【#Podcast更新了】
#菜雞變司機
EP3:為什麼不該拿學校教的東西來投資?你只要學會這些就不用花大錢去上 ___ 了!(會計篇)
🎙️ Podcast 連結:https://gamma.soci.vip/
📩 免費電子報訂閱: https://bit.ly/39U5HKw
✍🏻 分析全文:https://gamma.to/notes/RlQonteyuo9mfv8Lxd2Y
🔖 各位投資人要謹記於心的是,會計學、金融、稅務等知識都只是投資的基礎,投資有 99% 的時間都應該花在了解一間公司的商業本質、產業狀況和了解自己在公開市場中參與的賽局(誰是你與你對做的對手,為什麼你比對方更有優勢)。這些知識都只是基礎中的基礎,了解這些知識後並不會給你任何投資上的優勢(因為公開市場上的投資人都知道這些基礎知識了)。
🔖 會計學 (Accounting):在學校,你會學到複式簿記 (Double bookkeeping)、損益表 (Income Statement)、資產負債表 (Balance Sheet)、現金流量表 (Cash Flow Statement) 和成本會計 (Cost accounting),也可能會在更進階的課程中學到移轉訂價 (Transfer Pricing)。
成本會計和移轉訂價只對那些在大公司會計部門工作的人是重要的,負責這些工作的人會獲得他們應得的報酬。但是對於一般公司投資人而言,這兩個可以說是最沒有用處的知識。
🔖 1. 資產項目 (Assets)
-現金與約當現金 (Cash & Cash Equivalents):有價證券 (Marketable Securities,市場流動性高的證券) 與現金沒有任何差別,所以有價證券被當成現金與約當現金。
-應收帳款 (Account Receivable):應收賬款是指企業因銷售商品、提供勞務等業務,應向購買單位收取的款項。應收帳款可以透過 Factoring 來改善現金部位。
-存貨:有許多方法可以來計算存貨,比如說先進先出法 (First In, First Out - FIFO)、後進先出法 (Last In, First Out - LIFO) 和移動平均法,這是一個非常有趣的項目。但你如果你不是從事不良資產投資的話,那麼不用去在意這些不同的方法。
-淨土地、廠房和設備 (Net PPnE):資本支出 (Capex) 花出去後就會變成這個項目。這個項目可以被質押來獲得優惠利率的有擔保借款。
-無形資產 (Intangibles):這可以是從軟體資本化得到的商譽 (Goodwill) 或是來自併購行為的商譽。當資產負債表上有這個項目,攤銷 (被當做支出) 不會影響到現金流,所以當你發現一間公司有很龐大的無形資產和攤銷項目時,你應該要去觀察這家公司的 EBITDA 或是 EBITA (因為兩者都是計算攤銷前盈餘),把這兩個當成產生現金流能力的替代指標會是更好的觀察方式。
🔖 2. 負債項目 (Liabilities)
-應付帳款 (Account Payable):需要付出去的款項。
-債務 (Debt):這個項目是從銀行借來的資金或是透過公司發行公司債所獲得的資金。這個項目在計算淨負債時很重要。
-財務租賃 / 營運租賃 (Financial Leases / Operating Leases) :這兩個項目是否該被歸類成負債是有爭議的。但 Gamma 通常只要這兩個項目出現在資產負債表,就會把這兩個項目當成負債。
-遞延營收 (Deferred Revenue):這個項目對於 SaaS 公司而言通常是很重要的指標,可以當成在滿足客戶需求前,客戶所做出的訂單,並當成未來的債務。這是一個營收的領先指標,所以追蹤一家公司的遞延營收在預測未來的營收上是很重要的。
🔖 3. 權益項目 (Equity)
-少數股東權益 (Minority Interest):這是由少數股東所持有的股東權益,這大部分是由母公司所持有。
-股東權益 (Shareholder equity):這個項目只對一些很看重資產負債表的商業模式才重要(例如:金融機構就需要去注意的數字),因為他們被規定必須要維持一些資本項目上要求。除非你正計算一間公司在清算的情況下會如何 (商業價值是負的),不然這個項目其實不是很重要。
🔖 你只需要搞懂這些損益表的項目
-營收:每間公司對營收的定義都不同。當你使用一些會用到營收的指標,比如說 EV / Sales 並拿來比較多間公司,你會想要確保這些公司對於營收的定義都是一樣的。打個比方,$ADYEN vs $SQ vs $PTPL 或 $TTD vs $APPS 這兩種比較組合中,它們對於營收的定義是不一樣的,所以在兩個例子中,直接拿 EV / Sales 不會是一個估值的好指標。
#更多內容於全文中
同時也有3部Youtube影片,追蹤數超過3萬的網紅StockFeel 股感知識庫,也在其Youtube影片中提到,平時工作常覺得要操作不同的生產力工具或工作軟體很不方便嗎?Evernote、Trello、Airtable你可能多多少少也用過,如果今天有個軟體整合了這些你平時工作會用到的工作軟體,是不是就太完美了呢!?😍這期要介紹的就是這樣子的軟體─Notion。 #Notion #Evernote #生產力工...
「saas公司」的推薦目錄:
saas公司 在 貓的成長美股異想世界 Facebook 的最讚貼文
🌻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-$55m for the fiscal year that ended June 30.
