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2021-12-06
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SoFi: Tremendously Undervalued<blockquote>SoFi：被严重低估</blockquote>
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Because SoFi's member and revenue growth has become too cheap, once again, I am buying!</p><p><blockquote>SoFi Technologies（纳斯达克股票代码：SOFI）的股价处于短期下跌趋势，这主要是由宏观风险因素决定的，而不是数字银行的商业业绩。因为SoFi的会员和收入增长变得太便宜了，再一次，我买了!</blockquote></p><p> <b>SoFi: A bank in your pocket for all your financial needs</b></p><p><blockquote><b>SoFi：口袋里的银行，满足您所有的财务需求</b></blockquote></p><p> It is hard to decide where to invest my money these days because the correction of growth stocks is creating more bargains than I could possibly buy. I have already bought PayPal(NASDAQ:PYPL), because of its revenue growth and Venmo/Amazon(NASDAQ:AMZN)partnership, Alibaba(NYSE:BABA), because of its cheap e-commerce growth, Palantir(NYSE:PLTR), because of a large and expanding government business, and now SoFi.</p><p><blockquote>如今很难决定把钱投资到哪里，因为成长型股票的调整创造了比我可能购买的更多的便宜货。我已经购买了PayPal（纳斯达克股票代码：PYPL），因为它的收入增长和 Venmo/亚马逊（纳斯达克股票代码：AMZN）合作伙伴关系，阿里巴巴-SW（纽约证券交易所股票代码：BABA），因为它廉价的电子商务增长，Palantir（纽约证券交易所股票代码：PLTR），因为规模庞大且不断扩大的政府业务，现在还有 SoFi。</blockquote></p><p> SoFi experiences rapid member and revenue growth because of the firm's easy-to-use personal finance app and roll-out of new financial products in segments like cryptocurrencies, credit cards and investing services. SoFi is a \"bank in your pocket\", offering everything from home loans to student loan refinancings and insurance products to protect your family. SoFi's product offerings have expanded greatly during the pandemic and the digital bank offered 4.3M different products to its member base in the September quarter, showing an increase of 108% year over year. The majority of such offerings relate to financial services which serve a customer base that has shown appetite for new investment products, like fractional investing or digital currencies.</p><p><blockquote>由于该公司易于使用的个人理财应用程序以及在加密货币、信用卡和投资服务等领域推出新的金融产品，SoFi 的会员和收入快速增长。SoFi是一家“你口袋里的银行”，提供从住房贷款到学生贷款再融资和保险产品的一切，以保护你的家庭。SoFi 的产品在疫情期间大幅扩展，这家数字银行在 9 月份季度向其会员群体提供了 430 万种不同的产品，同比增长 108%。大多数此类产品都与金融服务有关，这些服务为对新投资产品（如部分投资或数字货币）表现出兴趣的客户群提供服务。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3d0bfd58ce6b2ad8f304fe6607333445\" tg-width=\"953\" tg-height=\"519\" width=\"100%\" height=\"auto\"><span>(Source: SoFi)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：SoFi）</span></p></blockquote></p><p> As you may already know, SoFi's business soared during the pandemic. As people were forced to work remotely, mostly from home, SoFi's personal finance platform experienced a surge of customer sign-ons, and this surge is lasting to this day. SoFi's customer base swelled to 2.94M in the third-quarter. During the pandemic - the period between Q4'19 and Q3'21 - SoFi added 1.96M new members to its ecosystem, dramatically expanding the firm's cross-selling potential. This means that SoFi tripled its customer base in the last seven quarters and acquired an average of 93 thousand members every month since January 2020. SoFi's customer acquisition rate, however, has slowed this year because people have started to return to work and lockdown measures were eased. SoFi's member growth in the third-quarter was still 96% year over year, but it marks a slowdown from Q1'21 and Q2'21 where member growth rates exceeded 100%.</p><p><blockquote>您可能已经知道，SoFi 的业务在疫情期间飙升。随着人们被迫远程工作，主要是在家工作，SoFi的个人理财平台经历了客户登录激增，这种激增一直持续到今天。SoFi 第三季度客户群扩大至 294 万。在疫情期间（2019 年第四季度至 2021 年第三季度之间），SoFi 为其生态系统增加了 196 万新会员，极大地扩大了公司的交叉销售潜力。这意味着SoFi在过去七个季度的客户群增加了两倍，自2020年1月以来平均每月获得9.3万名会员。然而，由于人们开始重返工作岗位以及封锁措施放松，SoFi 的客户获取速度今年有所放缓。SoFi 第三季度会员增长率同比仍为 96%，但这标志着与 21 年第一季度和 21 年第二季度会员增长率超过 100% 相比有所放缓。