QqSM
2021-07-27
Snap it up!
Snap Stock: One Of Fastest Growing Social Media Companies<blockquote>Snap股票：增长最快的社交媒体公司之一</blockquote>
免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。
分享至
微信
复制链接
精彩评论
我们需要你的真知灼见来填补这片空白
打开APP，发表看法
APP内打开
发表看法
2
{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":809424549,"tweetId":"809424549","gmtCreate":1627388870881,"gmtModify":1633765496934,"author":{"id":3585797482260363,"idStr":"3585797482260363","authorId":3585797482260363,"authorIdStr":"3585797482260363","name":"QqSM","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":2,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body><p>Snap it up!</p></body></html>","htmlText":"<html><head></head><body><p>Snap it up!</p></body></html>","text":"Snap it up!","highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/809424549","repostId":1118738178,"repostType":4,"repost":{"id":"1118738178","kind":"news","pubTimestamp":1627385338,"share":"https://www.laohu8.com/m/news/1118738178?lang=zh_CN&edition=full","pubTime":"2021-07-27 19:28","market":"us","language":"en","title":"Snap Stock: One Of Fastest Growing Social Media Companies<blockquote>Snap股票：增长最快的社交媒体公司之一</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1118738178","media":"seekingalpha","summary":"Summary\n\nSnap had a high bar to cross to impress investors. And not only did its Q2 results succeed ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>Snap had a high bar to cross to impress investors. And not only did its Q2 results succeed but, looking out to its Q3 guidance, its prospects remain very attractive.</li> <li>Snap's ARPU in North America was the highlight of its Q2 results.</li> <li>Snap is not in the bargain basement. Hence, investors looking to buy at this stage will have to take a buy-and-hold investment strategy.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce123df394d362ecf57640f1621162e3\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>Geber86/E+ via Getty Images</span></p><p><blockquote><ul><li>Snap需要跨越很高的门槛才能给投资者留下深刻印象。不仅第二季度业绩取得成功，而且从第三季度指引来看，其前景仍然非常有吸引力。</li><li>Snap在北美的ARPU是其第二季度业绩的亮点。</li><li>Snap不在廉价地下室。因此，现阶段寻求买入的投资者必须采取买入并持有的投资策略。</li></ul><p class=\"t-img-caption\"><span>Geber86/E+来自盖蒂图片社</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Snap (SNAP) reported yet another impressive result and Q3 2021 guidance. And as we dig into its results, there are no obvious blemishes in the report. Snap continues growing its top line revenues at very strong rates, while its bottom line EBITDA growth is even more impressive.</p><p><blockquote>SNAP（SNAP）报告了另一项令人印象深刻的业绩和2021年第三季度指引。当我们深入研究其结果时，报告中没有明显的瑕疵。Snap的营收继续以非常强劲的速度增长，而其利润EBITDA增长则更加令人印象深刻。</blockquote></p><p> At 29x forward sales, the stock is not cheap. And investors considering this investment opportunity will have to adopt a very <i>strong-willed buy-and-hold investment strategy</i>. Because at this valuation, the stock is already pricing in a lot of future growth.</p><p><blockquote>以29倍的远期销售额计算，该股并不便宜。而考虑这一投资机会的投资者将不得不采取非常<i>意志坚定的买入并持有投资策略</i>.因为按照这个估值，该股已经消化了未来的大量增长。</blockquote></p><p> <b>Revenue Growth Rates Are Incredibly Strong</b></p><p><blockquote><b>收入增长率非常强劲</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/72843b7d7a6cc562b484e25eac7cacbe\" tg-width=\"640\" tg-height=\"285\" referrerpolicy=\"no-referrer\"><span>Source: author's calculations; **high-end guidance</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者计算；**高端指导</span></p></blockquote></p><p> Q2 2021 was always going to look strong given just how weak the advertising industry found itself in the same period a year ago. Thus, Snap shareholders were clearly expecting a lot. But to see Snap come out with more than triple digits y/y revenue growth rates? That was particularly stunning.</p><p><blockquote>考虑到一年前同期广告业的疲软程度，2021年第二季度看起来总是很强劲。