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DragonKing
DragonKing
·
2021-12-29
Is coming...Like Pls.
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DragonKing
DragonKing
·
2021-12-28
Wow
The $900 Billion Cash Pile Inflating Startup Valuations<blockquote>9000亿美元的现金堆积推高了初创公司的估值</blockquote>
Investors are defying a share-price slump for newly public companies to make hundreds of billions of
The $900 Billion Cash Pile Inflating Startup Valuations<blockquote>9000亿美元的现金堆积推高了初创公司的估值</blockquote>
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DragonKing
DragonKing
·
2021-12-28
Get ready....
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DragonKing
DragonKing
·
2021-12-27
Tine to buy...like pls.
Unity Stock: If You Have Been Waiting, The Time Has Come To Buy<blockquote>Unity 股票：如果您一直在等待，现在是购买的时候了</blockquote>
Summary Unity is the leading engine in real-time 3D for gaming creators. Moreover, its use cases ha
Unity Stock: If You Have Been Waiting, The Time Has Come To Buy<blockquote>Unity 股票：如果您一直在等待，现在是购买的时候了</blockquote>
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DragonKing
DragonKing
·
2021-12-27
All in.
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DragonKing
DragonKing
·
2021-12-26
In. Like pls.
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DragonKing
DragonKing
·
2021-12-26
Yeah
A Year After Announcing a Big Partnership, Ocugen Is in a Sorry State<blockquote>宣布大型合作伙伴关系一年后，Ocugen 陷入了困境</blockquote>
In the last year, Ocugen(NASDAQ:OCGN) stock is still among the top performers. During this period, t
A Year After Announcing a Big Partnership, Ocugen Is in a Sorry State<blockquote>宣布大型合作伙伴关系一年后，Ocugen 陷入了困境</blockquote>
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DragonKing
DragonKing
·
2021-12-24
All in.
Will Netflix Stock Hit $700 in 2022?<blockquote>Netflix 股票会在 2022 年达到 700 美元吗？</blockquote>
Up just 17% in 2021, this streaming innovator might be poised for a huge run next year.
Will Netflix Stock Hit $700 in 2022?<blockquote>Netflix 股票会在 2022 年达到 700 美元吗？</blockquote>
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DragonKing
DragonKing
·
2021-12-24
Like pls
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DragonKing
DragonKing
·
2021-12-24
Down please...
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11:17","market":"us","language":"en","title":"The $900 Billion Cash Pile Inflating Startup Valuations<blockquote>9000亿美元的现金堆积推高了初创公司的估值</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1114239115","media":"WSJ","summary":"Investors are defying a share-price slump for newly public companies to make hundreds of billions of","content":"<p><a href=\"https://laohu8.com/S/ISBC\">Investors</a> are defying a share-price slump for newly public companies to make hundreds of billions of dollars available to startups, a cash pile that promises to inject a torrent of money into early-stage firms in 2022 and beyond.</p><p><blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>新上市公司不顾股价暴跌，向初创公司提供数千亿美元，这笔现金有望在 2022 年及以后向早期公司注入大量资金。</blockquote></p><p> Special-purpose acquisition companies, which take startups public through mergers, raised about $12 billion in each of October and November, roughly doubling their clip from each of the previous three months, Dealogic data show. So far in December, three SPACs a day are being created. While that is below the first quarter’s record pace, it brings the total amount held by the hundreds of SPACs seeking private companies to take public in the next two years to roughly $160 billion.</p><p><blockquote>Dealogic 数据显示，通过合并将初创公司上市的特殊目的收购公司在 10 月和 11 月每年筹集了约 120 亿美元，大约是前三个月每个月的两倍。12月到目前为止，每天有三个SPAC被创建。虽然这低于第一季度的创纪录速度，但这使得数百家寻求私营公司在未来两年内上市的 SPAC 持有的总金额达到约 1600 亿美元。</blockquote></p><p> The cash committed to venture-capital firms and private-equity firms focused on rapidly growing companies but not yet spent also is ballooning. So-called dry powder hit about $440 billion for venture capitalists and roughly $310 billion for growth-focused PE firms earlier this month, according to Preqin.</p><p><blockquote>承诺给专注于快速增长公司但尚未花掉的风险投资公司和私募股权公司的现金也在膨胀。根据 Preqin 的数据，本月早些时候，所谓的干粉对风险投资家来说损失了约 4400 亿美元，对注重增长的私募股权公司来说损失了约 3100 亿美元。</blockquote></p><p> Despite billions of dollars in lost market value for publicly listed startups, the cash hoards represent buoyant demand from investors with interest rates near zero and stock indexes at or near records. They show how SPACs and private markets have been more resilient than many analysts expected, particularly with regulators ratcheting up scrutiny of so-called blank-check companies. Many analysts also expect interest rates to climb in the years ahead, potentially making moonshot bets on early-stage companies less attractive.</p><p><blockquote>尽管上市初创公司市值损失了数十亿美元，但现金储备代表了利率接近于零、股指处于或接近历史新高的投资者的旺盛需求。它们显示了 SPAC 和私人市场的弹性比许多分析师预期的更强，特别是在监管机构加强对所谓空白支票公司的审查的情况下。许多分析师还预计未来几年利率将会攀升，这可能会降低对早期公司的登月押注吸引力。</blockquote></p><p> Startups currently have several paths to access the cash, investors and executives say, particularly because a large chunk is flooding to companies working to decarbonize the economy. SPACs and other financiers often engage in bidding duels known on Wall Street as “SPAC-offs,” helping keep money flowing into startups.</p><p><blockquote>投资者和高管表示，初创公司目前有多种途径可以获得现金，特别是因为很大一部分资金正涌入致力于经济脱碳的公司。SPAC 和其他金融家经常参与在华尔街被称为 “SPAC-offs ”的竞购对决，帮助资金不断流入初创企业。</blockquote></p><p> “There’s just so much money in the world chasing growth and returns,” said Bill Gross, who founded startup incubator Idealab.</p><p><blockquote>“创办初创企业孵化器 Idealab 的比尔-格罗斯（Bill Gross）说：”世界上有太多的钱在追逐增长和回报。</blockquote></p><p> Sometimes confused with the famous bond investor Bill Gross, Idealab’s Mr. Gross is chief executive of concentrated solar power startup Heliogen Inc. Heliogen, which doesn’t expect substantial revenue until 2023, is going public in a$2 billion SPAC deal. Another Idealab company, Energy Vault Inc.,unveiled a $1.6 billion SPAC merger in September.</p><p><blockquote>Idealab 的格罗斯先生有时会与著名债券投资者比尔-格罗斯（Bill Gross）混淆，他是聚光太阳能初创公司 Heliogen Inc. Heliogen 预计要到 2023 年才能获得可观收入，该公司将以 20 亿澳元的 SPAC 交易上市。另一家 Idealab 公司 Energy Vault Inc. 于 9 月份宣布了一项价值 16 亿美元的 SPAC 合并。</blockquote></p><p> Outside of SPACs, cash is piling into startups at unprecedented rates from venture-capital firms and hedge funds such as Tiger Global Management LLC that traditionally were more focused on public companies. Nearly 340 new unicorn startups—or about one each day—have privately raised money at valuations north of $1 billion this year, more than triple the total from last year, PitchBook data show.</p><p><blockquote>除了 SPAC 之外，现金正以前所未有的速度从风险投资公司和 Tiger Global Management LLC 等对冲基金涌入初创公司，这些基金传统上更关注上市公司。PitchBook 数据显示，今年有近 340 家新的独角兽初创公司（或大约每天一家）以超过 10 亿美元的估值私下融资，是去年总数的三倍多。</blockquote></p><p> In the late summer, Mike Xu, CEO of food-distribution startup GrubMarket, began looking for $50 million of new funding for his business, which he said is profitable. By November, demand proved so high he ended up securing $240 million from investors—which itself was lower than what many wanted to commit. That included a $40 million commitment from Tiger Global that came together about a week after he began discussions with the <a href=\"https://laohu8.com/S/NWY\">New York</a>-based investor.</p><p><blockquote>夏末，食品分销初创公司 GrubMarket 的首席执行官 Mike Xu 开始为他的业务寻找 5000 万美元的新资金，他表示该业务有利可图。到了 11 月，需求证明如此之高，他最终从投资者那里获得了 2.4 亿美元——这本身就低于许多人想要承诺的金额。其中包括 Tiger Global 在他开始与 Tiger Global 讨论约一周后做出的 4000 万美元承诺<a href=\"https://laohu8.com/S/NWY\">纽约</a>-基于投资者。</blockquote></p><p> “It just moved extremely fast,” he said of the investment round valuing the firm at over $1.2 billion. “It was way more than we expected.” GrubMarket also secured funds managed by <a href=\"https://laohu8.com/S/BLK\">BlackRock</a> Inc.</p><p><blockquote>“他在谈到对公司估值超过 12 亿美元的一轮投资时说：”进展非常快。“这比我们预想的要多得多。”GrubMarket 还获得了由以下机构管理的资金：<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>公司。</blockquote></p><p> Carbon Capture Inc., a startup working to remove carbon emissions directly from the atmosphere that also is backed by Mr. Gross’s Idealab, recently raised $35 million in its first round from investors including Salesforce Inc. co-CEO Marc Benioff’s venture firm.</p><p><blockquote>Carbon Capture Inc. 是一家致力于直接清除大气中碳排放的初创公司，也得到了格罗斯先生的 Idealab 的支持，最近在第一轮融资中从包括 Salesforce Inc. 联合首席执行官马克-贝尼奥夫（Marc Benioff）的风险投资公司在内的投资者那里筹集了 3500 万美元。</blockquote></p><p> Many startups also have found excited investors at large technology companies, pension funds, and sovereign-wealth funds.</p><p><blockquote>许多初创公司还在大型科技公司、养老基金和主权财富基金找到了兴奋的投资者。</blockquote></p><p> The fundraising frenzy is continuing even though sentiment toward newly public startups has cooled. An exchange-traded fund that tracks companies that went public through SPACs is down about 25% for the year. Meanwhile, an ETF of companies that recently did traditional initial public offerings has slumped roughly 15% in the past three months.</p><p><blockquote>尽管对新上市初创公司的情绪已经降温，但筹款狂潮仍在继续。一只追踪通过 SPAC 上市的公司的交易所交易基金今年下跌了约 25%。与此同时，最近进行传统首次公开募股的公司的 ETF 在过去三个月中下跌了约 15%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/fa784fe1c27b15e6c63cfb7b35c9bba6\" tg-width=\"822\" tg-height=\"751\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> SPACs are in focus for many investors because they have taken Wall Street and Silicon Valley by storm as a new way to quickly raise cash and go public. A SPAC is a shell firm that raises money and lists on a stock exchange with the sole intent of merging with a private firm to take it public. After regulators approve the deal, the private firm replaces the SPAC in the stock market.</p><p><blockquote>SPAC 成为许多投资者关注的焦点，因为它们席卷了华尔街和硅谷，成为快速筹集资金和上市的新途径。特殊目的收购公司是一家空壳公司，它筹集资金并在证券交易所上市，其唯一目的是与一家私营公司合并以将其上市。监管机构批准该交易后，这家私营公司将取代股票市场上的特殊目的收购公司。</blockquote></p><p></p><p> One reason for SPACs’ sudden ubiquity is that startups are allowed to make business projections when going public that aren’t allowed in traditional IPOs.</p><p><blockquote>SPAC 突然无处不在的一个原因是，初创企业在上市时可以做出传统 IPO 所不允许的业务预测。</blockquote></p><p> Many have struggled to meet those targets or have hit business snags, sending shares tumbling.Of the nearly 200 companies that have gone public through SPAC deals this year, about 75% have share prices below the SPAC’s listing price, according to SPAC Research. Nearly 40 companies have lost more than 50% of their value.</p><p><blockquote>许多公司都在努力实现这些目标，或者遇到了业务障碍，导致股价暴跌。根据 SPAC Research 的数据，在今年通过 SPAC 交易上市的近 200 家公司中，约有 75% 的公司股价低于 SPAC 的上市价格。近40家公司的价值损失了50%以上。</blockquote></p><p> Regulators have investigated several companies that went public this way after short sellers alleged wrongdoing, while multiple CEOs of newly listed electric-vehicle startups have resigned. Many analysts say SPACs allow startups to go public before they are ready.</p><p><blockquote>在卖空者指控不当行为后，监管机构对几家以这种方式上市的公司进行了调查，而新上市的电动汽车初创公司的多位首席执行官也已辞职。许多分析师表示，SPAC 允许初创公司在准备好之前上市。</blockquote></p><p> Yet investors continue to pour money into emerging companies in any way they can, in search of the next DoorDash Inc.or Airbnb Inc., whose early backers have been well rewarded. Many deals are tied to fighting climate change, with investors also riding the momentum inTeslaInc.and others linked to the energy transition.