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/370611a63034348c3104b8c258071ba2\" tg-width=\"939\" tg-height=\"511\" width=\"100%\" height=\"auto\"><span>(Source: SoFi)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：SoFi）</span></p></blockquote></p><p> SoFi added 126 thousand new members to its platform each month in the third-quarter. If SoFi can add around 120 thousand new members to its ecosystem each month in the fourth-quarter, which is possible and plausible, the personal finance company is set to end the year with around 3.3M members. Although SoFi may experience a continual slowdown in customer sign-ups post-pandemic, the firm is set to continue to grow at very high rates in the future. I estimate that SoFi will be able to build up its member base to around 9M members by FY 2026.</p><p><blockquote>第三季度，SoFi 平台每月新增 12.6 万名会员。如果 SoFi 能够在第四季度每月为其生态系统增加约 12 万名新会员（这是可能且合理的），那么这家个人理财公司将在今年年底拥有约 330 万会员。尽管大流行后 SoFi 的客户注册量可能会持续放缓，但该公司未来将继续以非常高的速度增长。我估计，到 2026 财年，SoFi 将能够将其会员基础扩大到约 900 万会员。</blockquote></p><p> The personal finance business is working hard on becoming a one-stop-shop and offer customized lending and investing products to every single member in its ecosystem. And there is a tremendous opportunity for continual momentum in customer acquisitions. This is because about half of Americans use at least two different banks to cover their financial needs, based on information from Go Banking Rates. SoFi, through its easy-to-use personal finance app and massive growth in the number of lending and financial service products, is uniquely positioned to sign on millions of new customers this decade.</p><p><blockquote>个人金融业务正在努力成为一站式服务，并为其生态系统中的每个成员提供定制的贷款和投资产品。客户获取的持续势头有着巨大的机会。这是因为根据 Go Banking Rates 的信息，大约一半的美国人至少使用两家不同的银行来满足他们的财务需求。SoFi通过其易于使用的个人理财应用程序以及贷款和金融服务产品数量的大幅增长，在这十年中拥有独特的优势，可以签约数百万新客户。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9d7f103fc7b0844b08be22aa736a0523\" tg-width=\"1280\" tg-height=\"721\" width=\"100%\" height=\"auto\"><span>(Source: Go Banking Rates)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（资料来源：Go银行利率）</span></p></blockquote></p><p> <b>SoFi's growth is undervalued</b></p><p><blockquote><b>SoFi 的增长被低估</b></blockquote></p><p></p><p> Because of the ongoing ramp in customer acquisition and revenue momentum, I believe that SoFi's drop in pricing is creating a unique opportunity to buy this undervalued growth stock. In the last eighteen trading days, SoFi traded down in fifteen days. The drop in pricing occurred chiefly because a set of macro factors is weighing on the market, including Omicron variant concerns, high inflation and a supply chain crisis that still has not been solved.</p><p><blockquote>由于客户获取和收入势头的持续增长，我相信 SoFi 定价的下降为购买这只被低估的成长型股票创造了一个独特的机会。在过去的十八个交易日中，SoFi有十五个交易日下跌。价格下跌主要是由于一系列宏观因素打压市场，包括奥密克戎变异担忧、高通胀和仍未解决的供应链危机。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/38b2e5ea23d9d6a8c99fb1ced34f1389\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Because of this undeserved drop in pricing, shares of SoFi now offer revenue growth that is 34% cheaper than in November. SoFi is expected to do sales of around $1.0B this year, based on the firm's guidance, which was raised from $980M last quarter. The revenue forecast for FY 2021 implies between 61% and 63% revenue growth.</p><p><blockquote>由于定价出现不应有的下跌，SoFi 股票现在的收入增长比 11 月份便宜了 34%。根据该公司的指引，SoFi 预计今年的销售额约为 10 亿美元，该指引高于上季度的 9.8 亿美元。2021财年的收入预测意味着收入增长61%至63%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d2abb9cad4f58c2dd2adafb70d5d1431\" tg-width=\"1087\" tg-height=\"214\" width=\"100%\" height=\"auto\"><span>(Source: SoFi)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：SoFi）</span></p></blockquote></p><p> For FY 2022, SoFi is projected to see $1.5B in revenues, implying a year over year revenue growth rate of 47%. SoFi is set to continue to grow much faster than most companies until, at least, FY 2025, which means the P-S ratio is set to drop rapidly.</p><p><blockquote>2022 财年，SoFi 预计收入为 $15 B，这意味着收入同比增长率为 47%。至少在 2025 财年之前，SoFi 的增长速度将比大多数公司快得多，这意味着市盈率将迅速下降。