因此，Snap股东显然期望很高。但看到Snap的收入同比增长率超过三位数？这尤其令人震惊。</blockquote></p><p> Previously, I had noted that investors should look beyond Snap's maturing MAUs in North America, and look towards its International opportunity as its next wave of growth opportunities.</p><p><blockquote>此前，我曾指出，投资者应该超越Snap在北美成熟的月活跃用户数，将其国际机遇视为下一波增长机会。</blockquote></p><p> However, even though its overseas revenues were strong, the real driver of Snap's returns come from the pricing power of its North America users:</p><p><blockquote>然而，尽管海外收入强劲，但Snap回报的真正驱动力来自北美用户的定价能力：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/95aca2444a479c7dc060c03d6bf0cec3\" tg-width=\"640\" tg-height=\"126\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> In the table above, I've stripped out all the other details for us to focus our discussions around Snap's Average Revenue Per User (\"ARPU\"). As you can see, pricing in North America was the real driver of revenues, with ARPU up 116% y/y. Why is this important?</p><p><blockquote>在上表中，我已经剔除了所有其他细节，以便我们将讨论的重点放在Snap的每用户平均收入（“ARPU”）上。正如您所看到的，北美的定价是收入的真正驱动力，ARPU同比增长116%。为什么这很重要？</blockquote></p><p> It's important because it shows that, even on the back of just 6% y/y growth in DAUs in North America, advertisers are eager to reach out and connect with Snap's young demographic and pay up for that opportunity.</p><p><blockquote>这很重要，因为它表明，即使北美DAU同比仅增长6%，广告商也渴望接触和联系Snap的年轻人群，并为这一机会付费。</blockquote></p><p> <b>Could Spectacles be the Next Wave of Growth for Snap?</b></p><p><blockquote><b>眼镜会成为Snap的下一波增长吗？</b></blockquote></p><p> For some time, Snap has been making investors aware that it's moving beyond just a social media platform and that it's now looking to take its Augmented Reality technology and deploy it into hardware.</p><p><blockquote>一段时间以来，Snap一直在让投资者意识到，它正在超越社交媒体平台，现在正在寻求将其增强现实技术部署到硬件中。</blockquote></p><p> At first, this was met with investor skepticism. After all, Snap was taking an asset-light and lucrative business and pivoting towards a hardware revenue business, with lower margins.</p><p><blockquote>起初，这遭到了投资者的质疑。毕竟，Snap正在采取轻资产且利润丰厚的业务，并转向利润率较低的硬件收入业务。</blockquote></p><p> Indeed, it didn't make much sense why Snap would make such a move. Particularly given that Snap had, without any hardware investment, grown very successfully and built the necessary technology to spring off other manufacturers' capital investment into a business with nearly $4.5 billion in run-rate revenues as of Q4 2021.</p><p><blockquote>事实上，Snap为什么会做出这样的举动并没有多大意义。特别是考虑到Snap在没有任何硬件投资的情况下发展非常成功，并建立了必要的技术，将其他制造商的资本投资转化为截至2021年第四季度运行收入近45亿美元的业务。</blockquote></p><p> Having said that, Snap asserts that by further developing its Spectacles business unit, users can not only create more immersive content, but they will have access to other uses as well.</p><p><blockquote>话虽如此，Snap声称，通过进一步发展其眼镜业务部门，用户不仅可以创建更身临其境的内容，还可以访问其他用途。</blockquote></p><p> For instance, by using Spectacles, users can use AR try-on technology to emulate a physical shopping experience and get clothing with the right fit and the right size, to reduce the need for online returns.</p><p><blockquote>例如，通过使用眼镜，用户可以使用AR试穿技术来模拟实体购物体验，并获得合适尺寸的衣服，以减少在线退货的需求。</blockquote></p><p> The underlying idea is to increase user engagement and build an increased digital inventory of the users' life journeys. Other uses could be to increase the personalization of an online shopping experience.</p><p><blockquote>潜在的想法是增加用户参与度，并建立用户生活旅程的数字清单。其他用途可以是增加在线购物体验的个性化。</blockquote></p><p> This is something that is likely to resonate strongly with Snap's young demographic and offers Snap an opportunity to differentiate itself against other players in this space.</p><p><blockquote>这可能会引起Snap年轻人的强烈共鸣，并为Snap提供了在该领域与其他参与者区分开来的机会。</blockquote></p><p> While Snap is quick to note that this is not yet a fully-fledged solution, it's nevertheless a way to improve shoppers' online experience by making visualization personal and as close to real as possible.