The path to profitability for many of these companies was to achieve massive scale, analysts said.
https://www.ft.com/content/ca201a37-a16d-4223-b123-04d38350a972
Pictures: 一葉知秋; from EarningsWhispers
saas公司 在 Gamma 美股科技投資 Facebook 的精選貼文
【$OKTA Q2’22 財報分析:嘗試將成長論述從 Zero Trust 轉移到 Customer Identity (客戶身份認證) 的 SaaS 股 】
✍🏻 分析全文:https://gamma.to/notes/tT7OGLGGV24rTzt8W5Su
#OKTA
#財報季
🔖 這是 Okta 在併購 Auth0 後第一次開的季度財報,由於上一季 Okta 在併購的財務資訊上離譜的不清楚,所以 Gamma 和賣方分析師對這季的結果將會如何表現都沒有很好的依據做推測,所以這次的財報結果跟任何預測數字相比都顯得毫無意義。
🔖 至於在 Okta 銷售關鍵指標的部分,這季相比前兩季在成長上趨於穩定,不像前兩季皆有 QoQ 成長趨緩的跡象,Okta 這季的 RPO (剩餘履約價值) 和 年度合約價值超過 10 萬美金的客戶上都有重新加速成長的表現,這季的表現平平但稱不上突出,因為其他 SaaS 公司都在這季看到了更大幅度的成長重新加速。
#更多詳細的分析在全文
saas公司 在 StockFeel 股感知識庫 Youtube 的最讚貼文
平時工作常覺得要操作不同的生產力工具或工作軟體很不方便嗎?Evernote、Trello、Airtable你可能多多少少也用過,如果今天有個軟體整合了這些你平時工作會用到的工作軟體,是不是就太完美了呢!?😍這期要介紹的就是這樣子的軟體─Notion。
#Notion #Evernote #生產力工具 #雲端軟體
如果上面說的不夠清楚,可以來看看Notion是怎麼定義自己的:「我們想要把今天的生產力工具拆解開來,然後第一步就是混合大部分的工作流程到一個整合的區域。想要一個任務清單嗎?或者產品路線圖?他們都會在同一個地方。你可以像玩樂高一樣,客製化你的這個工作區域。用你的方式解決問題,只有你的想像會限制住你。」
延伸閱讀:
《這些可能是2020年蘋果、亞馬遜和臉書會收購的公司》
https://www.stockfeel.com.tw/?p=101787
股感:https://www.stockfeel.com.tw/
股感Facebook:https://www.facebook.com/StockFeel.page/?fref=ts
股感IG:https://www.instagram.com/stockfeel/
股感Line:http://line.me/ti/p/@mup7228j
saas公司 在 通勤十分鐘 On The Way To Work Youtube 的最佳解答
💬合作邀約: onthewaytowork2020@gmail.com
💬IG: @onthe_waytowork
歡迎大家來跟我們聊聊天https://www.instagram.com/onthe_waytowork/
疫情慢慢恢復正常,這禮拜北美很多學校都要開學了。大部分北美的大學跟高等教育決定是還要繼續線上課程,在旅遊方面仍是以國內陸地旅遊為主,航空旅遊仍是疫情前的33%。整個娛樂產業也正慢慢復甦,天能在勞動節長週末票房超過兩千零二十萬美元,將近六億台幣。雖然這個數字只有達到他們的預估低標,但在疫情之下華納兄弟影業表示對這樣的成績已經非常滿意,因為到目前為止仍有將近30%的電影院都還無法正常營業。就業方面,目前許多科技公司都傾向在家上班,可能會延到明年夏天甚至更久,但像金融業而言,從昨天開始,JP Morgan有50%的Banker已經要回到紐約或倫敦的辦公室上班了。
LuluLemon的第二季財報成績不錯,都有擊敗分析師的預測。目前在Athleisure 的競爭中較其他品牌像Athletica/ Under Armour或是Nike 佔有領先的地位。
另一家要分享的公司,Snowflake,在8月底就向納斯達克遞交了IPO申請,由高盛跟Morgan Stanley 一起執行這項任務。本來目標是今年夏季上市,但疫情影響,IPO可能要延到明年。Snowflake今天公佈了他們的起始股價範圍,目標在75到85塊美金一股,這也會讓Snowflake的估值來到200億到230億美金,這次的 IPO會為這間新創公司帶來將近27億的現金。
根據他的S1 filing內容,剛加入道瓊工業指數的Salesforce會購買價值2億五千萬美元的Snowflake Class A股票,而巴菲特的波克夏也會購入價值2億五千萬美元的Snowflake Class A股票,而且波克夏還同意要用IPO的價格購買Snowflake某位股東的4百萬股Class A股票,代表著波克夏想要加深他們在snowflake中的持股,預估購買成本會超過5億美金。這家公司公司成立於2015年,不同於其他傳統Computing Basic的Three Delivery Models,Saas, Paas 以及 Iaas,Snowflake提出DaaS(data-warehouse-as-a-service)概念,提供基於雲端的數據倉庫的SaaS服務,允許用戶分析跨多個平台的數據。
歡迎留言分享你喜歡在家工作還是去公司上班?
如果喜歡的話
歡迎幫我們分享和訂閱🙂
saas公司 在 美股狙擊手 Youtube 的最佳解答
近幾年SaaS軟體即服務這項產業蓬勃發展~
Paycom則是SaaS中的成長相當快速的一家公司,其提供的服務主要是薪資及人力資本管理👥,為避免跟產業龍頭ADP 直接競爭,公司客群鎖定美國中小企業。此一策略相當成功,讓公司營收成長率年年不低於30%!📈
想知道Paycom發展迅速的原因還有哪些嗎?
快看JOSEPH的專業分析~☝️
#美股分析時間
#業主型投資人Joseph
--
【📌美股獲利聯盟 全新專案上架】
快速掌握美股關鍵,全面征服美股市場
最精準的美股資訊 https://pse.is/J8MMB
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