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2daf0eba823036a0d30bd293f2b55ee6\" tg-width=\"640\" tg-height=\"185\" width=\"100%\" height=\"auto\"><span>(Source: Seeking Alpha)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Seeking Alpha）</span></p></blockquote></p><p> <b>Risks with SoFi</b></p><p><blockquote><b>SoFi 的风险</b></blockquote></p><p> As the economy moved on from the COVID-19 pandemic, SoFi's member and revenue growth has started to slow. SoFi still added the second-highest number of new members to its platform in the third-quarter, but acquisition growth is slowing. This suggests that growth will continue to moderate unless, for reasons that would also be very concerning, the Omicron variant leads to a reboot of the pandemic, with additional vaccine requirements and shutdown orders to mitigate the spread of this variant.</p><p><blockquote>随着经济摆脱 COVID-19 大流行，SoFi 的会员和收入增长开始放缓。SoFi 第三季度其平台新增会员数量仍然位居第二，但收购增长正在放缓。这表明，除非出于同样令人担忧的原因，奥密克戎变种导致疫情重新启动，增加疫苗要求和关闭令，以减轻这种变种的传播，否则增长将继续放缓。</blockquote></p><p> Commercially speaking, SoFi will face tougher competition from other FinTechs and banks in the future that will do everything they can to resist SoFi's disruptive digital bank model. SoFi's personal finance platform itself has no moat, however, which means rivals can build similar digital banks and compete on aggressively low margins.</p><p><blockquote>从商业角度来看，SoFi 未来将面临来自其他金融科技公司和银行的更激烈的竞争，这些公司和银行将竭尽全力抵制 SoFi 颠覆性的数字银行模式。然而，SoFi 的个人理财平台本身没有护城河，这意味着竞争对手可以建立类似的数字银行，并以极低的利润率进行竞争。</blockquote></p><p> <b>Final thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> Shares of SoFi have dropped very steeply since November, although the firm's third-quarter showed commercial success regarding customer acquisition and product growth. SoFi also raised its forecast for FY 2021 revenues. Because of the 34% drop in pricing since November, SoFi's revenue and member growth is now heavily discounted again. SoFi - next to PayPal, Alibaba and Palantir - is a stock I am buying during this year-end sale!</p><p><blockquote>SoFi 的股价自 11 月以来大幅下跌，尽管该公司第三季度在客户获取和产品增长方面取得了商业成功。SoFi还上调了对2021财年收入的预测。由于自 11 月以来定价下降了 34%，SoFi 的收入和会员增长现在再次大幅打折。SoFi - 仅次于PayPal、阿里巴巴-SW和 Palantir - 是我在年终促销期间购买的股票!</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SoFi: Tremendously Undervalued<blockquote>SoFi：被严重低估</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSoFi: Tremendously Undervalued<blockquote>SoFi：被严重低估</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-06 19:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>Shares of SoFi are back in a buy-the-drop situation.</li> <li>In the last 18 trading days, SoFi finished green only 3 times.</li> <li>SoFi’s member and revenue growth is now deeply discounted.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bb82fa7cfd61f98e4e6d55180d3508a0\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>NicoElNino/iStock via Getty Images</span></p><p><blockquote><ul><li>SoFi 的股价又回到了逢低买入的局面。</li><li>在过去的18个交易日中，SoFi仅3次收绿。</li><li>SoFi 的会员和收入增长现在大打折扣。</li></ul><p class=\"t-img-caption\"><span>NicoElNino/iStock 来自盖蒂图片社</span></p></blockquote></p><p> Shares of SoFi Technologies(NASDAQ:SOFI)are in a short term downtrend that is chiefly defined by macro risk factors, not the digital bank's commercial performance. Because SoFi's member and revenue growth has become too cheap, once again, I am buying!</p><p><blockquote>SoFi Technologies（纳斯达克股票代码：SOFI）的股价处于短期下跌趋势，这主要是由宏观风险因素决定的，而不是数字银行的商业业绩。因为SoFi的会员和收入增长变得太便宜了，再一次，我买了!</blockquote></p><p> <b>SoFi: A bank in your pocket for all your financial needs</b></p><p><blockquote><b>SoFi：口袋里的银行，满足您所有的财务需求</b></blockquote></p><p> It is hard to decide where to invest my money these days because the correction of growth stocks is creating more bargains than I could possibly buy. I have already bought PayPal(NASDAQ:PYPL), because of its revenue growth and Venmo/Amazon(NASDAQ:AMZN)partnership, Alibaba(NYSE:BABA), because of its cheap e-commerce growth, Palantir(NYSE:PLTR), because of a large and expanding government business, and now SoFi.