</p><p><blockquote>虽然Snap很快指出，这还不是一个成熟的解决方案，但它仍然是一种通过使可视化个性化并尽可能接近真实来改善购物者在线体验的方式。</blockquote></p><p> <i>Hence, the question investors have to answer is whether this is all already priced in or if there's still more upside potential?</i></p><p><blockquote><i>因此，投资者必须回答的问题是，这一切是否已经被定价，或者是否还有更多的上涨潜力？</i></blockquote></p><p> <b>SNAP Stock Valuation: Not Cheap</b></p><p><blockquote><b>SNAP股票估值：不便宜</b></blockquote></p><p></p><p> Snap is valued at approximately 29x forward sales. If we compare with Pinterest (PINS), which trades at approximately 19x forward sales, this reminds readers that a lot of excitement, optimism, expectation, and positive sentiment is evidently priced into Snap.</p><p><blockquote>Snap的估值约为远期销售额的29倍。如果我们与Pinterest(PINS)（其远期销售额约为19倍）进行比较，这提醒读者，Snap显然包含了很多兴奋、乐观、期望和积极情绪。</blockquote></p><p> On the other hand, shareholders may be quick to remark that even if Snap is richly valued, high quality and rapidly growing businesses rarely trade in the bargain basement -- particularly towards the end of a very long bull market.</p><p><blockquote>另一方面，股东可能很快就会注意到，即使Snap估值很高，高质量和快速增长的企业也很少以低价交易——尤其是在漫长的牛市即将结束时。</blockquote></p><p> Moreover, keep in mind that Snap is now signaling to investors that its multi-year investments are now paying fruit and this now marks the third quarter of adjusted EBITDA profitability over its trailing twelve months.</p><p><blockquote>此外，请记住，Snap现在向投资者发出信号，表明其多年投资正在取得成果，这标志着其过去12个月调整后EBITDA盈利能力的第三季度。</blockquote></p><p> Hence, if Snap's Q2 2021's 116% top line appears strong and caught many headlines, then Snap's adjusted EBITDA growth of more than 200% looks even better.</p><p><blockquote>因此，如果SNAP 2021年第二季度116%的营收显得强劲并成为许多头条新闻，那么Snap调整后EBITDA增长超过200%看起来就更好了。</blockquote></p><p> What's more, as we look out to its guidance next quarter, its bottom line EBITDA is expected to once again posttriple digits EBITDA growth y/y.</p><p><blockquote>更重要的是，当我们展望下一季度的指引时，其净利润EBITDA预计将再次实现三位数的EBITDA同比增长。</blockquote></p><p> <b>Premortem (Investment Risks)</b></p><p><blockquote><b>事前（投资风险）</b></blockquote></p><p> Arguably, the single bearish consideration is that Snap's valuation doesn't offer investors much room for error. Not only does it trade more expensively than other social platforms, but it's also clearly a richly valued stock.</p><p><blockquote>可以说，唯一看跌的考虑因素是Snap的估值没有给投资者提供太多犯错的空间。它不仅比其他社交平台的交易成本更高，而且显然也是一只估值很高的股票。</blockquote></p><p> To this end, we see that investors pricing a lot of optimism that Snap will continue to positively surprise investors. Consequently, any mishaps during any quarter, when a stock is so richly priced, leaves the stock primed for a meaningful sell-off.</p><p><blockquote>为此，我们看到投资者对Snap将继续给投资者带来积极惊喜的乐观情绪进行了定价。因此，当股票定价如此昂贵时，任何季度发生的任何事故都会使该股票面临大幅抛售。</blockquote></p><p> Next, the bulk of investor thesis is to a large extent contingent on Snap's DAUs continuing to steadily increase. What's more, Q2 2021 marked just a mid-single-digit increase in DAUs in North America.</p><p><blockquote>接下来，投资者的大部分论点在很大程度上取决于Snap的DAU持续稳步增长。此外，2021年第二季度北美的DAU仅实现了中个位数的增长。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cab82b3b3570378165d43957bf0e925c\" tg-width=\"640\" tg-height=\"65\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> If we look back to H1 2019 (pre-COVID), Snap's DAU growth was approximately compared with the same period in the prior year. This is an undeniable reminder that Snap's DAU growth had previously flattened and that it's entirely possible that it may flatten down once again. If that were to happen, investors would not regard Snap as a high growth name, and the number of investors that would be willing to pay for the stock would decrease.</p><p><blockquote>如果我们回顾2019年上半年（COVID之前），Snap的DAU增长与上年同期大致相当。