</p><p><blockquote>然而，投资者继续以任何可能的方式向新兴公司投入资金，寻找下一个DoorDash Inc.或爱彼迎公司，它们的早期支持者得到了丰厚的回报。许多交易都与应对气候变化有关，投资者也乘着 inTeslaInc 的势头。以及其他与能源转型相关的交易。</blockquote></p><p> “I would expect valuations will continue being driven up,” said John Carrington, CEO of clean-energy storage firm <a href=\"https://laohu8.com/S/STEM\">Stem Inc.</a> “It’s an industry that needs a lot of capital, for better or worse.” Stem’s market value has roughly doubled to $2.8 billion after it completed a SPAC deal earlier this year. The company had about $40 million in sales in the third quarter.</p><p><blockquote>“清洁能源存储公司首席执行官约翰-卡灵顿（John Carrington）表示：”我预计估值将继续上涨。<a href=\"https://laohu8.com/S/STEM\">Stem公司</a>“无论好坏，这是一个需要大量资金的行业”。在今年早些时候完成 SPAC 交易后，Stem 的市值几乎翻了一番，达到 28 亿美元。该公司第三季度销售额约为 4000 万美元。</blockquote></p><p> Moving forward, some analysts expect a large gap between the winners and losers from the boom.</p><p><blockquote>展望未来，一些分析师预计经济繁荣的赢家和输家之间将存在巨大差距。</blockquote></p><p> “The availability of SPAC capital and of private capital gives companies options, but ultimately, the problems are caused by bringing the wrong company public or the wrong valuation,” said Mike Ryan, CEO of Bullet Point Network, a financial analytics company. A former Wall Street equity investor, Mr. Ryan also is a venture partner at Alpha Partners and board chair of a SPAC that Alpha Partners launched this summer.</p><p><blockquote>“金融分析公司 Bullet Point Network 的首席执行官迈克-瑞安（Mike Ryan）说：”SPAC 资本和私人资本的出现为公司提供了选择，但归根结底，问题是由于错误的公司上市或错误的估值造成的。Ryan 先生曾是华尔街股权投资者，也是 Alpha Partners 的风险投资伙伴，以及 Alpha Partners 今年夏天推出的 SPAC 的董事会主席。</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>The $900 Billion Cash Pile Inflating Startup Valuations<blockquote>9000亿美元的现金堆积推高了初创公司的估值</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\">\nThe $900 Billion Cash Pile Inflating Startup Valuations<blockquote>9000亿美元的现金堆积推高了初创公司的估值</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">WSJ</strong><span class=\"h-time small\">2021-12-28 11:17</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/ISBC\">Investors</a> are defying a share-price slump for newly public companies to make hundreds of billions of dollars available to startups, a cash pile that promises to inject a torrent of money into early-stage firms in 2022 and beyond.</p><p><blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>新上市公司不顾股价暴跌，向初创公司提供数千亿美元，这笔现金有望在 2022 年及以后向早期公司注入大量资金。</blockquote></p><p> Special-purpose acquisition companies, which take startups public through mergers, raised about $12 billion in each of October and November, roughly doubling their clip from each of the previous three months, Dealogic data show. So far in December, three SPACs a day are being created. While that is below the first quarter’s record pace, it brings the total amount held by the hundreds of SPACs seeking private companies to take public in the next two years to roughly $160 billion.</p><p><blockquote>Dealogic 数据显示，通过合并将初创公司上市的特殊目的收购公司在 10 月和 11 月每年筹集了约 120 亿美元，大约是前三个月每个月的两倍。12月到目前为止，每天有三个SPAC被创建。虽然这低于第一季度的创纪录速度，但这使得数百家寻求私营公司在未来两年内上市的 SPAC 持有的总金额达到约 1600 亿美元。</blockquote></p><p> The cash committed to venture-capital firms and private-equity firms focused on rapidly growing companies but not yet spent also is ballooning. So-called dry powder hit about $440 billion for venture capitalists and roughly $310 billion for growth-focused PE firms earlier this month, according to Preqin.</p><p><blockquote>承诺给专注于快速增长公司但尚未花掉的风险投资公司和私募股权公司的现金也在膨胀。根据 Preqin 的数据，本月早些时候，所谓的干粉对风险投资家来说损失了约 4400 亿美元，对注重增长的私募股权公司来说损失了约 3100 亿美元。</blockquote></p><p> Despite billions of dollars in lost market value for publicly listed startups, the cash hoards represent buoyant demand from investors with interest rates near zero and stock indexes at or near records. They show how SPACs and private markets have been more resilient than many analysts expected, particularly with regulators ratcheting up scrutiny of so-called blank-check companies. Many analysts also expect interest rates to climb in the years ahead, potentially making moonshot bets on early-stage companies less attractive.</p><p><blockquote>尽管上市初创公司市值损失了数十亿美元，但现金储备代表了利率接近于零、股指处于或接近历史新高的投资者的旺盛需求。它们显示了 SPAC 和私人市场的弹性比许多分析师预期的更强，特别是在监管机构加强对所谓空白支票公司的审查的情况下。许多分析师还预计未来几年利率将会攀升，这可能会降低对早期公司的登月押注吸引力。</blockquote></p><p> Startups currently have several paths to access the cash, investors and executives say, particularly because a large chunk is flooding to companies working to decarbonize the economy. SPACs and other financiers often engage in bidding duels known on Wall Street as “SPAC-offs,” helping keep money flowing into startups.</p><p><blockquote>投资者和高管表示，初创公司目前有多种途径可以获得现金，特别是因为很大一部分资金正涌入致力于经济脱碳的公司。SPAC 和其他金融家经常参与在华尔街被称为 “SPAC-offs ”的竞购对决，帮助资金不断流入初创企业。</blockquote></p><p> “There’s just so much money in the world chasing growth and returns,” said Bill Gross, who founded startup incubator Idealab.</p><p><blockquote>“创办初创企业孵化器 Idealab 的比尔-格罗斯（Bill Gross）说：”世界上有太多的钱在追逐增长和回报。</blockquote></p><p> Sometimes confused with the famous bond investor Bill Gross, Idealab’s Mr. Gross is chief executive of concentrated solar power startup Heliogen Inc. Heliogen, which doesn’t expect substantial revenue until 2023, is going public in a$2 billion SPAC deal. Another Idealab company, Energy Vault Inc.,unveiled a $1.6 billion SPAC merger in September.</p><p><blockquote>Idealab 的格罗斯先生有时会与著名债券投资者比尔-格罗斯（Bill Gross）混淆，他是聚光太阳能初创公司 Heliogen Inc. Heliogen 预计要到 2023 年才能获得可观收入，该公司将以 20 亿澳元的 SPAC 交易上市。另一家 Idealab 公司 Energy Vault Inc. 于 9 月份宣布了一项价值 16 亿美元的 SPAC 合并。</blockquote></p><p> Outside of SPACs, cash is piling into startups at unprecedented rates from venture-capital firms and hedge funds such as Tiger Global Management LLC that traditionally were more focused on public companies. Nearly 340 new unicorn startups—or about one each day—have privately raised money at valuations north of $1 billion this year, more than triple the total from last year, PitchBook data show.</p><p><blockquote>除了 SPAC 之外，现金正以前所未有的速度从风险投资公司和 Tiger Global Management LLC 等对冲基金涌入初创公司，这些基金传统上更关注上市公司。PitchBook 数据显示，今年有近 340 家新的独角兽初创公司（或大约每天一家）以超过 10 亿美元的估值私下融资，是去年总数的三倍多。</blockquote></p><p> In the late summer, Mike Xu, CEO of food-distribution startup GrubMarket, began looking for $50 million of new funding for his business, which he said is profitable. By November, demand proved so high he ended up securing $240 million from investors—which itself was lower than what many wanted to commit. That included a $40 million commitment from Tiger Global that came together about a week after he began discussions with the <a href=\"https://laohu8.com/S/NWY\">New York</a>-based investor.</p><p><blockquote>夏末，食品分销初创公司 GrubMarket 的首席执行官 Mike Xu 开始为他的业务寻找 5000 万美元的新资金，他表示该业务有利可图。到了 11 月，需求证明如此之高，他最终从投资者那里获得了 2.4 亿美元——这本身就低于许多人想要承诺的金额。其中包括 Tiger Global 在他开始与 Tiger Global 讨论约一周后做出的 4000 万美元承诺<a href=\"https://laohu8.com/S/NWY\">纽约</a>-基于投资者。</blockquote></p><p> “It just moved extremely fast,” he said of the investment round valuing the firm at over $1.2 billion. “It was way more than we expected.” GrubMarket also secured funds managed by <a href=\"https://laohu8.com/S/BLK\">BlackRock</a> Inc.</p><p><blockquote>“他在谈到对公司估值超过 12 亿美元的一轮投资时说：”进展非常快。“这比我们预想的要多得多。”GrubMarket 还获得了由以下机构管理的资金：<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>公司。</blockquote></p><p> Carbon Capture Inc., a startup working to remove carbon emissions directly from the atmosphere that also is backed by Mr. Gross’s Idealab, recently raised $35 million in its first round from investors including Salesforce Inc. co-CEO Marc Benioff’s venture firm.</p><p><blockquote>Carbon Capture Inc. 是一家致力于直接清除大气中碳排放的初创公司，也得到了格罗斯先生的 Idealab 的支持，最近在第一轮融资中从包括 Salesforce Inc. 联合首席执行官马克-贝尼奥夫（Marc Benioff）的风险投资公司在内的投资者那里筹集了 3500 万美元。</blockquote></p><p> Many startups also have found excited investors at large technology companies, pension funds, and sovereign-wealth funds.</p><p><blockquote>许多初创公司还在大型科技公司、养老基金和主权财富基金找到了兴奋的投资者。</blockquote></p><p> The fundraising frenzy is continuing even though sentiment toward newly public startups has cooled. An exchange-traded fund that tracks companies that went public through SPACs is down about 25% for the year. Meanwhile, an ETF of companies that recently did traditional initial public offerings has slumped roughly 15% in the past three months.</p><p><blockquote>尽管对新上市初创公司的情绪已经降温，但筹款狂潮仍在继续。一只追踪通过 SPAC 上市的公司的交易所交易基金今年下跌了约 25%。与此同时，最近进行传统首次公开募股的公司的 ETF 在过去三个月中下跌了约 15%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/fa784fe1c27b15e6c63cfb7b35c9bba6\" tg-width=\"822\" tg-height=\"751\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> SPACs are in focus for many investors because they have taken Wall Street and Silicon Valley by storm as a new way to quickly raise cash and go public. A SPAC is a shell firm that raises money and lists on a stock exchange with the sole intent of merging with a private firm to take it public. After regulators approve the deal, the private firm replaces the SPAC in the stock market.</p><p><blockquote>SPAC 成为许多投资者关注的焦点，因为它们席卷了华尔街和硅谷，成为快速筹集资金和上市的新途径。特殊目的收购公司是一家空壳公司，它筹集资金并在证券交易所上市，其唯一目的是与一家私营公司合并以将其上市。监管机构批准该交易后，这家私营公司将取代股票市场上的特殊目的收购公司。</blockquote></p><p></p><p> One reason for SPACs’ sudden ubiquity is that startups are allowed to make business projections when going public that aren’t allowed in traditional IPOs.</p><p><blockquote>SPAC 突然无处不在的一个原因是，初创企业在上市时可以做出传统 IPO 所不允许的业务预测。</blockquote></p><p> Many have struggled to meet those targets or have hit business snags, sending shares tumbling.Of the nearly 200 companies that have gone public through SPAC deals this year, about 75% have share prices below the SPAC’s listing price, according to SPAC Research. Nearly 40 companies have lost more than 50% of their value.</p><p><blockquote>许多公司都在努力实现这些目标，或者遇到了业务障碍，导致股价暴跌。根据 SPAC Research 的数据，在今年通过 SPAC 交易上市的近 200 家公司中，约有 75% 的公司股价低于 SPAC 的上市价格。近40家公司的价值损失了50%以上。</blockquote></p><p> Regulators have investigated several companies that went public this way after short sellers alleged wrongdoing, while multiple CEOs of newly listed electric-vehicle startups have resigned. Many analysts say SPACs allow startups to go public before they are ready.</p><p><blockquote>在卖空者指控不当行为后，监管机构对几家以这种方式上市的公司进行了调查，而新上市的电动汽车初创公司的多位首席执行官也已辞职。许多分析师表示，SPAC 允许初创公司在准备好之前上市。</blockquote></p><p> Yet investors continue to pour money into emerging companies in any way they can, in search of the next DoorDash Inc.or Airbnb Inc., whose early backers have been well rewarded. Many deals are tied to fighting climate change, with investors also riding the momentum inTeslaInc.and others linked to the energy transition.</p><p><blockquote>然而，投资者继续以任何可能的方式向新兴公司投入资金，寻找下一个DoorDash Inc.或爱彼迎公司，它们的早期支持者得到了丰厚的回报。许多交易都与应对气候变化有关，投资者也乘着 inTeslaInc 的势头。以及其他与能源转型相关的交易。</blockquote></p><p> “I would expect valuations will continue being driven up,” said John Carrington, CEO of clean-energy storage firm <a href=\"https://laohu8.com/S/STEM\">Stem Inc.