage list in order to better match our research to interest from investors. We now track the following equities in the technology space: 1-800-Flowers.com FLWS 2U TWOU 3D Systems DDD 8×8 EGHT ACI Worldwide ACIW Activision Blizzard ATVI AcuityAds ACUIF Adobe ADBE Alarm.com ALRM Alphabet GOOGL Altair Engineering ALTR Alteryx AYX Amazon.com AMZN Anaplan PLAN Ansys ANSS AppFolio APPF Apple AAPL Atlassian TEAM Appian APPN AutoDesk ADSK Automatic Data Processing ADP Avalara AVLR Bandwidth BAND Benefitfocus BNFT Black Knight BKI Blackbaud BLKB Blackberry BB Blackline Safety BLKLF Bottomline EPAY Box BOX Cadence Design Systems CDNS Carbon […]
Shopify’s (SHOP-NYSE) share price continues to fluctuate as questions about future gross margins, churn, and valuation continue. We take a unique approach to Shopify’s subscription valuation in order to account for its Merchant business that accounted for 36% of gross margin dollars (TTM). What Moves SHOP’s Share Price and how has it Traded? Source: Perspectec Shopify’s gross margin profile, subscription churn (based on our survey) and operating expense put Shopify as a very expensive stock relative to its peer group. Getting a Clean Shopify SaaS Valuation We believe Shopify’s valuation should be based on its relative SaaS valuation. We do not see a path to a […]
Based on the latest Alibaba unique visitor data for Tmall and Taobao, we have lowered our fiscal Q4 2018 estimate for online marketing service revenue from $3.97 billion to $3.82 billion. We now expect pageviews to be up 3.5% Y/Y in fiscal Q4 versus up 14% Y/Y last quarter. The end result is our total revenue forecast in fiscal Q4 decreasing from $9.56 billion to $9.41 billion. We still see the full year 2018 revenue ahead of guidance (beating it by 1.4%). Revenue growth we now see as being up 54.9% Y/Y versus up 56% in fiscal Q3/18. Our adjusted 2018 EPS moves up […]
We adjust all of our figures to show results and estimates in constant currency (6.35 USD/RMB). This report was published by a junior research associate Bruce Zhang and overseen by Robin Manson-Hing. It is a preliminary view of Alibaba. Over the last three years, Alibaba (BABA-NYSE) is generally highly correlated with the NASDAQ composite and other technology stocks, while trading at a beta of 2.5x. SImilar to the market, Alibaba’s share price has also pulled back. We take a closer look at Alibaba’s business and what the stock price might do in the near future. In constant currency, sales growth was materially […]