这不可否认地提醒我们，Snap的DAU增长此前已经趋于平缓，而且完全有可能再次趋于平缓。如果发生这种情况，投资者就不会将Snap视为一个高增长的名字，愿意购买该股票的投资者数量也会减少。</blockquote></p><p> <b>The Bottom Line: Is SNAP A Good Buy?</b></p><p><blockquote><b>底线：SNAP值得购买吗？</b></blockquote></p><p> Even though Snap is not a cheap stock, Snap continues to demonstrate that its revenue growth rates remain incredibly strong.</p><p><blockquote>尽管Snap并不是一只便宜的股票，但Snap继续证明其收入增长率仍然非常强劲。</blockquote></p><p> While there's a lot to like in Snap's investment, I will sit out this opportunity as I prefer to invest in companies where the outlook is not as rosy, but the valuation is dramatically cheaper.</p><p><blockquote>虽然Snap的投资有很多值得喜欢的地方，但我会坐视这个机会，因为我更喜欢投资前景不那么乐观但估值却便宜得多的公司。</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>Snap Stock: One Of Fastest Growing Social Media Companies<blockquote>Snap股票：增长最快的社交媒体公司之一</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\">\nSnap Stock: One Of Fastest Growing Social Media Companies<blockquote>Snap股票：增长最快的社交媒体公司之一</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-27 19:28</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>Snap had a high bar to cross to impress investors. And not only did its Q2 results succeed but, looking out to its Q3 guidance, its prospects remain very attractive.</li> <li>Snap's ARPU in North America was the highlight of its Q2 results.</li> <li>Snap is not in the bargain basement. Hence, investors looking to buy at this stage will have to take a buy-and-hold investment strategy.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce123df394d362ecf57640f1621162e3\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>Geber86/E+ via Getty Images</span></p><p><blockquote><ul><li>Snap需要跨越很高的门槛才能给投资者留下深刻印象。不仅第二季度业绩取得成功，而且从第三季度指引来看，其前景仍然非常有吸引力。</li><li>Snap在北美的ARPU是其第二季度业绩的亮点。</li><li>Snap不在廉价地下室。因此，现阶段寻求买入的投资者必须采取买入并持有的投资策略。</li></ul><p class=\"t-img-caption\"><span>Geber86/E+来自盖蒂图片社</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Snap (SNAP) reported yet another impressive result and Q3 2021 guidance. And as we dig into its results, there are no obvious blemishes in the report. Snap continues growing its top line revenues at very strong rates, while its bottom line EBITDA growth is even more impressive.</p><p><blockquote>SNAP（SNAP）报告了另一项令人印象深刻的业绩和2021年第三季度指引。当我们深入研究其结果时，报告中没有明显的瑕疵。Snap的营收继续以非常强劲的速度增长，而其利润EBITDA增长则更加令人印象深刻。</blockquote></p><p> At 29x forward sales, the stock is not cheap. And investors considering this investment opportunity will have to adopt a very <i>strong-willed buy-and-hold investment strategy</i>. Because at this valuation, the stock is already pricing in a lot of future growth.</p><p><blockquote>以29倍的远期销售额计算，该股并不便宜。而考虑这一投资机会的投资者将不得不采取非常<i>意志坚定的买入并持有投资策略</i>.因为按照这个估值，该股已经消化了未来的大量增长。</blockquote></p><p> <b>Revenue Growth Rates Are Incredibly Strong</b></p><p><blockquote><b>收入增长率非常强劲</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/72843b7d7a6cc562b484e25eac7cacbe\" tg-width=\"640\" tg-height=\"285\" referrerpolicy=\"no-referrer\"><span>Source: author's calculations; **high-end guidance</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者计算；**高端指导</span></p></blockquote></p><p> Q2 2021 was always going to look strong given just how weak the advertising industry found itself in the same period a year ago. Thus, Snap shareholders were clearly expecting a lot. But to see Snap come out with more than triple digits y/y revenue growth rates? That was particularly stunning.</p><p><blockquote>考虑到一年前同期广告业的疲软程度，2021年第二季度看起来总是很强劲。因此，Snap股东显然期望很高。但看到Snap的收入同比增长率超过三位数？这尤其令人震惊。</blockquote></p><p> Previously, I had noted that investors should look beyond Snap's maturing MAUs in North America, and look towards its International opportunity as its next wave of growth opportunities.</p><p><blockquote>此前，我曾指出，投资者应该超越Snap在北美成熟的月活跃用户数，将其国际机遇视为下一波增长机会。