</a> “It’s an industry that needs a lot of capital, for better or worse.” Stem’s market value has roughly doubled to $2.8 billion after it completed a SPAC deal earlier this year. The company had about $40 million in sales in the third quarter.</p><p><blockquote>“清洁能源存储公司首席执行官约翰-卡灵顿（John Carrington）表示：”我预计估值将继续上涨。<a href=\"https://laohu8.com/S/STEM\">Stem公司</a>“无论好坏，这是一个需要大量资金的行业”。在今年早些时候完成 SPAC 交易后，Stem 的市值几乎翻了一番，达到 28 亿美元。该公司第三季度销售额约为 4000 万美元。</blockquote></p><p> Moving forward, some analysts expect a large gap between the winners and losers from the boom.</p><p><blockquote>展望未来，一些分析师预计经济繁荣的赢家和输家之间将存在巨大差距。</blockquote></p><p> “The availability of SPAC capital and of private capital gives companies options, but ultimately, the problems are caused by bringing the wrong company public or the wrong valuation,” said Mike Ryan, CEO of Bullet Point Network, a financial analytics company. A former Wall Street equity investor, Mr. Ryan also is a venture partner at Alpha Partners and board chair of a SPAC that Alpha Partners launched this summer.</p><p><blockquote>“金融分析公司 Bullet Point Network 的首席执行官迈克-瑞安（Mike Ryan）说：”SPAC 资本和私人资本的出现为公司提供了选择，但归根结底，问题是由于错误的公司上市或错误的估值造成的。Ryan 先生曾是华尔街股权投资者，也是 Alpha Partners 的风险投资伙伴，以及 Alpha Partners 今年夏天推出的 SPAC 的董事会主席。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/the-900-billion-cash-pile-inflating-startup-valuations-11640539562?mod=hp_lead_pos6\">WSJ</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":{"ABNB":"爱彼迎","DASH":"DoorDash, Inc."},"source_url":"https://www.wsj.com/articles/the-900-billion-cash-pile-inflating-startup-valuations-11640539562?mod=hp_lead_pos6","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114239115","content_text":"Investors are defying a share-price slump for newly public companies to make hundreds of billions of dollars available to startups, a cash pile that promises to inject a torrent of money into early-stage firms in 2022 and beyond.\nSpecial-purpose acquisition companies, which take startups public through mergers, raised about $12 billion in each of October and November, roughly doubling their clip from each of the previous three months, Dealogic data show. So far in December, three SPACs a day are being created. While that is below the first quarter’s record pace, it brings the total amount held by the hundreds of SPACs seeking private companies to take public in the next two years to roughly $160 billion.\nThe cash committed to venture-capital firms and private-equity firms focused on rapidly growing companies but not yet spent also is ballooning. So-called dry powder hit about $440 billion for venture capitalists and roughly $310 billion for growth-focused PE firms earlier this month, according to Preqin.\nDespite billions of dollars in lost market value for publicly listed startups, the cash hoards represent buoyant demand from investors with interest rates near zero and stock indexes at or near records. They show how SPACs and private markets have been more resilient than many analysts expected, particularly with regulators ratcheting up scrutiny of so-called blank-check companies. Many analysts also expect interest rates to climb in the years ahead, potentially making moonshot bets on early-stage companies less attractive.\nStartups currently have several paths to access the cash, investors and executives say, particularly because a large chunk is flooding to companies working to decarbonize the economy. SPACs and other financiers often engage in bidding duels known on Wall Street as “SPAC-offs,” helping keep money flowing into startups.\n“There’s just so much money in the world chasing growth and returns,” said Bill Gross, who founded startup incubator Idealab.\nSometimes confused with the famous bond investor Bill Gross, Idealab’s Mr. Gross is chief executive of concentrated solar power startup Heliogen Inc. Heliogen, which doesn’t expect substantial revenue until 2023, is going public in a$2 billion SPAC deal. Another Idealab company, Energy Vault Inc.,unveiled a $1.6 billion SPAC merger in September.\nOutside of SPACs, cash is piling into startups at unprecedented rates from venture-capital firms and hedge funds such as Tiger Global Management LLC that traditionally were more focused on public companies. Nearly 340 new unicorn startups—or about one each day—have privately raised money at valuations north of $1 billion this year, more than triple the total from last year, PitchBook data show.\nIn the late summer, Mike Xu, CEO of food-distribution startup GrubMarket, began looking for $50 million of new funding for his business, which he said is profitable. By November, demand proved so high he ended up securing $240 million from investors—which itself was lower than what many wanted to commit. That included a $40 million commitment from Tiger Global that came together about a week after he began discussions with the New York-based investor.\n“It just moved extremely fast,” he said of the investment round valuing the firm at over $1.2 billion. “It was way more than we expected.” GrubMarket also secured funds managed by BlackRock Inc.\nCarbon Capture Inc., a startup working to remove carbon emissions directly from the atmosphere that also is backed by Mr. Gross’s Idealab, recently raised $35 million in its first round from investors including Salesforce Inc. co-CEO Marc Benioff’s venture firm.\nMany startups also have found excited investors at large technology companies, pension funds, and sovereign-wealth funds.\nThe fundraising frenzy is continuing even though sentiment toward newly public startups has cooled. An exchange-traded fund that tracks companies that went public through SPACs is down about 25% for the year. Meanwhile, an ETF of companies that recently did traditional initial public offerings has slumped roughly 15% in the past three months.\n\nSPACs are in focus for many investors because they have taken Wall Street and Silicon Valley by storm as a new way to quickly raise cash and go public. A SPAC is a shell firm that raises money and lists on a stock exchange with the sole intent of merging with a private firm to take it public. After regulators approve the deal, the private firm replaces the SPAC in the stock market.\nOne reason for SPACs’ sudden ubiquity is that startups are allowed to make business projections when going public that aren’t allowed in traditional IPOs.\nMany have struggled to meet those targets or have hit business snags, sending shares tumbling.Of the nearly 200 companies that have gone public through SPAC deals this year, about 75% have share prices below the SPAC’s listing price, according to SPAC Research. Nearly 40 companies have lost more than 50% of their value.\nRegulators have investigated several companies that went public this way after short sellers alleged wrongdoing, while multiple CEOs of newly listed electric-vehicle startups have resigned. Many analysts say SPACs allow startups to go public before they are ready.\nYet investors continue to pour money into emerging companies in any way they can, in search of the next DoorDash Inc.or Airbnb Inc., whose early backers have been well rewarded. Many deals are tied to fighting climate change, with investors also riding the momentum inTeslaInc.and others linked to the energy transition.\n“I would expect valuations will continue being driven up,” said John Carrington, CEO of clean-energy storage firm Stem Inc. “It’s an industry that needs a lot of capital, for better or worse.” Stem’s market value has roughly doubled to $2.8 billion after it completed a SPAC deal earlier this year. The company had about $40 million in sales in the third quarter.\nMoving forward, some analysts expect a large gap between the winners and losers from the boom.\n“The availability of SPAC capital and of private capital gives companies options, but ultimately, the problems are caused by bringing the wrong company public or the wrong valuation,” said Mike Ryan, CEO of Bullet Point Network, a financial analytics company. A former Wall Street equity investor, Mr. Ryan also is a venture partner at Alpha Partners and board chair of a SPAC that Alpha Partners launched this summer.","news_type":1,"symbols_score_info":{"DASH":0.9,"ABNB":0.9}},"isVote":1,"tweetType":1,"viewCount":3802,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696883560,"gmtCreate":1640662328934,"gmtModify":1640662329323,"author":{"id":"3580988274582448","authorId":"3580988274582448","name":"DragonKing","avatar":"https://static.tigerbbs.com/999074a932b6e7b44c07fcebc581aacb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580988274582448","idStr":"3580988274582448"},"themes":[],"title":"","htmlText":"Get ready....","listText":"Get ready....","text":"Get ready....","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696883560","repostId":"1127544468","repostType":4,"isVote":1,"tweetType":1,"viewCount":4053,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696907489,"gmtCreate":1640590057671,"gmtModify":1640590058090,"author":{"id":"3580988274582448","authorId":"3580988274582448","name":"DragonKing","avatar":"https://static.tigerbbs.com/999074a932b6e7b44c07fcebc581aacb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580988274582448","idStr":"3580988274582448"},"themes":[],"title":"","htmlText":"Tine to buy...like pls.","listText":"Tine to buy...like pls.","text":"Tine to buy...like pls.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/696907489","repostId":"1136351826","repostType":4,"repost":{"id":"1136351826","kind":"news","pubTimestamp":1640589068,"share":"https://www.laohunote.com/m/news/1136351826?lang=zh_CN&edition=full","pubTime":"2021-12-27 15:11","market":"us","language":"en","title":"Unity Stock: If You Have Been Waiting, The Time Has Come To Buy<blockquote>Unity 股票：如果您一直在等待，现在是购买的时候了</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1136351826","media":"Seeking Alpha","summary":"Summary\n\nUnity is the leading engine in real-time 3D for gaming creators. Moreover, its use cases ha","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>Unity is the leading engine in real-time 3D for gaming creators. Moreover, its use cases have expanded beyond gaming.</li> <li>It recently closed its Weta Digital acquisition. We believe the deal is transformative.</li> <li>Its stock has also dropped 30% from its all-time high following its momentum spike.</li> <li>We discuss why we think investors can consider the opportunity to buy now.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eb000e942dc4b466fc45e2c1073f83b3\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>Unity是游戏创作者实时3D的领先引擎。此外，它的用例已经扩展到游戏之外。</li><li>它最近完成了对维塔数码的收购。我们相信这笔交易具有变革性。</li><li>在势头飙升后，其股价也从历史高点下跌了 30%。</li><li>我们讨论为什么我们认为投资者现在可以考虑买入的机会。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock 社论来自 Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Unity Software Inc. (U) stock suffered a well-deserved battering recently as sellers took control. The retracement knocked its price level back to more reasonable levels after dropping 30% from its all-time high. Impatient investors had driven the stock up as it reported robust earnings, coupled with the euphoria surrounding its Weta Digital acquisition. The bull-trap was well-laid by the market makers, and these investors have been given invaluable lessons about patience and valuation.