</p><p><blockquote>如今很难决定把钱投资到哪里，因为成长型股票的调整创造了比我可能购买的更多的便宜货。我已经购买了PayPal（纳斯达克股票代码：PYPL），因为它的收入增长和 Venmo/亚马逊（纳斯达克股票代码：AMZN）合作伙伴关系，阿里巴巴-SW（纽约证券交易所股票代码：BABA），因为它廉价的电子商务增长，Palantir（纽约证券交易所股票代码：PLTR），因为规模庞大且不断扩大的政府业务，现在还有 SoFi。</blockquote></p><p> SoFi experiences rapid member and revenue growth because of the firm's easy-to-use personal finance app and roll-out of new financial products in segments like cryptocurrencies, credit cards and investing services. SoFi is a \"bank in your pocket\", offering everything from home loans to student loan refinancings and insurance products to protect your family. SoFi's product offerings have expanded greatly during the pandemic and the digital bank offered 4.3M different products to its member base in the September quarter, showing an increase of 108% year over year. The majority of such offerings relate to financial services which serve a customer base that has shown appetite for new investment products, like fractional investing or digital currencies.</p><p><blockquote>由于该公司易于使用的个人理财应用程序以及在加密货币、信用卡和投资服务等领域推出新的金融产品，SoFi 的会员和收入快速增长。SoFi是一家“你口袋里的银行”，提供从住房贷款到学生贷款再融资和保险产品的一切，以保护你的家庭。SoFi 的产品在疫情期间大幅扩展，这家数字银行在 9 月份季度向其会员群体提供了 430 万种不同的产品，同比增长 108%。大多数此类产品都与金融服务有关，这些服务为对新投资产品（如部分投资或数字货币）表现出兴趣的客户群提供服务。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3d0bfd58ce6b2ad8f304fe6607333445\" tg-width=\"953\" tg-height=\"519\" width=\"100%\" height=\"auto\"><span>(Source: SoFi)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：SoFi）</span></p></blockquote></p><p> As you may already know, SoFi's business soared during the pandemic. As people were forced to work remotely, mostly from home, SoFi's personal finance platform experienced a surge of customer sign-ons, and this surge is lasting to this day. SoFi's customer base swelled to 2.94M in the third-quarter. During the pandemic - the period between Q4'19 and Q3'21 - SoFi added 1.96M new members to its ecosystem, dramatically expanding the firm's cross-selling potential. This means that SoFi tripled its customer base in the last seven quarters and acquired an average of 93 thousand members every month since January 2020. SoFi's customer acquisition rate, however, has slowed this year because people have started to return to work and lockdown measures were eased. SoFi's member growth in the third-quarter was still 96% year over year, but it marks a slowdown from Q1'21 and Q2'21 where member growth rates exceeded 100%.</p><p><blockquote>您可能已经知道，SoFi 的业务在疫情期间飙升。随着人们被迫远程工作，主要是在家工作，SoFi的个人理财平台经历了客户登录激增，这种激增一直持续到今天。SoFi 第三季度客户群扩大至 294 万。在疫情期间（2019 年第四季度至 2021 年第三季度之间），SoFi 为其生态系统增加了 196 万新会员，极大地扩大了公司的交叉销售潜力。这意味着SoFi在过去七个季度的客户群增加了两倍，自2020年1月以来平均每月获得9.3万名会员。然而，由于人们开始重返工作岗位以及封锁措施放松，SoFi 的客户获取速度今年有所放缓。SoFi 第三季度会员增长率同比仍为 96%，但这标志着与 21 年第一季度和 21 年第二季度会员增长率超过 100% 相比有所放缓。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/370611a63034348c3104b8c258071ba2\" tg-width=\"939\" tg-height=\"511\" width=\"100%\" height=\"auto\"><span>(Source: SoFi)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：SoFi）</span></p></blockquote></p><p> SoFi added 126 thousand new members to its platform each month in the third-quarter. If SoFi can add around 120 thousand new members to its ecosystem each month in the fourth-quarter, which is possible and plausible, the personal finance company is set to end the year with around 3.3M members. Although SoFi may experience a continual slowdown in customer sign-ups post-pandemic, the firm is set to continue to grow at very high rates in the future. I estimate that SoFi will be able to build up its member base to around 9M members by FY 2026.</p><p><blockquote>第三季度，SoFi 平台每月新增 12.6 万名会员。如果 SoFi 能够在第四季度每月为其生态系统增加约 12 万名新会员（这是可能且合理的），那么这家个人理财公司将在今年年底拥有约 330 万会员。尽管大流行后 SoFi 的客户注册量可能会持续放缓，但该公司未来将继续以非常高的速度增长。我估计，到 2026 财年，SoFi 将能够将其会员基础扩大到约 900 万会员。