</blockquote></p><p> However, even though its overseas revenues were strong, the real driver of Snap's returns come from the pricing power of its North America users:</p><p><blockquote>然而，尽管海外收入强劲，但Snap回报的真正驱动力来自北美用户的定价能力：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/95aca2444a479c7dc060c03d6bf0cec3\" tg-width=\"640\" tg-height=\"126\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> In the table above, I've stripped out all the other details for us to focus our discussions around Snap's Average Revenue Per User (\"ARPU\"). As you can see, pricing in North America was the real driver of revenues, with ARPU up 116% y/y. Why is this important?</p><p><blockquote>在上表中，我已经剔除了所有其他细节，以便我们将讨论的重点放在Snap的每用户平均收入（“ARPU”）上。正如您所看到的，北美的定价是收入的真正驱动力，ARPU同比增长116%。为什么这很重要？</blockquote></p><p> It's important because it shows that, even on the back of just 6% y/y growth in DAUs in North America, advertisers are eager to reach out and connect with Snap's young demographic and pay up for that opportunity.</p><p><blockquote>这很重要，因为它表明，即使北美DAU同比仅增长6%，广告商也渴望接触和联系Snap的年轻人群，并为这一机会付费。</blockquote></p><p> <b>Could Spectacles be the Next Wave of Growth for Snap?</b></p><p><blockquote><b>眼镜会成为Snap的下一波增长吗？</b></blockquote></p><p> For some time, Snap has been making investors aware that it's moving beyond just a social media platform and that it's now looking to take its Augmented Reality technology and deploy it into hardware.</p><p><blockquote>一段时间以来，Snap一直在让投资者意识到，它正在超越社交媒体平台，现在正在寻求将其增强现实技术部署到硬件中。</blockquote></p><p> At first, this was met with investor skepticism. After all, Snap was taking an asset-light and lucrative business and pivoting towards a hardware revenue business, with lower margins.</p><p><blockquote>起初，这遭到了投资者的质疑。毕竟，Snap正在采取轻资产且利润丰厚的业务，并转向利润率较低的硬件收入业务。</blockquote></p><p> Indeed, it didn't make much sense why Snap would make such a move. Particularly given that Snap had, without any hardware investment, grown very successfully and built the necessary technology to spring off other manufacturers' capital investment into a business with nearly $4.5 billion in run-rate revenues as of Q4 2021.</p><p><blockquote>事实上，Snap为什么会做出这样的举动并没有多大意义。特别是考虑到Snap在没有任何硬件投资的情况下发展非常成功，并建立了必要的技术，将其他制造商的资本投资转化为截至2021年第四季度运行收入近45亿美元的业务。</blockquote></p><p> Having said that, Snap asserts that by further developing its Spectacles business unit, users can not only create more immersive content, but they will have access to other uses as well.</p><p><blockquote>话虽如此，Snap声称，通过进一步发展其眼镜业务部门，用户不仅可以创建更身临其境的内容，还可以访问其他用途。</blockquote></p><p> For instance, by using Spectacles, users can use AR try-on technology to emulate a physical shopping experience and get clothing with the right fit and the right size, to reduce the need for online returns.</p><p><blockquote>例如，通过使用眼镜，用户可以使用AR试穿技术来模拟实体购物体验，并获得合适尺寸的衣服，以减少在线退货的需求。</blockquote></p><p> The underlying idea is to increase user engagement and build an increased digital inventory of the users' life journeys. Other uses could be to increase the personalization of an online shopping experience.</p><p><blockquote>潜在的想法是增加用户参与度，并建立用户生活旅程的数字清单。其他用途可以是增加在线购物体验的个性化。</blockquote></p><p> This is something that is likely to resonate strongly with Snap's young demographic and offers Snap an opportunity to differentiate itself against other players in this space.</p><p><blockquote>这可能会引起Snap年轻人的强烈共鸣，并为Snap提供了在该领域与其他参与者区分开来的机会。</blockquote></p><p> While Snap is quick to note that this is not yet a fully-fledged solution, it's nevertheless a way to improve shoppers' online experience by making visualization personal and as close to real as possible.</p><p><blockquote>虽然Snap很快指出，这还不是一个成熟的解决方案，但它仍然是一种通过使可视化个性化并尽可能接近真实来改善购物者在线体验的方式。</blockquote></p><p> <i>Hence, the question investors have to answer is whether this is all already priced in or if there's still more upside potential?