</p><p><blockquote>Unity Software Inc. (U) 股票最近遭受了当之无愧的打击，因为卖家控制了局面。在从历史高点下跌 30% 后，回调将其价格水平推回更合理的水平。由于该公司公布了强劲的盈利，加上围绕维塔数码收购的兴奋情绪，不耐烦的投资者推动该股上涨。做市商精心布置了牛市陷阱，这些投资者已经学到了关于耐心和估值的宝贵教训。</blockquote></p><p> Nevertheless, we have been bullish on Unity stock throughout the year. Our bullish calls in May and June are still up 62% and 32%, respectively. However, we updated in a recent November article cautioning investors not to chase the hype and revised our rating to Neutral. The stock has fallen 20% since the article was published.</p><p><blockquote>尽管如此，我们全年都看好 Unity 股票。我们5月和6月的看涨评级仍分别上涨62%和32%。然而，我们在最近 11 月的一篇文章中更新了警告投资者不要追逐炒作，并将我们的评级修正为中性。自文章发表以来，该股已下跌 20%。</blockquote></p><p> Moreover, thanks to the steep retracement in growth stocks recently, we believe that the time has come for us to revisit our rating. We discuss why we think investors who have been biding their time can consider adding exposure.</p><p><blockquote>此外，由于近期成长型股票大幅回调，我们认为是时候重新审视我们的评级了。我们讨论为什么我们认为一直在等待时机的投资者可以考虑增加风险敞口。</blockquote></p><p> <b>U Stock YTD Performance</b></p><p><blockquote><b>U股年初至今表现</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/24e18b8051240c38f096c7aff30cb51f\" tg-width=\"640\" tg-height=\"331\" width=\"100%\" height=\"auto\"><span>U stock YTD performance (as of 23 December' 21).</span></p><p><blockquote><p class=\"t-img-caption\"><span>U股年初至今表现（截至21年12月23日）。</span></p></blockquote></p><p> Unity stock has had a disappointing year until its upward momentum started to recover in H2'21. We also saw the opportunity from its mispricing in May and June and thus encouraged investors to accumulate. The stock was on a steady climb towards its recovery until the momentum spike catapulted its YTD gain to 28% in November. However, the euphoria was short-lived as Unity stock's valuation returned to haunt investors who joined the \"spike bandwagon.\" After its recent retracement, the stock is back in the red for the year, with a YTD return of -5.2%, significantly underperforming the market.</p><p><blockquote>Unity 股票经历了令人失望的一年，直到 2021 年下半年其上涨势头开始恢复。我们还从其5月和6月的错误定价中看到了机会，从而鼓励投资者积累。该股在复苏过程中稳步攀升，直到 11 月份动力飙升将其年初至今涨幅推至 28%。然而，这种兴奋是短暂的，因为 Unity 股票的估值再次困扰着加入“飙升潮流”的投资者。在最近的回调之后，该股今年又回到了亏损状态，年初至今的回报率为-5.2%，明显跑输大盘。</blockquote></p><p> <b>Why We are Turning Bullish On Unity Stock?</b></p><p><blockquote><b>为什么我们看好 Unity 股票？</b></blockquote></p><p> We took the opportunity to pare down our exposure in the recent spike and rotated to other undervalued growth stocks. However, we always intend to add exposure again when the euphoria has dissipated. Unity's robust FQ3 report card demonstrated that the company is still barely scratching the surface of its massive TAM, which expanded to $45B recently. The company has also completed its acquisition of Weta Digital on 1 December, as it works on integrating Weta Digital's unique technology stack into its offerings. The deal also brought 275 world-class engineers into Unity's payroll, which the company believes is some of the best talents that Weta Digital has recruited. Unity emphasized (edited): \"These 275 people, they're extraordinary. They're PhDs, research scientists. They've been focused on graphics research for 20 years. If you go to SIGGRAPH and look through papers… it just goes Weta, Weta, Weta.\"</p><p><blockquote>我们借此机会在最近的飙升中减少了敞口，并转向其他被低估的成长型股票。然而，当欣快感消散后，我们总是打算再次增加曝光。Unity 强劲的第三季度成绩单表明，该公司仍勉强触及其庞大 TAM 的表面，该 TAM 最近已扩大至 45B 美元。该公司还于 12 月 1 日完成了对维塔数码的收购，致力于将 Weta Digital 独特的技术堆栈集成到其产品中。这笔交易还为 Unity 带来了 275 名世界级工程师，该公司认为他们是维塔数码招聘的一些最优秀的人才。Unity 强调（编辑）：“这 275 人非常非凡。他们是博士、研究科学家。他们专注于图形研究已有 20 年。如果你去 SIGGRAPH 浏览论文……你会发现，一切都很顺利。”</blockquote></p><p> Therefore, we firmly believe that it's a transformative acquisition for Unity. Creators have already used the company's solutions across multiple industries, most notably in gaming. In addition, the company has documented numerous industrial and commercial use cases as enterprise customers realize the power of its real-time 3D engine.</p><p><blockquote>因此，我们坚信这是 Unity 的一次变革性收购。创作者已经在多个行业使用了该公司的解决方案，尤其是在游戏领域。此外，随着企业客户意识到其实时3D引擎的强大功能，该公司还记录了许多工业和商业用例。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/878e57a9fe0cb69914c0f7f253b774f1\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Unity enterprise customers. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Unity企业客户。数据来源：公司文件</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eb656e9fcbf3fc8a38a59165058c147f\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Unity dollar-based net expansion rate. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>单位美元净扩张率。数据来源：公司文件</span></p></blockquote></p><p> Consequently, Unity continues to experience stellar growth in its enterprise base. Its enterprise customer grew from just 553 in FQ3'19 to 973 in FQ3'21, representing a CAGR of 32.7%. Moreover, its customers continue to expand their use cases consistently. As a result, its net expansion rate has maintained around 140% over time. Therefore, the company has sustained robust monetization in its Operate solutions while driving new use cases through its Create solutions.</p><p><blockquote>因此，Unity 的企业基础继续保持强劲增长。其企业客户从 2019 年第三季度的 553 家增长到 2021 年第三季度的 973 家，复合年增长率为 32.7%。此外，其客户继续持续扩展他们的用例。因此，随着时间的推移，其净扩张率一直保持在140%左右。因此，该公司在其运营解决方案中保持了强劲的货币化，同时通过其创建解决方案推动了新的用例。</blockquote></p><p></p><p> While it's still early to determine the expansion of new or expanded use cases linked to Weta's technology stack, Unity is confident that it can leverage strongly. In addition, it has an eye on the multi-trillion-dollar metaverse, as it aims to be one of the critical engines for creators. Unity General Manager Marc Whitten emphasized (edited):</p><p><blockquote>虽然现在确定与Weta的技术堆栈相关的新的或扩展的用例的扩展还为时过早，但Unity有信心能够大力利用它。此外，它还着眼于数万亿美元的元宇宙，因为它的目标是成为创作者的关键引擎之一。Unity 总经理 Marc Whitten 强调（编辑）：</blockquote></p><p> The key for me - I strongly believe, whatever word you want to use for <i>the metaverse, it's going to need more 3D content</i>. It's going to need an <i>extraordinary increase in the number of people capable of building in 3D</i>. Certainly from a Unity perspective, we really started thinking hard about how we could build something that democratizes content creation. Between Unity and Weta, we had the tools to do something extraordinary. You have this set of people at Weta who had built the most spectacular tools ever for 3D content creation that had never been productized. And then you have Unity, where our bread and butter is packaging and democratizing tools and making them more accessible. It became more and more clear that we could find the right transaction to make it happen. (VentureBeat) It's also essential for readers to note Weta's highly scalable tools. Unity articulated that Weta has an \"incredibly forward-looking architectural approach.\" They use \"one data model, one data river, and a set of tools that impact that. [It allows] individuals to see how things show up across multiple objects, or multiple artists to be able to collaborate and work in parallel and do amazing things around that.\" As a result, the company believes it can scale Weta's stack with its technology and extend the use cases well beyond gaming. CEO John Riccitiello added (edited):</p><p><blockquote>对我来说关键-我坚信，不管你想用什么词来形容<i>元宇宙需要更多的3D内容</i>.它需要一个<i>能够进行 3D 建筑的人数大幅增加</i>当然，从统一的角度来看，我们真的开始认真思考如何建立一个使内容创作民主化的东西。在Unity和Weta之间，我们有了做一些非凡事情的工具。Weta有一群人，他们为3D内容创作构建了有史以来最壮观的工具，这些工具从未被产品化。然后你有团结，我们的面包和黄油是包装和民主化工具，并使它们更容易获得。越来越清楚的是，我们可以找到合适的交易来实现它。（VentureBeat）读者注意到Weta高度可扩展的工具也很重要。Unity 表示，Weta 拥有“令人难以置信的前瞻性建筑方法”。他们使用“一个数据模型、一个数据河和一套影响这一点的工具。[它允许]个人看到事物如何在多个对象上显示，或者多个艺术家能够协作和并行工作，并围绕它做令人惊叹的事情。”因此，该公司相信它可以利用其技术扩展 Weta 的堆栈，并将用例扩展到游戏之外。首席执行官 John Riccitiello 补充道（已编辑）：</blockquote></p><p> I would expect the use cases to continue to grow. We see huge opportunities for us in media and entertainment, in games, adding more seats -- with artists. We believe there is an opportunity in architecture. We believe there are opportunities in automotive. So many, many different industries will continue to see growth. (Unity's FQ3'21 earnings call) We have always believed that Unity's engine is the world leader in real-time 3D. Moreover, it has proven its use cases well beyond gaming. Furthermore, the Weta deal demonstrates how management intends to further consolidate its leadership against its peers by taking its competitive moat a step further. We love companies that are relentless in their pursuit of innovation.</p><p><blockquote>我预计用例将继续增长。我们在媒体和娱乐、游戏中看到了巨大的机会，增加了更多的席位——与艺术家一起。我们相信建筑领域有机会。我们相信汽车行业存在机遇。很多很多不同的行业将继续增长。（Unity 的 Q3’21 收益看涨期权）我们一直相信 Unity 的引擎是实时 3D 领域的世界领导者。此外，它已经证明了它的用例远远超出了游戏。此外，Weta 交易表明管理层打算如何通过将竞争护城河更进一步来进一步巩固其相对于同行的领导地位。我们喜欢不懈追求创新的公司。</blockquote></p><p> <b>Key Risks That Investors Should Consider?</b></p><p><blockquote><b>投资者应考虑的主要风险？</b></blockquote></p><p> The transformative acquisition is not cheap. But it shouldn't be cheap for a tech stack of this scale. The company closed the deal with a mix of cash and stock that amounted to $1.625B. Moreover, the company recently announced $1.5B in convertible senior notes, which would partly be used to fund its acquisitions. Given that the company had minimal long-term debt ($124M in FQ3) compared to cash and short-term investments of $1.28B, the size of the debt offering is massive. Therefore, Weta's acquisition has introduced significant execution and balance sheet risks that Unity needs to manage well.</p><p><blockquote>这次变革性收购并不便宜。但对于如此规模的技术堆栈来说，它不应该便宜。该公司以现金和股票的组合完成了这笔交易，总额为 $1.625B。此外，该公司最近宣布发行 1.5 亿美元的可转换优先票据，其中部分将用于为其收购提供资金。鉴于该公司的长期债务很少（第三季度为 1.24 亿美元），而现金和短期投资为 1.28B 美元，因此债务发行的规模非常庞大。因此，Weta 的收购带来了 Unity 需要妥善管理的重大执行和资产负债表风险。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/93223041a6aea690d094bf9568d6ecfa\" tg-width=\"640\" tg-height=\"231\" width=\"100%\" height=\"auto\"><span>High-growth SaaS EV/NTM Revenue comps.</span></p><p><blockquote><p class=\"t-img-caption\"><span>高增长的SaaS EV/NTM收入比较。</span></p></blockquote></p><p> In addition, Unity stock is still priced at a significant premium. It is trading at an EV/NTM Revenue of 31.3x, well ahead of the high-growth SaaS comps median of 16.5x. Therefore, it's imperative for management to execute very well moving forward. Otherwise, the risks for significant value compressions could potentially occur.</p><p><blockquote>此外，Unity 股票的定价仍然存在显着溢价。其 EV/NTM 收入为 31.3 倍，远远领先于高增长的 SaaS comps 中位数 16.5 倍。因此，管理层必须很好地执行前进。否则，可能会出现显著价值压缩的风险。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/32134bf7ef0916208beb58db317ea9de\" tg-width=\"640\" tg-height=\"384\" width=\"100%\" height=\"auto\"><span>Unity stock EV/NTM Revenue 1Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>Unity 股票 EV/NTM 收入 1 年平均值。</span></p></blockquote></p><p> Unity stock is highly volatile. Therefore, we have added the stock in batches throughout the year as we believe its inherent volatility should continue to create attractive opportunities. Hence, we have not joined impatient investors adding through the momentum spikes.