</blockquote></p><p> The personal finance business is working hard on becoming a one-stop-shop and offer customized lending and investing products to every single member in its ecosystem. And there is a tremendous opportunity for continual momentum in customer acquisitions. This is because about half of Americans use at least two different banks to cover their financial needs, based on information from Go Banking Rates. SoFi, through its easy-to-use personal finance app and massive growth in the number of lending and financial service products, is uniquely positioned to sign on millions of new customers this decade.</p><p><blockquote>个人金融业务正在努力成为一站式服务，并为其生态系统中的每个成员提供定制的贷款和投资产品。客户获取的持续势头有着巨大的机会。这是因为根据 Go Banking Rates 的信息，大约一半的美国人至少使用两家不同的银行来满足他们的财务需求。SoFi通过其易于使用的个人理财应用程序以及贷款和金融服务产品数量的大幅增长，在这十年中拥有独特的优势，可以签约数百万新客户。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9d7f103fc7b0844b08be22aa736a0523\" tg-width=\"1280\" tg-height=\"721\" width=\"100%\" height=\"auto\"><span>(Source: Go Banking Rates)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（资料来源：Go银行利率）</span></p></blockquote></p><p> <b>SoFi's growth is undervalued</b></p><p><blockquote><b>SoFi 的增长被低估</b></blockquote></p><p></p><p> Because of the ongoing ramp in customer acquisition and revenue momentum, I believe that SoFi's drop in pricing is creating a unique opportunity to buy this undervalued growth stock. In the last eighteen trading days, SoFi traded down in fifteen days. The drop in pricing occurred chiefly because a set of macro factors is weighing on the market, including Omicron variant concerns, high inflation and a supply chain crisis that still has not been solved.</p><p><blockquote>由于客户获取和收入势头的持续增长，我相信 SoFi 定价的下降为购买这只被低估的成长型股票创造了一个独特的机会。在过去的十八个交易日中，SoFi有十五个交易日下跌。价格下跌主要是由于一系列宏观因素打压市场，包括奥密克戎变异担忧、高通胀和仍未解决的供应链危机。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/38b2e5ea23d9d6a8c99fb1ced34f1389\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Because of this undeserved drop in pricing, shares of SoFi now offer revenue growth that is 34% cheaper than in November. SoFi is expected to do sales of around $1.0B this year, based on the firm's guidance, which was raised from $980M last quarter. The revenue forecast for FY 2021 implies between 61% and 63% revenue growth.</p><p><blockquote>由于定价出现不应有的下跌，SoFi 股票现在的收入增长比 11 月份便宜了 34%。根据该公司的指引，SoFi 预计今年的销售额约为 10 亿美元，该指引高于上季度的 9.8 亿美元。2021财年的收入预测意味着收入增长61%至63%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d2abb9cad4f58c2dd2adafb70d5d1431\" tg-width=\"1087\" tg-height=\"214\" width=\"100%\" height=\"auto\"><span>(Source: SoFi)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：SoFi）</span></p></blockquote></p><p> For FY 2022, SoFi is projected to see $1.5B in revenues, implying a year over year revenue growth rate of 47%. SoFi is set to continue to grow much faster than most companies until, at least, FY 2025, which means the P-S ratio is set to drop rapidly.</p><p><blockquote>2022 财年，SoFi 预计收入为 $15 B，这意味着收入同比增长率为 47%。至少在 2025 财年之前，SoFi 的增长速度将比大多数公司快得多，这意味着市盈率将迅速下降。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2daf0eba823036a0d30bd293f2b55ee6\" tg-width=\"640\" tg-height=\"185\" width=\"100%\" height=\"auto\"><span>(Source: Seeking Alpha)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Seeking Alpha）</span></p></blockquote></p><p> <b>Risks with SoFi</b></p><p><blockquote><b>SoFi 的风险</b></blockquote></p><p> As the economy moved on from the COVID-19 pandemic, SoFi's member and revenue growth has started to slow. SoFi still added the second-highest number of new members to its platform in the third-quarter, but acquisition growth is slowing. This suggests that growth will continue to moderate unless, for reasons that would also be very concerning, the Omicron variant leads to a reboot of the pandemic, with additional vaccine requirements and shutdown orders to mitigate the spread of this variant.</p><p><blockquote>随着经济摆脱 COVID-19 大流行，SoFi 的会员和收入增长开始放缓。SoFi 第三季度其平台新增会员数量仍然位居第二，但收购增长正在放缓。这表明，除非出于同样令人担忧的原因，奥密克戎变种导致疫情重新启动，增加疫苗要求和关闭令，以减轻这种变种的传播，否则增长将继续放缓。