</i></p><p><blockquote><i>因此，投资者必须回答的问题是，这一切是否已经被定价，或者是否还有更多的上涨潜力？</i></blockquote></p><p> <b>SNAP Stock Valuation: Not Cheap</b></p><p><blockquote><b>SNAP股票估值：不便宜</b></blockquote></p><p></p><p> Snap is valued at approximately 29x forward sales. If we compare with Pinterest (PINS), which trades at approximately 19x forward sales, this reminds readers that a lot of excitement, optimism, expectation, and positive sentiment is evidently priced into Snap.</p><p><blockquote>Snap的估值约为远期销售额的29倍。如果我们与Pinterest(PINS)（其远期销售额约为19倍）进行比较，这提醒读者，Snap显然包含了很多兴奋、乐观、期望和积极情绪。</blockquote></p><p> On the other hand, shareholders may be quick to remark that even if Snap is richly valued, high quality and rapidly growing businesses rarely trade in the bargain basement -- particularly towards the end of a very long bull market.</p><p><blockquote>另一方面，股东可能很快就会注意到，即使Snap估值很高，高质量和快速增长的企业也很少以低价交易——尤其是在漫长的牛市即将结束时。</blockquote></p><p> Moreover, keep in mind that Snap is now signaling to investors that its multi-year investments are now paying fruit and this now marks the third quarter of adjusted EBITDA profitability over its trailing twelve months.</p><p><blockquote>此外，请记住，Snap现在向投资者发出信号，表明其多年投资正在取得成果，这标志着其过去12个月调整后EBITDA盈利能力的第三季度。</blockquote></p><p> Hence, if Snap's Q2 2021's 116% top line appears strong and caught many headlines, then Snap's adjusted EBITDA growth of more than 200% looks even better.</p><p><blockquote>因此，如果SNAP 2021年第二季度116%的营收显得强劲并成为许多头条新闻，那么Snap调整后EBITDA增长超过200%看起来就更好了。</blockquote></p><p> What's more, as we look out to its guidance next quarter, its bottom line EBITDA is expected to once again posttriple digits EBITDA growth y/y.</p><p><blockquote>更重要的是，当我们展望下一季度的指引时，其净利润EBITDA预计将再次实现三位数的EBITDA同比增长。</blockquote></p><p> <b>Premortem (Investment Risks)</b></p><p><blockquote><b>事前（投资风险）</b></blockquote></p><p> Arguably, the single bearish consideration is that Snap's valuation doesn't offer investors much room for error. Not only does it trade more expensively than other social platforms, but it's also clearly a richly valued stock.</p><p><blockquote>可以说，唯一看跌的考虑因素是Snap的估值没有给投资者提供太多犯错的空间。它不仅比其他社交平台的交易成本更高，而且显然也是一只估值很高的股票。</blockquote></p><p> To this end, we see that investors pricing a lot of optimism that Snap will continue to positively surprise investors. Consequently, any mishaps during any quarter, when a stock is so richly priced, leaves the stock primed for a meaningful sell-off.</p><p><blockquote>为此，我们看到投资者对Snap将继续给投资者带来积极惊喜的乐观情绪进行了定价。因此，当股票定价如此昂贵时，任何季度发生的任何事故都会使该股票面临大幅抛售。</blockquote></p><p> Next, the bulk of investor thesis is to a large extent contingent on Snap's DAUs continuing to steadily increase. What's more, Q2 2021 marked just a mid-single-digit increase in DAUs in North America.</p><p><blockquote>接下来，投资者的大部分论点在很大程度上取决于Snap的DAU持续稳步增长。此外，2021年第二季度北美的DAU仅实现了中个位数的增长。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cab82b3b3570378165d43957bf0e925c\" tg-width=\"640\" tg-height=\"65\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> If we look back to H1 2019 (pre-COVID), Snap's DAU growth was approximately compared with the same period in the prior year. This is an undeniable reminder that Snap's DAU growth had previously flattened and that it's entirely possible that it may flatten down once again. If that were to happen, investors would not regard Snap as a high growth name, and the number of investors that would be willing to pay for the stock would decrease.</p><p><blockquote>如果我们回顾2019年上半年（COVID之前），Snap的DAU增长与上年同期大致相当。这不可否认地提醒我们，Snap的DAU增长此前已经趋于平缓，而且完全有可能再次趋于平缓。如果发生这种情况，投资者就不会将Snap视为一个高增长的名字，愿意购买该股票的投资者数量也会减少。</blockquote></p><p> <b>The Bottom Line: Is SNAP A Good Buy?</b></p><p><blockquote><b>底线：SNAP值得购买吗？</b></blockquote></p><p> Even though Snap is not a cheap stock, Snap continues to demonstrate that its revenue growth rates remain incredibly strong.