</p><p><blockquote>Unity 股票波动性很大。因此，我们全年分批增持该股，因为我们相信其固有的波动性应继续创造有吸引力的机会。因此，我们没有加入不耐烦的投资者的行列，通过势头飙升来增加。</blockquote></p><p> Nevertheless, Unity stock is trading near its 1Y revenue multiple mean. Despite that, it's clear that the stock is trading at a premium valuation.</p><p><blockquote>尽管如此，Unity 股票的交易价格仍接近其 1 年收入倍数平均值。尽管如此，很明显该股的估值较高。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e2cf9d3632332048d967b44d16e34369\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Unity revenue and adjusted EBITDA margins. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>Unity 收入和调整后 EBITDA 利润率。数据来源：S&P Capital IQ</span></p></blockquote></p><p></p><p> However, investors should note that Unity is estimated to gain significant operating leverage moving forward. Its top line is expected to increase at a CAGR of about 33% over the next three years (FY20-23). However, its adjusted EBITDA margin is projected to reach 7.3% in FY23, from -3.3% in the last FY. Hence, investors should start to pay more attention to Unity's bottom line growth moving forward. The company could begin gaining tremendous leverage and turn profitable on an adjusted EBITDA basis.</p><p><blockquote>然而，投资者应该注意，Unity 预计未来将获得显着的运营杠杆。预计未来三年（2020-23 财年），其营收将以约 33% 的复合年增长率增长。然而，其调整后的 EBITDA 利润率预计将从上一财年的 -3.3% 达到2023财年的 7.3%。因此，投资者应该开始更加关注 Unity 未来的利润增长。该公司可能会开始获得巨大的杠杆，并在调整后的 EBITDA 基础上实现盈利。</blockquote></p><p> Consequently, we believe it's appropriate for us to apply a DCF valuation framework that accounts for its operating leverage moving forward. It would allow us to appreciate the impact of its profit drivers better.</p><p><blockquote>因此，我们认为应用 DCF 估值框架来考虑其未来的运营杠杆是合适的。这将使我们能够更好地了解其利润驱动因素的影响。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8bb7ed09dd878907100b68112586567b\" tg-width=\"902\" tg-height=\"605\" width=\"100%\" height=\"auto\"><span>Unity stock DCF valuation model. Data source: S&P Capital IQ, company filings, author</span></p><p><blockquote><p class=\"t-img-caption\"><span>Unity 股票 DCF 估值模型。数据来源：S&P Capital IQ、公司文件、作者</span></p></blockquote></p><p> Hence, Unity stock seems to be right in our fair value zone right now. Investors who need a more considerable margin of safety can continue to wait for a potentially deeper retracement. However, investors who have high conviction could use this opportunity to add exposure to a fantastic company.</p><p><blockquote>因此，Unity 股票目前似乎处于我们的公允价值区域。需要更大安全边际的投资者可以继续等待潜在的更深回撤。然而，有高度信念的投资者可以利用这个机会增加对一家出色公司的投资。</blockquote></p><p> Consequently,<i>we revise our rating on Unity stock to Buy</i>.</p><p><blockquote>因此，<i>我们将 Unity 股票评级修改为买入</i>.</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>Unity Stock: If You Have Been Waiting, The Time Has Come To Buy<blockquote>Unity 股票：如果您一直在等待，现在是购买的时候了</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\">\nUnity Stock: If You Have Been Waiting, The Time Has Come To Buy<blockquote>Unity 股票：如果您一直在等待，现在是购买的时候了</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\">2021-12-27 15:11</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>Unity is the leading engine in real-time 3D for gaming creators. Moreover, its use cases have expanded beyond gaming.</li> <li>It recently closed its Weta Digital acquisition. We believe the deal is transformative.</li> <li>Its stock has also dropped 30% from its all-time high following its momentum spike.</li> <li>We discuss why we think investors can consider the opportunity to buy now.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eb000e942dc4b466fc45e2c1073f83b3\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>Unity是游戏创作者实时3D的领先引擎。此外，它的用例已经扩展到游戏之外。</li><li>它最近完成了对维塔数码的收购。我们相信这笔交易具有变革性。</li><li>在势头飙升后，其股价也从历史高点下跌了 30%。</li><li>我们讨论为什么我们认为投资者现在可以考虑买入的机会。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock 社论来自 Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Unity Software Inc. (U) stock suffered a well-deserved battering recently as sellers took control. The retracement knocked its price level back to more reasonable levels after dropping 30% from its all-time high. Impatient investors had driven the stock up as it reported robust earnings, coupled with the euphoria surrounding its Weta Digital acquisition. The bull-trap was well-laid by the market makers, and these investors have been given invaluable lessons about patience and valuation.</p><p><blockquote>Unity Software Inc. (U) 股票最近遭受了当之无愧的打击，因为卖家控制了局面。在从历史高点下跌 30% 后，回调将其价格水平推回更合理的水平。由于该公司公布了强劲的盈利，加上围绕维塔数码收购的兴奋情绪，不耐烦的投资者推动该股上涨。做市商精心布置了牛市陷阱，这些投资者已经学到了关于耐心和估值的宝贵教训。</blockquote></p><p> Nevertheless, we have been bullish on Unity stock throughout the year. Our bullish calls in May and June are still up 62% and 32%, respectively. However, we updated in a recent November article cautioning investors not to chase the hype and revised our rating to Neutral. The stock has fallen 20% since the article was published.</p><p><blockquote>尽管如此，我们全年都看好 Unity 股票。我们5月和6月的看涨评级仍分别上涨62%和32%。然而，我们在最近 11 月的一篇文章中更新了警告投资者不要追逐炒作，并将我们的评级修正为中性。自文章发表以来，该股已下跌 20%。</blockquote></p><p> Moreover, thanks to the steep retracement in growth stocks recently, we believe that the time has come for us to revisit our rating. We discuss why we think investors who have been biding their time can consider adding exposure.</p><p><blockquote>此外，由于近期成长型股票大幅回调，我们认为是时候重新审视我们的评级了。我们讨论为什么我们认为一直在等待时机的投资者可以考虑增加风险敞口。</blockquote></p><p> <b>U Stock YTD Performance</b></p><p><blockquote><b>U股年初至今表现</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/24e18b8051240c38f096c7aff30cb51f\" tg-width=\"640\" tg-height=\"331\" width=\"100%\" height=\"auto\"><span>U stock YTD performance (as of 23 December' 21).</span></p><p><blockquote><p class=\"t-img-caption\"><span>U股年初至今表现（截至21年12月23日）。</span></p></blockquote></p><p> Unity stock has had a disappointing year until its upward momentum started to recover in H2'21. We also saw the opportunity from its mispricing in May and June and thus encouraged investors to accumulate. The stock was on a steady climb towards its recovery until the momentum spike catapulted its YTD gain to 28% in November. However, the euphoria was short-lived as Unity stock's valuation returned to haunt investors who joined the \"spike bandwagon.\" After its recent retracement, the stock is back in the red for the year, with a YTD return of -5.2%, significantly underperforming the market.</p><p><blockquote>Unity 股票经历了令人失望的一年，直到 2021 年下半年其上涨势头开始恢复。我们还从其5月和6月的错误定价中看到了机会，从而鼓励投资者积累。该股在复苏过程中稳步攀升，直到 11 月份动力飙升将其年初至今涨幅推至 28%。然而，这种兴奋是短暂的，因为 Unity 股票的估值再次困扰着加入“飙升潮流”的投资者。在最近的回调之后，该股今年又回到了亏损状态，年初至今的回报率为-5.2%，明显跑输大盘。</blockquote></p><p> <b>Why We are Turning Bullish On Unity Stock?</b></p><p><blockquote><b>为什么我们看好 Unity 股票？</b></blockquote></p><p> We took the opportunity to pare down our exposure in the recent spike and rotated to other undervalued growth stocks. However, we always intend to add exposure again when the euphoria has dissipated. Unity's robust FQ3 report card demonstrated that the company is still barely scratching the surface of its massive TAM, which expanded to $45B recently. The company has also completed its acquisition of Weta Digital on 1 December, as it works on integrating Weta Digital's unique technology stack into its offerings. The deal also brought 275 world-class engineers into Unity's payroll, which the company believes is some of the best talents that Weta Digital has recruited. Unity emphasized (edited): \"These 275 people, they're extraordinary. They're PhDs, research scientists. They've been focused on graphics research for 20 years. If you go to SIGGRAPH and look through papers… it just goes Weta, Weta, Weta.\"</p><p><blockquote>我们借此机会在最近的飙升中减少了敞口，并转向其他被低估的成长型股票。然而，当欣快感消散后，我们总是打算再次增加曝光。Unity 强劲的第三季度成绩单表明，该公司仍勉强触及其庞大 TAM 的表面，该 TAM 最近已扩大至 45B 美元。该公司还于 12 月 1 日完成了对维塔数码的收购，致力于将 Weta Digital 独特的技术堆栈集成到其产品中。这笔交易还为 Unity 带来了 275 名世界级工程师，该公司认为他们是维塔数码招聘的一些最优秀的人才。Unity 强调（编辑）：“这 275 人非常非凡。他们是博士、研究科学家。他们专注于图形研究已有 20 年。如果你去 SIGGRAPH 浏览论文……你会发现，一切都很顺利。”</blockquote></p><p> Therefore, we firmly believe that it's a transformative acquisition for Unity. Creators have already used the company's solutions across multiple industries, most notably in gaming. In addition, the company has documented numerous industrial and commercial use cases as enterprise customers realize the power of its real-time 3D engine.</p><p><blockquote>因此，我们坚信这是 Unity 的一次变革性收购。创作者已经在多个行业使用了该公司的解决方案，尤其是在游戏领域。此外，随着企业客户意识到其实时3D引擎的强大功能，该公司还记录了许多工业和商业用例。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/878e57a9fe0cb69914c0f7f253b774f1\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Unity enterprise customers. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Unity企业客户。数据来源：公司文件</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eb656e9fcbf3fc8a38a59165058c147f\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Unity dollar-based net expansion rate. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>单位美元净扩张率。数据来源：公司文件</span></p></blockquote></p><p> Consequently, Unity continues to experience stellar growth in its enterprise base. Its enterprise customer grew from just 553 in FQ3'19 to 973 in FQ3'21, representing a CAGR of 32.7%. Moreover, its customers continue to expand their use cases consistently. As a result, its net expansion rate has maintained around 140% over time. Therefore, the company has sustained robust monetization in its Operate solutions while driving new use cases through its Create solutions.</p><p><blockquote>因此，Unity 的企业基础继续保持强劲增长。其企业客户从 2019 年第三季度的 553 家增长到 2021 年第三季度的 973 家，复合年增长率为 32.7%。此外，其客户继续持续扩展他们的用例。因此，随着时间的推移，其净扩张率一直保持在140%左右。因此，该公司在其运营解决方案中保持了强劲的货币化，同时通过其创建解决方案推动了新的用例。</blockquote></p><p></p><p> While it's still early to determine the expansion of new or expanded use cases linked to Weta's technology stack, Unity is confident that it can leverage strongly. In addition, it has an eye on the multi-trillion-dollar metaverse, as it aims to be one of the critical engines for creators. Unity General Manager Marc Whitten emphasized (edited):</p><p><blockquote>虽然现在确定与Weta的技术堆栈相关的新的或扩展的用例的扩展还为时过早，但Unity有信心能够大力利用它。此外，它还着眼于数万亿美元的元宇宙，因为它的目标是成为创作者的关键引擎之一。Unity 总经理 Marc Whitten 强调（编辑）：</blockquote></p><p> The key for me - I strongly believe, whatever word you want to use for <i>the metaverse, it's going to need more 3D content</i>. It's going to need an <i>extraordinary increase in the number of people capable of building in 3D</i>. Certainly from a Unity perspective, we really started thinking hard about how we could build something that democratizes content creation. Between Unity and Weta, we had the tools to do something extraordinary. You have this set of people at Weta who had built the most spectacular tools ever for 3D content creation that had never been productized. And then you have Unity, where our bread and butter is packaging and democratizing tools and making them more accessible. It became more and more clear that we could find the right transaction to make it happen. (VentureBeat) It's also essential for readers to note Weta's highly scalable tools. Unity articulated that Weta has an \"incredibly forward-looking architectural approach.