🌻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

💗最療癒的粉色系💗想要逆齡的女孩看這邊🌍

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長知識了🤔原來權證的漲跌幅是根據股票❗
買不起大立光股票不要擔心 權證是你最佳夥伴
一張300萬的股票只要用1000元甚至更少金額 就可以買到大立光的權證了‼

權證有個重要的特性是👇
Money can buy dreams💰權證投資金額負擔不大 小資金換大未來！
Time is money🕒隨著權證到期日接近，價值會逐漸歸零，所以權證不可放久
Stay away from risk☠️股票下跌正是運用權證避險的好時機，買入認售權證可以避開股票下跌的風險❗

權王也要提醒大家⚠股票漲，權證不一定跟著漲👀
權證的履約價值是由股價是否超越履約價而決定
權證的履約價格與股價相差太遠 權證還是不會漲的❗

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週末愉快😊 在台灣到處都有牛肉麵，在美國則是大家都愛越南河粉！這兩者的地位好像差不多！都是會讓人想念的存在❤️ 今天美食探店#9，一起到超豪華5種牛肉越南粉無限吃到飽？ 還有現點現做知名Mochi甜甜圈太好吃了！

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😊 歡迎訂閱頻道 ► 記得開啟小鈴鐺，第一時間收到新片通知
沛莉開箱中 http://bit.ly/periyoutube
沛莉一家闖美國 https://ppt.cc/fZbT1x
小陶德玩樂園 https://ppt.cc/fbQHHx

🛒 購物推薦 ► https://www.amazon.com/shop/peri.com.tw
從這裡可以找到我常用、愛用推薦的商品，價格與一般相同、貨源來自各大供應商，可以安心。但透過連結購買我們會得到來自amazon官方分潤獎金，支持我們持續創作，在此說聲謝謝。

😘 更多即時生活分享，歡迎追蹤社群
Instagram ► https://www.instagram.com/peri168/
Facebook ► https://www.facebook.com/peri.com.tw
聯絡信箱 ► peritaiwan@gmail.com

非商業合作影片
This video is not sponsored.

久違的品牌全妝單元！
訂閱黃小米Mii► https://goo.gl/nR6eqz
品牌全妝播放清單► https://goo.gl/v1SZM4

這次要分享的是台灣美妝品牌SOLONE
從早期的代表作眼線膠筆，到後來的單顆眼影都很有記憶點
在2019年品牌全新改造，質感形象整個升級
但價格依舊在開架中非常有競爭力

有看我影片就知道我也分享過不少他們家的產品
原本收到眼影跟睫毛膏的試用合作
我就主動提說不然來拍一個品牌全妝
畢竟他們現在品項也蠻齊全的，也能用這支影片讓大家知道更多產品
這次就會邊上妝邊介紹的方式來分享

馬上逛▶ https://bit.ly/3hbuzl9

#開架彩妝 #MIT彩妝 #Solone彩妝

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10部頻道必看影片整理大補帖：
http://miihuang.pixnet.net/blog/post/117247496

我的膚質：乾性肌（黑眼圈、膚色不均困擾）

------------------------------------------------------------------------

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Blog：http://miihuang.pixnet.net/blog
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Thank you for watching
歡迎訂閱我的頻道，每週都會更新影片唷！

Camera: Canon EOS RP
Editing Software: FCPX

✎This video is sponsored by Solone.

豆腐巴斯克乳酪蛋糕～ 超！級！美　！
這個食譜很高蛋白版～ 我做了幾次～～試到這個材料配搭最好吃😋～

其實原本的乳酪起司蛋糕，你不加糖的話，就是一個蠻不錯減醣甜點
哈哈！真的！它的主要材料是Cream Cheese
Cream Cheese （奶油乳酪）碳水很低
熱量不會很高 （甚至比腰果還低呢！）
只是我們這次把奶油乳酪跟鮮奶油，換成豆腐、腰果、鷹嘴豆、優格
會比較高纖高蛋白
這個巴斯克乳酪蛋糕熱量不會太高，
但是營養更健康的唷！
☆鷹嘴豆粉這裡找：https://happyeatfit.com/shop/littleice2016☆

今天的材料：
豆腐 300克 （吸乾水份）-------- 165大卡
腰果 40克 （可改用鷹嘴豆粉）---- 213大卡
鷹嘴豆粉 40克---------------- 143大卡
雞蛋 2顆 -------------------- 129大卡
無加糖優格 200ml ------------- 162大卡
起司 2片--------------------- 96大卡
檸檬汁 ---------------------- 7 大卡
香草精
鹽巴
___________________________________________
蛋糕用了以上80%的麵糊 -----共約 732 大卡
建議每次享用一片 （約1/6 個）約 122大卡

#減醣 #低醣飲食
#巴斯克乳酪蛋糕 #豆腐蛋糕 #起司蛋糕
#減肥餐
#一起開心吃著瘦

影片標題：豆腐巴斯克乳酪蛋糕 ☆ 每片122大卡｜低醣高蛋白版｜增飢減脂 - 不邪惡甜點｜減肥食譜

影片音樂：
HoneyDrops by KadirDemir
Daytime by WolfSamuels
Noam by MayaIsac
WooHer by JoyHanna

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來了解更多我的生活吧：
IG: https://www.instagram.com/happy.eat.fit/ (分享我每天吃什麼)
IG: https://pse.is/littleiceIG (多分享生活點滴)
Facebook: https://pse.is/littleiceFB (多分享減重心得跟和跩寶的二三事)
減重好物社團：https://pse.is/littleiceGroupBuy (有什麼想購，歡迎來許願阿！)
合作聯繫：littlelittleice2016@gmail.com

另外～ 我們開了網店 🎉💪🏻😜
每個月都會親自挑選好吃/健康的好東東上架
歡迎有空來看看唷！
👉🏻小冰嚴選好物 - 健康美味棧：https://happyeatfit.com
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某些影片含分潤連結，但不影響購買價格。
如介意可自行到google搜尋商品

This Video is NOT sponsored.