</blockquote></p><p> Commercially speaking, SoFi will face tougher competition from other FinTechs and banks in the future that will do everything they can to resist SoFi's disruptive digital bank model. SoFi's personal finance platform itself has no moat, however, which means rivals can build similar digital banks and compete on aggressively low margins.</p><p><blockquote>从商业角度来看，SoFi 未来将面临来自其他金融科技公司和银行的更激烈的竞争，这些公司和银行将竭尽全力抵制 SoFi 颠覆性的数字银行模式。然而，SoFi 的个人理财平台本身没有护城河，这意味着竞争对手可以建立类似的数字银行，并以极低的利润率进行竞争。</blockquote></p><p> <b>Final thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> Shares of SoFi have dropped very steeply since November, although the firm's third-quarter showed commercial success regarding customer acquisition and product growth. SoFi also raised its forecast for FY 2021 revenues. Because of the 34% drop in pricing since November, SoFi's revenue and member growth is now heavily discounted again. SoFi - next to PayPal, Alibaba and Palantir - is a stock I am buying during this year-end sale!</p><p><blockquote>SoFi 的股价自 11 月以来大幅下跌，尽管该公司第三季度在客户获取和产品增长方面取得了商业成功。SoFi还上调了对2021财年收入的预测。由于自 11 月以来定价下降了 34%，SoFi 的收入和会员增长现在再次大幅打折。SoFi - 仅次于PayPal、阿里巴巴-SW和 Palantir - 是我在年终促销期间购买的股票!</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4473484-sofi-stock-tremendously-undervalued-buy\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SOFI":"SoFi Technologies Inc."},"source_url":"https://seekingalpha.com/article/4473484-sofi-stock-tremendously-undervalued-buy","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186769572","content_text":"Summary\n\nShares of SoFi are back in a buy-the-drop situation.\nIn the last 18 trading days, SoFi finished green only 3 times.\nSoFi’s member and revenue growth is now deeply discounted.\n\nNicoElNino/iStock via Getty Images\nShares of SoFi Technologies(NASDAQ:SOFI)are in a short term downtrend that is chiefly defined by macro risk factors, not the digital bank's commercial performance. Because SoFi's member and revenue growth has become too cheap, once again, I am buying!\nSoFi: A bank in your pocket for all your financial needs\nIt is hard to decide where to invest my money these days because the correction of growth stocks is creating more bargains than I could possibly buy. I have already bought PayPal(NASDAQ:PYPL), because of its revenue growth and Venmo/Amazon(NASDAQ:AMZN)partnership, Alibaba(NYSE:BABA), because of its cheap e-commerce growth, Palantir(NYSE:PLTR), because of a large and expanding government business, and now SoFi.\nSoFi experiences rapid member and revenue growth because of the firm's easy-to-use personal finance app and roll-out of new financial products in segments like cryptocurrencies, credit cards and investing services. SoFi is a \"bank in your pocket\", offering everything from home loans to student loan refinancings and insurance products to protect your family. SoFi's product offerings have expanded greatly during the pandemic and the digital bank offered 4.3M different products to its member base in the September quarter, showing an increase of 108% year over year. The majority of such offerings relate to financial services which serve a customer base that has shown appetite for new investment products, like fractional investing or digital currencies.\n(Source: SoFi)\nAs you may already know, SoFi's business soared during the pandemic. As people were forced to work remotely, mostly from home, SoFi's personal finance platform experienced a surge of customer sign-ons, and this surge is lasting to this day. SoFi's customer base swelled to 2.94M in the third-quarter. During the pandemic - the period between Q4'19 and Q3'21 - SoFi added 1.96M new members to its ecosystem, dramatically expanding the firm's cross-selling potential. This means that SoFi tripled its customer base in the last seven quarters and acquired an average of 93 thousand members every month since January 2020. SoFi's customer acquisition rate, however, has slowed this year because people have started to return to work and lockdown measures were eased. SoFi's member growth in the third-quarter was still 96% year over year, but it marks a slowdown from Q1'21 and Q2'21 where member growth rates exceeded 100%.