</p><p><blockquote>尽管Snap并不是一只便宜的股票，但Snap继续证明其收入增长率仍然非常强劲。</blockquote></p><p> While there's a lot to like in Snap's investment, I will sit out this opportunity as I prefer to invest in companies where the outlook is not as rosy, but the valuation is dramatically cheaper.</p><p><blockquote>虽然Snap的投资有很多值得喜欢的地方，但我会坐视这个机会，因为我更喜欢投资前景不那么乐观但估值却便宜得多的公司。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4441412-snap-one-of-fastest-growing-social-media-companies\">seekingalpha</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":{"SNAP":"Snap Inc"},"source_url":"https://seekingalpha.com/article/4441412-snap-one-of-fastest-growing-social-media-companies","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118738178","content_text":"Summary\n\nSnap had a high bar to cross to impress investors. And not only did its Q2 results succeed but, looking out to its Q3 guidance, its prospects remain very attractive.\nSnap's ARPU in North America was the highlight of its Q2 results.\nSnap is not in the bargain basement. Hence, investors looking to buy at this stage will have to take a buy-and-hold investment strategy.\n\nGeber86/E+ via Getty Images\nInvestment Thesis\nSnap (SNAP) reported yet another impressive result and Q3 2021 guidance. And as we dig into its results, there are no obvious blemishes in the report. Snap continues growing its top line revenues at very strong rates, while its bottom line EBITDA growth is even more impressive.\nAt 29x forward sales, the stock is not cheap. And investors considering this investment opportunity will have to adopt a very strong-willed buy-and-hold investment strategy. Because at this valuation, the stock is already pricing in a lot of future growth.\nRevenue Growth Rates Are Incredibly Strong\nSource: author's calculations; **high-end guidance\nQ2 2021 was always going to look strong given just how weak the advertising industry found itself in the same period a year ago. Thus, Snap shareholders were clearly expecting a lot. But to see Snap come out with more than triple digits y/y revenue growth rates? That was particularly stunning.\nPreviously, I had noted that investors should look beyond Snap's maturing MAUs in North America, and look towards its International opportunity as its next wave of growth opportunities.\nHowever, even though its overseas revenues were strong, the real driver of Snap's returns come from the pricing power of its North America users:\n\nIn the table above, I've stripped out all the other details for us to focus our discussions around Snap's Average Revenue Per User (\"ARPU\"). As you can see, pricing in North America was the real driver of revenues, with ARPU up 116% y/y. Why is this important?\nIt's important because it shows that, even on the back of just 6% y/y growth in DAUs in North America, advertisers are eager to reach out and connect with Snap's young demographic and pay up for that opportunity.\nCould Spectacles be the Next Wave of Growth for Snap?\nFor some time, Snap has been making investors aware that it's moving beyond just a social media platform and that it's now looking to take its Augmented Reality technology and deploy it into hardware.\nAt first, this was met with investor skepticism. After all, Snap was taking an asset-light and lucrative business and pivoting towards a hardware revenue business, with lower margins.\nIndeed, it didn't make much sense why Snap would make such a move. Particularly given that Snap had, without any hardware investment, grown very successfully and built the necessary technology to spring off other manufacturers' capital investment into a business with nearly $4.5 billion in run-rate revenues as of Q4 2021.