\" They use \"one data model, one data river, and a set of tools that impact that. [It allows] individuals to see how things show up across multiple objects, or multiple artists to be able to collaborate and work in parallel and do amazing things around that.\" As a result, the company believes it can scale Weta's stack with its technology and extend the use cases well beyond gaming. CEO John Riccitiello added (edited):</p><p><blockquote>对我来说关键-我坚信，不管你想用什么词来形容<i>元宇宙需要更多的3D内容</i>.它需要一个<i>能够进行 3D 建筑的人数大幅增加</i>当然，从统一的角度来看，我们真的开始认真思考如何建立一个使内容创作民主化的东西。在Unity和Weta之间，我们有了做一些非凡事情的工具。Weta有一群人，他们为3D内容创作构建了有史以来最壮观的工具，这些工具从未被产品化。然后你有团结，我们的面包和黄油是包装和民主化工具，并使它们更容易获得。越来越清楚的是，我们可以找到合适的交易来实现它。（VentureBeat）读者注意到Weta高度可扩展的工具也很重要。Unity 表示，Weta 拥有“令人难以置信的前瞻性建筑方法”。他们使用“一个数据模型、一个数据河和一套影响这一点的工具。[它允许]个人看到事物如何在多个对象上显示，或者多个艺术家能够协作和并行工作，并围绕它做令人惊叹的事情。”因此，该公司相信它可以利用其技术扩展 Weta 的堆栈，并将用例扩展到游戏之外。首席执行官 John Riccitiello 补充道（已编辑）：</blockquote></p><p> I would expect the use cases to continue to grow. We see huge opportunities for us in media and entertainment, in games, adding more seats -- with artists. We believe there is an opportunity in architecture. We believe there are opportunities in automotive. So many, many different industries will continue to see growth. (Unity's FQ3'21 earnings call) We have always believed that Unity's engine is the world leader in real-time 3D. Moreover, it has proven its use cases well beyond gaming. Furthermore, the Weta deal demonstrates how management intends to further consolidate its leadership against its peers by taking its competitive moat a step further. We love companies that are relentless in their pursuit of innovation.</p><p><blockquote>我预计用例将继续增长。我们在媒体和娱乐、游戏中看到了巨大的机会，增加了更多的席位——与艺术家一起。我们相信建筑领域有机会。我们相信汽车行业存在机遇。很多很多不同的行业将继续增长。（Unity 的 Q3’21 收益看涨期权）我们一直相信 Unity 的引擎是实时 3D 领域的世界领导者。此外，它已经证明了它的用例远远超出了游戏。此外，Weta 交易表明管理层打算如何通过将竞争护城河更进一步来进一步巩固其相对于同行的领导地位。我们喜欢不懈追求创新的公司。</blockquote></p><p> <b>Key Risks That Investors Should Consider?</b></p><p><blockquote><b>投资者应考虑的主要风险？</b></blockquote></p><p> The transformative acquisition is not cheap. But it shouldn't be cheap for a tech stack of this scale. The company closed the deal with a mix of cash and stock that amounted to $1.625B. Moreover, the company recently announced $1.5B in convertible senior notes, which would partly be used to fund its acquisitions. Given that the company had minimal long-term debt ($124M in FQ3) compared to cash and short-term investments of $1.28B, the size of the debt offering is massive. Therefore, Weta's acquisition has introduced significant execution and balance sheet risks that Unity needs to manage well.</p><p><blockquote>这次变革性收购并不便宜。但对于如此规模的技术堆栈来说，它不应该便宜。该公司以现金和股票的组合完成了这笔交易，总额为 $1.625B。此外，该公司最近宣布发行 1.5 亿美元的可转换优先票据，其中部分将用于为其收购提供资金。鉴于该公司的长期债务很少（第三季度为 1.24 亿美元），而现金和短期投资为 1.28B 美元，因此债务发行的规模非常庞大。因此，Weta 的收购带来了 Unity 需要妥善管理的重大执行和资产负债表风险。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/93223041a6aea690d094bf9568d6ecfa\" tg-width=\"640\" tg-height=\"231\" width=\"100%\" height=\"auto\"><span>High-growth SaaS EV/NTM Revenue comps.</span></p><p><blockquote><p class=\"t-img-caption\"><span>高增长的SaaS EV/NTM收入比较。</span></p></blockquote></p><p> In addition, Unity stock is still priced at a significant premium. It is trading at an EV/NTM Revenue of 31.3x, well ahead of the high-growth SaaS comps median of 16.5x. Therefore, it's imperative for management to execute very well moving forward. Otherwise, the risks for significant value compressions could potentially occur.</p><p><blockquote>此外，Unity 股票的定价仍然存在显着溢价。其 EV/NTM 收入为 31.3 倍，远远领先于高增长的 SaaS comps 中位数 16.5 倍。因此，管理层必须很好地执行前进。否则，可能会出现显著价值压缩的风险。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/32134bf7ef0916208beb58db317ea9de\" tg-width=\"640\" tg-height=\"384\" width=\"100%\" height=\"auto\"><span>Unity stock EV/NTM Revenue 1Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>Unity 股票 EV/NTM 收入 1 年平均值。</span></p></blockquote></p><p> Unity stock is highly volatile. Therefore, we have added the stock in batches throughout the year as we believe its inherent volatility should continue to create attractive opportunities. Hence, we have not joined impatient investors adding through the momentum spikes.</p><p><blockquote>Unity 股票波动性很大。因此，我们全年分批增持该股，因为我们相信其固有的波动性应继续创造有吸引力的机会。因此，我们没有加入不耐烦的投资者的行列，通过势头飙升来增加。</blockquote></p><p> Nevertheless, Unity stock is trading near its 1Y revenue multiple mean. Despite that, it's clear that the stock is trading at a premium valuation.</p><p><blockquote>尽管如此，Unity 股票的交易价格仍接近其 1 年收入倍数平均值。尽管如此，很明显该股的估值较高。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e2cf9d3632332048d967b44d16e34369\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Unity revenue and adjusted EBITDA margins. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>Unity 收入和调整后 EBITDA 利润率。数据来源：S&P Capital IQ</span></p></blockquote></p><p></p><p> However, investors should note that Unity is estimated to gain significant operating leverage moving forward. Its top line is expected to increase at a CAGR of about 33% over the next three years (FY20-23). However, its adjusted EBITDA margin is projected to reach 7.3% in FY23, from -3.3% in the last FY. Hence, investors should start to pay more attention to Unity's bottom line growth moving forward. The company could begin gaining tremendous leverage and turn profitable on an adjusted EBITDA basis.</p><p><blockquote>然而，投资者应该注意，Unity 预计未来将获得显着的运营杠杆。预计未来三年（2020-23 财年），其营收将以约 33% 的复合年增长率增长。然而，其调整后的 EBITDA 利润率预计将从上一财年的 -3.3% 达到2023财年的 7.3%。因此，投资者应该开始更加关注 Unity 未来的利润增长。该公司可能会开始获得巨大的杠杆，并在调整后的 EBITDA 基础上实现盈利。</blockquote></p><p> Consequently, we believe it's appropriate for us to apply a DCF valuation framework that accounts for its operating leverage moving forward. It would allow us to appreciate the impact of its profit drivers better.</p><p><blockquote>因此，我们认为应用 DCF 估值框架来考虑其未来的运营杠杆是合适的。这将使我们能够更好地了解其利润驱动因素的影响。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8bb7ed09dd878907100b68112586567b\" tg-width=\"902\" tg-height=\"605\" width=\"100%\" height=\"auto\"><span>Unity stock DCF valuation model. Data source: S&P Capital IQ, company filings, author</span></p><p><blockquote><p class=\"t-img-caption\"><span>Unity 股票 DCF 估值模型。数据来源：S&P Capital IQ、公司文件、作者</span></p></blockquote></p><p> Hence, Unity stock seems to be right in our fair value zone right now. Investors who need a more considerable margin of safety can continue to wait for a potentially deeper retracement. However, investors who have high conviction could use this opportunity to add exposure to a fantastic company.</p><p><blockquote>因此，Unity 股票目前似乎处于我们的公允价值区域。需要更大安全边际的投资者可以继续等待潜在的更深回撤。然而，有高度信念的投资者可以利用这个机会增加对一家出色公司的投资。</blockquote></p><p> Consequently,<i>we revise our rating on Unity stock to Buy</i>.</p><p><blockquote>因此，<i>我们将 Unity 股票评级修改为买入</i>.</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4476859-unity-stock-time-to-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":{"U":"Unity Software Inc."},"source_url":"https://seekingalpha.com/article/4476859-unity-stock-time-to-buy","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136351826","content_text":"Summary\n\nUnity is the leading engine in real-time 3D for gaming creators. Moreover, its use cases have expanded beyond gaming.\nIt recently closed its Weta Digital acquisition. We believe the deal is transformative.\nIts stock has also dropped 30% from its all-time high following its momentum spike.\nWe discuss why we think investors can consider the opportunity to buy now.\n\nSundry Photography/iStock Editorial via Getty Images\nInvestment Thesis\nUnity Software Inc. (U) stock suffered a well-deserved battering recently as sellers took control. The retracement knocked its price level back to more reasonable levels after dropping 30% from its all-time high. Impatient investors had driven the stock up as it reported robust earnings, coupled with the euphoria surrounding its Weta Digital acquisition. The bull-trap was well-laid by the market makers, and these investors have been given invaluable lessons about patience and valuation.\nNevertheless, we have been bullish on Unity stock throughout the year. Our bullish calls in May and June are still up 62% and 32%, respectively. However, we updated in a recent November article cautioning investors not to chase the hype and revised our rating to Neutral. The stock has fallen 20% since the article was published.\nMoreover, thanks to the steep retracement in growth stocks recently, we believe that the time has come for us to revisit our rating. We discuss why we think investors who have been biding their time can consider adding exposure.\nU Stock YTD Performance\nU stock YTD performance (as of 23 December' 21).\nUnity stock has had a disappointing year until its upward momentum started to recover in H2'21. We also saw the opportunity from its mispricing in May and June and thus encouraged investors to accumulate. The stock was on a steady climb towards its recovery until the momentum spike catapulted its YTD gain to 28% in November. However, the euphoria was short-lived as Unity stock's valuation returned to haunt investors who joined the \"spike bandwagon.\" After its recent retracement, the stock is back in the red for the year, with a YTD return of -5.2%, significantly underperforming the market.\nWhy We are Turning Bullish On Unity Stock?\nWe took the opportunity to pare down our exposure in the recent spike and rotated to other undervalued growth stocks. However, we always intend to add exposure again when the euphoria has dissipated. Unity's robust FQ3 report card demonstrated that the company is still barely scratching the surface of its massive TAM, which expanded to $45B recently. The company has also completed its acquisition of Weta Digital on 1 December, as it works on integrating Weta Digital's unique technology stack into its offerings. The deal also brought 275 world-class engineers into Unity's payroll, which the company believes is some of the best talents that Weta Digital has recruited. Unity emphasized (edited): \"These 275 people, they're extraordinary. They're PhDs, research scientists. They've been focused on graphics research for 20 years. If you go to SIGGRAPH and look through papers… it just goes Weta, Weta, Weta.\"\nTherefore, we firmly believe that it's a transformative acquisition for Unity. Creators have already used the company's solutions across multiple industries, most notably in gaming. In addition, the company has documented numerous industrial and commercial use cases as enterprise customers realize the power of its real-time 3D engine.\nUnity enterprise customers. Data source: Company filings\nUnity dollar-based net expansion rate. Data source: Company filings\nConsequently, Unity continues to experience stellar growth in its enterprise base. Its enterprise customer grew from just 553 in FQ3'19 to 973 in FQ3'21, representing a CAGR of 32.7%. Moreover, its customers continue to expand their use cases consistently. As a result, its net expansion rate has maintained around 140% over time. Therefore, the company has sustained robust monetization in its Operate solutions while driving new use cases through its Create solutions.