\n(Source: SoFi)\nSoFi added 126 thousand new members to its platform each month in the third-quarter. If SoFi can add around 120 thousand new members to its ecosystem each month in the fourth-quarter, which is possible and plausible, the personal finance company is set to end the year with around 3.3M members. Although SoFi may experience a continual slowdown in customer sign-ups post-pandemic, the firm is set to continue to grow at very high rates in the future. I estimate that SoFi will be able to build up its member base to around 9M members by FY 2026.\nThe personal finance business is working hard on becoming a one-stop-shop and offer customized lending and investing products to every single member in its ecosystem. And there is a tremendous opportunity for continual momentum in customer acquisitions. This is because about half of Americans use at least two different banks to cover their financial needs, based on information from Go Banking Rates. SoFi, through its easy-to-use personal finance app and massive growth in the number of lending and financial service products, is uniquely positioned to sign on millions of new customers this decade.\n(Source: Go Banking Rates)\nSoFi's growth is undervalued\nBecause of the ongoing ramp in customer acquisition and revenue momentum, I believe that SoFi's drop in pricing is creating a unique opportunity to buy this undervalued growth stock. In the last eighteen trading days, SoFi traded down in fifteen days. The drop in pricing occurred chiefly because a set of macro factors is weighing on the market, including Omicron variant concerns, high inflation and a supply chain crisis that still has not been solved.\nData by YCharts\nBecause of this undeserved drop in pricing, shares of SoFi now offer revenue growth that is 34% cheaper than in November. SoFi is expected to do sales of around $1.0B this year, based on the firm's guidance, which was raised from $980M last quarter. The revenue forecast for FY 2021 implies between 61% and 63% revenue growth.\n(Source: SoFi)\nFor FY 2022, SoFi is projected to see $1.5B in revenues, implying a year over year revenue growth rate of 47%. SoFi is set to continue to grow much faster than most companies until, at least, FY 2025, which means the P-S ratio is set to drop rapidly.\n(Source: Seeking Alpha)\nRisks with SoFi\nAs the economy moved on from the COVID-19 pandemic, SoFi's member and revenue growth has started to slow. SoFi still added the second-highest number of new members to its platform in the third-quarter, but acquisition growth is slowing. This suggests that growth will continue to moderate unless, for reasons that would also be very concerning, the Omicron variant leads to a reboot of the pandemic, with additional vaccine requirements and shutdown orders to mitigate the spread of this variant.\nCommercially speaking, SoFi will face tougher competition from other FinTechs and banks in the future that will do everything they can to resist SoFi's disruptive digital bank model. SoFi's personal finance platform itself has no moat, however, which means rivals can build similar digital banks and compete on aggressively low margins.\nFinal thoughts\nShares of SoFi have dropped very steeply since November, although the firm's third-quarter showed commercial success regarding customer acquisition and product growth. SoFi also raised its forecast for FY 2021 revenues. Because of the 34% drop in pricing since November, SoFi's revenue and member growth is now heavily discounted again. SoFi - next to PayPal, Alibaba and Palantir - is a stock I am buying during this year-end sale!","news_type":1,"symbols_score_info":{"SOFI":0.9}},"isVote":1,"tweetType":1,"viewCount":2849,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/608741679"}
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