\nHaving said that, Snap asserts that by further developing its Spectacles business unit, users can not only create more immersive content, but they will have access to other uses as well.\nFor instance, by using Spectacles, users can use AR try-on technology to emulate a physical shopping experience and get clothing with the right fit and the right size, to reduce the need for online returns.\nThe underlying idea is to increase user engagement and build an increased digital inventory of the users' life journeys. Other uses could be to increase the personalization of an online shopping experience.\nThis is something that is likely to resonate strongly with Snap's young demographic and offers Snap an opportunity to differentiate itself against other players in this space.\nWhile Snap is quick to note that this is not yet a fully-fledged solution, it's nevertheless a way to improve shoppers' online experience by making visualization personal and as close to real as possible.\nHence, the question investors have to answer is whether this is all already priced in or if there's still more upside potential?\nSNAP Stock Valuation: Not Cheap\nSnap is valued at approximately 29x forward sales. If we compare with Pinterest (PINS), which trades at approximately 19x forward sales, this reminds readers that a lot of excitement, optimism, expectation, and positive sentiment is evidently priced into Snap.\nOn the other hand, shareholders may be quick to remark that even if Snap is richly valued, high quality and rapidly growing businesses rarely trade in the bargain basement -- particularly towards the end of a very long bull market.\nMoreover, keep in mind that Snap is now signaling to investors that its multi-year investments are now paying fruit and this now marks the third quarter of adjusted EBITDA profitability over its trailing twelve months.\nHence, if Snap's Q2 2021's 116% top line appears strong and caught many headlines, then Snap's adjusted EBITDA growth of more than 200% looks even better.\nWhat's more, as we look out to its guidance next quarter, its bottom line EBITDA is expected to once again posttriple digits EBITDA growth y/y.\nPremortem (Investment Risks)\nArguably, the single bearish consideration is that Snap's valuation doesn't offer investors much room for error. Not only does it trade more expensively than other social platforms, but it's also clearly a richly valued stock.\nTo this end, we see that investors pricing a lot of optimism that Snap will continue to positively surprise investors. Consequently, any mishaps during any quarter, when a stock is so richly priced, leaves the stock primed for a meaningful sell-off.\nNext, the bulk of investor thesis is to a large extent contingent on Snap's DAUs continuing to steadily increase. What's more, Q2 2021 marked just a mid-single-digit increase in DAUs in North America.\n\nIf we look back to H1 2019 (pre-COVID), Snap's DAU growth was approximately compared with the same period in the prior year. This is an undeniable reminder that Snap's DAU growth had previously flattened and that it's entirely possible that it may flatten down once again. If that were to happen, investors would not regard Snap as a high growth name, and the number of investors that would be willing to pay for the stock would decrease.\nThe Bottom Line: Is SNAP A Good Buy?\nEven though Snap is not a cheap stock, Snap continues to demonstrate that its revenue growth rates remain incredibly strong.\nWhile there's a lot to like in Snap's investment, I will sit out this opportunity as I prefer to invest in companies where the outlook is not as rosy, but the valuation is dramatically cheaper.","news_type":1,"symbols_score_info":{"SNAP":0.9}},"isVote":1,"tweetType":1,"viewCount":1788,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":9,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/809424549"}
精彩评论