\nWhile it's still early to determine the expansion of new or expanded use cases linked to Weta's technology stack, Unity is confident that it can leverage strongly. In addition, it has an eye on the multi-trillion-dollar metaverse, as it aims to be one of the critical engines for creators. Unity General Manager Marc Whitten emphasized (edited):\n\n The key for me - I strongly believe, whatever word you want to use for\n the metaverse, it's going to need more 3D content. It's going to need an\n extraordinary increase in the number of people capable of building in 3D. Certainly from a Unity perspective, we really started thinking hard about how we could build something that democratizes content creation. Between Unity and Weta, we had the tools to do something extraordinary. You have this set of people at Weta who had built the most spectacular tools ever for 3D content creation that had never been productized. And then you have Unity, where our bread and butter is packaging and democratizing tools and making them more accessible. It became more and more clear that we could find the right transaction to make it happen. (VentureBeat)\n\nIt's also essential for readers to note Weta's highly scalable tools. Unity articulated that Weta has an \"incredibly forward-looking architectural approach.\" They use \"one data model, one data river, and a set of tools that impact that. [It allows] individuals to see how things show up across multiple objects, or multiple artists to be able to collaborate and work in parallel and do amazing things around that.\" As a result, the company believes it can scale Weta's stack with its technology and extend the use cases well beyond gaming. CEO John Riccitiello added (edited):\n\n I would expect the use cases to continue to grow. We see huge opportunities for us in media and entertainment, in games, adding more seats -- with artists. We believe there is an opportunity in architecture. We believe there are opportunities in automotive. So many, many different industries will continue to see growth. (Unity's FQ3'21 earnings call)\n\nWe have always believed that Unity's engine is the world leader in real-time 3D. Moreover, it has proven its use cases well beyond gaming. Furthermore, the Weta deal demonstrates how management intends to further consolidate its leadership against its peers by taking its competitive moat a step further. We love companies that are relentless in their pursuit of innovation.\nKey Risks That Investors Should Consider?\nThe transformative acquisition is not cheap. But it shouldn't be cheap for a tech stack of this scale. The company closed the deal with a mix of cash and stock that amounted to $1.625B. Moreover, the company recently announced $1.5B in convertible senior notes, which would partly be used to fund its acquisitions. Given that the company had minimal long-term debt ($124M in FQ3) compared to cash and short-term investments of $1.28B, the size of the debt offering is massive. Therefore, Weta's acquisition has introduced significant execution and balance sheet risks that Unity needs to manage well.\nHigh-growth SaaS EV/NTM Revenue comps.\nIn addition, Unity stock is still priced at a significant premium. It is trading at an EV/NTM Revenue of 31.3x, well ahead of the high-growth SaaS comps median of 16.5x. Therefore, it's imperative for management to execute very well moving forward. Otherwise, the risks for significant value compressions could potentially occur.\nUnity stock EV/NTM Revenue 1Y mean.\nUnity stock is highly volatile. Therefore, we have added the stock in batches throughout the year as we believe its inherent volatility should continue to create attractive opportunities. Hence, we have not joined impatient investors adding through the momentum spikes.\nNevertheless, Unity stock is trading near its 1Y revenue multiple mean. Despite that, it's clear that the stock is trading at a premium valuation.\nUnity revenue and adjusted EBITDA margins. Data source: S&P Capital IQ\nHowever, investors should note that Unity is estimated to gain significant operating leverage moving forward. Its top line is expected to increase at a CAGR of about 33% over the next three years (FY20-23). However, its adjusted EBITDA margin is projected to reach 7.3% in FY23, from -3.3% in the last FY. Hence, investors should start to pay more attention to Unity's bottom line growth moving forward. The company could begin gaining tremendous leverage and turn profitable on an adjusted EBITDA basis.\nConsequently, we believe it's appropriate for us to apply a DCF valuation framework that accounts for its operating leverage moving forward. It would allow us to appreciate the impact of its profit drivers better.\nUnity stock DCF valuation model. Data source: S&P Capital IQ, company filings, author\nHence, Unity stock seems to be right in our fair value zone right now. Investors who need a more considerable margin of safety can continue to wait for a potentially deeper retracement. However, investors who have high conviction could use this opportunity to add exposure to a fantastic company.\nConsequently,we revise our rating on Unity stock to Buy.","news_type":1,"symbols_score_info":{"U":0.9}},"isVote":1,"tweetType":1,"viewCount":4226,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696907310,"gmtCreate":1640589965952,"gmtModify":1640589975560,"author":{"id":"3580988274582448","authorId":"3580988274582448","name":"DragonKing","avatar":"https://static.tigerbbs.com/999074a932b6e7b44c07fcebc581aacb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580988274582448","idStr":"3580988274582448"},"themes":[],"title":"","htmlText":"All in.","listText":"All in.","text":"All in.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696907310","repostId":"1115384970","repostType":4,"isVote":1,"tweetType":1,"viewCount":4311,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698465891,"gmtCreate":1640498424628,"gmtModify":1640498424997,"author":{"id":"3580988274582448","authorId":"3580988274582448","name":"DragonKing","avatar":"https://static.tigerbbs.com/999074a932b6e7b44c07fcebc581aacb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580988274582448","idStr":"3580988274582448"},"themes":[],"title":"","htmlText":"In. Like pls.","listText":"In. Like pls.","text":"In. Like pls.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/698465891","repostId":"2193033173","repostType":4,"isVote":1,"tweetType":1,"viewCount":3871,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698465393,"gmtCreate":1640498357563,"gmtModify":1640498357961,"author":{"id":"3580988274582448","authorId":"3580988274582448","name":"DragonKing","avatar":"https://static.tigerbbs.com/999074a932b6e7b44c07fcebc581aacb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580988274582448","idStr":"3580988274582448"},"themes":[],"title":"","htmlText":"Yeah","listText":"Yeah","text":"Yeah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/698465393","repostId":"1144001147","repostType":4,"repost":{"id":"1144001147","kind":"news","pubTimestamp":1640485026,"share":"https://www.laohunote.com/m/news/1144001147?lang=zh_CN&edition=full","pubTime":"2021-12-26 10:17","market":"us","language":"en","title":"A Year After Announcing a Big Partnership, Ocugen Is in a Sorry State<blockquote>宣布大型合作伙伴关系一年后，Ocugen 陷入了困境</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1144001147","media":"InvestorPlace","summary":"In the last year, Ocugen(NASDAQ:OCGN) stock is still among the top performers. During this period, t","content":"<p><div> In the last year, Ocugen(NASDAQ:OCGN) stock is still among the top performers. During this period, the stock has surged by over 500%. The stock’s ascent began after Dec. 21, 2020 — starting from there...</p><p><blockquote><div>去年，Ocugen（纳斯达克股票代码：OCGN）股票仍然是表现最好的股票之一。在此期间，该股飙升超过500%。该股的上涨始于 2020 年 12 月 21 日之后--从那里开始...</div></blockquote></p><p> <a href=\"https://investorplace.com/2021/12/a-year-after-its-big-partnership-with-bharat-ocgn-stock-is-in-a-sorry-state/\">网页链接</a> </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/12/a-year-after-its-big-partnership-with-bharat-ocgn-stock-is-in-a-sorry-state/\">网页连接</a></blockquote></p><p></p>","source":"lsy1606302653667","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>A Year After Announcing a Big Partnership, Ocugen Is in a Sorry State<blockquote>宣布大型合作伙伴关系一年后，Ocugen 陷入了困境</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\">\nA Year After Announcing a Big Partnership, Ocugen Is in a Sorry State<blockquote>宣布大型合作伙伴关系一年后，Ocugen 陷入了困境</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">InvestorPlace</strong><span class=\"h-time small\">2021-12-26 10:17</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> In the last year, Ocugen(NASDAQ:OCGN) stock is still among the top performers. During this period, the stock has surged by over 500%. The stock’s ascent began after Dec. 21, 2020 — starting from there...</p><p><blockquote><div>去年，Ocugen（纳斯达克股票代码：OCGN）股票仍然是表现最好的股票之一。在此期间，该股飙升超过500%。该股的上涨始于 2020 年 12 月 21 日之后--从那里开始...</div></blockquote></p><p> <a href=\"https://investorplace.com/2021/12/a-year-after-its-big-partnership-with-bharat-ocgn-stock-is-in-a-sorry-state/\">网页链接</a> </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/12/a-year-after-its-big-partnership-with-bharat-ocgn-stock-is-in-a-sorry-state/\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://investorplace.com/2021/12/a-year-after-its-big-partnership-with-bharat-ocgn-stock-is-in-a-sorry-state/\">InvestorPlace</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":{"OCGN":"Ocugen"},"source_url":"https://investorplace.com/2021/12/a-year-after-its-big-partnership-with-bharat-ocgn-stock-is-in-a-sorry-state/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144001147","content_text":"In the last year, Ocugen(NASDAQ:OCGN) stock is still among the top performers. During this period, the stock has surged by over 500%. The stock’s ascent began after Dec. 21, 2020 — starting from there, the stock is up over 1,600%.\nHowever, it’s worth noting that OCGN stock was trading well below one dollar before it stitched a partnership with Bharat Biotech. The companies announced plans to begin manufacturing Covid-19 vaccines in the U.S. on Dec. 22 last year.\nBeyond the news of this partnership, there has been little to cheer for investors. OCGN stock traded at all-time highs of $18.77 in February and reached slightly lower peaks in May and November. The stock traded at $5.12 at the start of Dec. 23.\nOcugen will continue to underperform going forward. Even after the downtrend in the last few months, OCGN stock should be avoided.\nLet’s talk about the reasons to be bearish.\nFDA Approval Remains Elusive\nPfizer(NYSE:PFE) and Moderna(NASDAQ:MRNA) have been leaders in the vaccine race in the U.S. In a country where more than 70% of the population has already been vaccinated, Ocugen has yet to secure an approval from the U.S. Food and Drug Administration.\nBack in June, the biotech company’s application for emergency use authorization was rejected by the FDA. The recommendation by the FDA was to file for a biologics license application, which implies full approval.\nIn November, Ocugen announced that the FDA has “issued a clinical hold on the Company’s Investigational New Drug application (IND) to evaluate the COVID-19 vaccine candidate.” The FDA will be identifying the specific deficiencies that form a basis for the clinical hold. Once Ocugen addresses these deficiencies, there will be some progress.\nThe key point is that it’s been over a year since Ocugen announced the partnership with Bharat Biotech. The company has still been unsuccessful from an approval perspective.\nIn July, Ocugen had also initiated a rolling submission to Health Canada for the vaccine. There is no positive news on that front either.\nLet’s imagine a scenario where Ocugen receives an approval for vaccine use in Q1 2022. This is very unlikely. However, even in an optimistic case scenario, Ocugen needs to compete in a market where vaccination percentage is high. There is unlikely to be a case for strong revenue and cash flow growth.\nCan Omicron Provide a Lifeline for OCGN Stock?\nThe omicron variant has been a cause of concern for governments globally. Ocugen and partner Bharat Biotech are currently studying the effectiveness of the vaccine against the variant.\nIf the vaccine proves to be effective, can it be a game-changer for Ocugen? Most likely, no.\nFirst and foremost, Moderna has announced that its Covid-19 booster increases neutralizing antibodies 37-fold against Omicron variant.\nFurthermore, Pfizer has announced that a third dose increases the “neutralizing antibody by 25-fold compared to two doses against the Omicron variant.”\nClearly, the leading vaccine makers have an edge. Even if Ocugen announces that its vaccine is effective against the omicron variant, the stock is unlikely to trend higher.\nPeople who have already taken two shots of Moderna or Pfizer are unlikely to pursue a booster shot with Ocugen. Additionally, Ocugen is still struggling for approval.\nIt’s also worth noting that Ocugen needs to share revenue with Bharat Biotech. The visibility for healthy cash flows is therefore very unlikely.\nOCGN Stock Will Trend Lower\nOCGN stock is likely to continue trending lower in the coming months. Without an approval, the company is rapidly losing out on any revenue and cash flow potential.\nThe company is building a pipeline of drugs for various indications. However, the pipeline for various indications is still at a pre-clinical stage.\nThe stock trend will therefore be dictated by the outcome of Covid-19 vaccine approval and revenue potential. Things seem bleak on that front.\nIt also seems unlikely that Ocugen has a capability to expand the vaccine partnership with Bharat Biotech to other countries.","news_type":1,"symbols_score_info":{"OCGN":0.9}},"isVote":1,"tweetType":1,"viewCount":4185,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698122582,"gmtCreate":1640323440813,"gmtModify":1640323441182,"author":{"id":"3580988274582448","authorId":"3580988274582448","name":"DragonKing","avatar":"https://static.tigerbbs.com/999074a932b6e7b44c07fcebc581aacb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580988274582448","idStr":"3580988274582448"},"themes":[],"title":"","htmlText":"All in.","listText":"All in.","text":"All in.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698122582","repostId":"1105709224","repostType":4,"repost":{"id":"1105709224","kind":"news","pubTimestamp":1640322562,"share":"https://www.laohunote.com/m/news/1105709224?lang=zh_CN&edition=full","pubTime":"2021-12-24 13:09","market":"us","language":"en","title":"Will Netflix Stock Hit $700 in 2022?<blockquote>Netflix 股票会在 2022 年达到 700 美元吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105709224","media":"Motley Fool","summary":"Up just 17% in 2021, this streaming innovator might be poised for a huge run next year.","content":"<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul> <li>Netflix was one of the biggest winners in 2020 during the depth of the pandemic, but things have been different this year.</li> <li>The streaming company's production studios are largely up and running worldwide, increasing the likelihood of a normalized content slate in 2022.</li> <li>If Netflix adds customers next year in line with historical growth, the stock should reach $700.</li> </ul> One of the biggest winners of the coronavirus pandemic was <b>Netflix</b> (NASDAQ:NFLX). This top media business saw its stock price soar 67% in 2020, supported by a growing user base. With people stuck at home, the company experienced pulled-forward demand last year.</p><p><blockquote><ul><li>在疫情最严重的时候，网飞是2020年最大的赢家之一，但今年情况有所不同。</li><li>这家流媒体公司的制作工作室基本上在全球范围内建立和运行，这增加了2022年内容正常化的可能性。</li><li>如果 Netflix 明年按照历史增长增加客户，股价应该会达到 700 美元。</li></ul>冠状病毒大流行的最大赢家之一是<b>网飞</b>（纳斯达克股票代码：NFLX）。在用户群不断增长的支撑下，这家顶级媒体公司的股价在 2020 年飙升了 67%。由于人们被困在家里，该公司去年经历了提前的需求。</blockquote></p><p> During the first nine months of 2021, however, Netflix added just 10 million subscribers, and the stock has significantly trailed the <b>S&P 500</b> this year. The streaming industry is becoming increasingly crowded with new rivals coming to market, and with economies slowly opening back up, consumers want to enjoy other leisure activities.</p><p><blockquote>然而，在 2021 年前 9 个月，Netflix 仅增加了 1000 万订户，该股大幅落后于<b>标普500</b>今年。随着新的竞争对手进入市场，流媒体行业变得越来越拥挤，随着经济慢慢重新开放，消费者希望享受其他休闲活动。</blockquote></p><p> What does next year hold? Can Netflix's stock price reach $700 at some point in 2022? Let's find out.</p><p><blockquote>明年会发生什么？Netflix 的股价能在 2022 年的某个时候达到 700 美元吗？让我们一探究竟。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f33834bd990b835cdac9f1e5c18110a\" tg-width=\"2000\" tg-height=\"1448\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>Productions are up and running</b></p><p><blockquote><b>生产已经启动并运行</b></blockquote></p><p> The pandemic caused major production delays in 2020, leading to a lighter content slate for Netflix at the beginning of this year. Therefore, it shouldn't surprise anyone that membership growth in the first half of 2021 was weak.</p><p><blockquote>疫情导致 2020 年生产大幅延误，导致 Netflix 今年年初的内容较少。因此，2021年上半年会员增长疲软也就不足为奇了。</blockquote></p><p> But management has said that productions are largely back up and running. The company is currently producing local content in 45 different countries. As my colleague Adam Levy points out, streaming services need to introduce new hit series to gain new customers.</p><p><blockquote>但管理层表示，生产基本上已经恢复并运行。该公司目前在45个不同的国家制作本地内容。正如我的同事亚当·利维（Adam Levy）指出的那样，流媒体服务需要推出新的热门剧集来获得新客户。</blockquote></p><p> And this costs money. Luckily for Netflix, it has deep pockets and will end 2021 having spent $17 billion in cash on content. Management expects the current three-month period to be the strongest fourth-quarter content offering ever, something that will help bring new customers to the service.</p><p><blockquote>这需要钱。对 Netflix 来说幸运的是，它财力雄厚，到 2021 年底将在内容上花费 170 亿美元现金。管理层预计当前三个月将是有史以来最强劲的第四季度内容供应，这将有助于为该服务带来新客户。</blockquote></p><p> \"Assuming no new COVID waves or unforeseen events that result in large-scale production shutdowns, we currently anticipate a more normalized content slate in 2022, with a greater number of originals in 2022 vs. 2021,\" the leadership team highlighted in the Q3 shareholder letter.</p><p><blockquote>领导团队在第三季度股东信中强调：“假设没有出现新的新冠疫情或导致大规模生产停工的不可预见事件，我们目前预计 2022 年的内容将更加标准化，2022 年的原创数量将比 2021 年增加。”</blockquote></p><p> When it comes to Netflix, Wall Street unsurprisingly fixates on one data point above all else: subscriber growth. This drives the stock price. Having fresh shows and movies on tap for 2022 will help expand the user base, which supports revenue and profit growth.</p><p><blockquote>当谈到网飞时，华尔街毫不奇怪地关注一个数据点：用户增长。这推动了股价。2022 年推出新的节目和电影将有助于扩大用户群，从而支持收入和利润增长。</blockquote></p><p> <b>Don't count this winner out</b></p><p><blockquote><b>不要把这个赢家排除在外</b></blockquote></p><p> I think it's completely realistic for Netflix to reach $700 a share by the end of 2022. Based on Dec. 21's closing stock price of $605, this would imply a roughly 16% appreciation.</p><p><blockquote>我认为 Netflix 到 2022 年底达到每股 700 美元是完全现实的。根据 12 月 21 日 605 美元的收盘价计算，这意味着升值约 16%。</blockquote></p><p> After a couple of lumpy years, I think it's fair to assume that Netflix can add 25 million subscribers in 2022. This is in line with the growth in recent years, in the range of 25 million to 30 million member additions per year. Including estimates for the fourth quarter of 2021 and all of next year, the business should end 2022 with approximately 247 million customers.</p><p><blockquote>经过几年的坎坷，我认为可以公平地假设 Netflix 可以在 2022 年增加 2500 万订户。这与近年来的增长一致，每年新增会员2500万至3000万。包括对 2021 年第四季度和明年全年的预测，到 2022 年底，该业务应拥有约 2.47 亿客户。</blockquote></p><p> Now, what the stock price does depends on how much Netflix's results can surprise Wall Street to the upside. With <b>Walt Disney</b>'s Disney+ service reporting disappointing subscriber growth of 2.1 million in its latest fiscal quarter, I suspect the sentiment for streaming companies is weak heading into the new year. Moreover, reopening economies add pessimism for streaming services, which tend to benefit from lockdowns and anti-pandemic policies.</p><p><blockquote>现在，股价的走势取决于 Netflix 的业绩能给华尔街带来多少惊喜。与<b>华特·迪士尼</b>Disney+ 服务报告称，最近一个财政季度的订阅用户增长令人失望，达到了 210 万，我怀疑流媒体公司在新的一年里情绪疲软。此外，重新开放的经济增加了对流媒体服务的悲观情绪，流媒体服务往往受益于封锁和反疫情政策。</blockquote></p><p> Therefore, if Netflix increases its customer base by 25 million next year, which is outstanding growth in any case, I see the stock rising meaningfully. What's more, expanding profitability and positive free cash flow in 2022 will boost optimism surrounding the business.</p><p><blockquote>因此，如果 Netflix 明年将其客户群增加 2500 万（无论如何这都是出色的增长），我认为该股将大幅上涨。此外，2022 年扩大盈利能力和正自由现金流将提振人们对该业务的乐观情绪。</blockquote></p><p> Analysts forecast Netflix's earnings to grow 23% in 2022. Even if the current price-to-earnings ratio of 55 comes down slightly, the stock will likely hit $700 in 12 months. Factoring in the likelihood of positive surprises when the company reports quarterly results throughout the year, $700 per share might be a conservative price target.</p><p><blockquote>分析师预测 Netflix 2022 年盈利将增长 23%。即使目前55的市盈率小幅下降，该股也可能在12个月内触及700美元。考虑到公司全年公布季度业绩时可能会出现积极意外，每股 700 美元可能是一个保守的目标价。</blockquote></p><p> Even a more mature Netflix can provide outstanding returns for shareholders in 2022.</p><p><blockquote>即使是更加成熟的 Netflix 也能在 2022 年为股东提供出色的回报。</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>Will Netflix Stock Hit $700 in 2022?<blockquote>Netflix 股票会在 2022 年达到 700 美元吗？</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\">\nWill Netflix Stock Hit $700 in 2022?<blockquote>Netflix 股票会在 2022 年达到 700 美元吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-12-24 13:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul> <li>Netflix was one of the biggest winners in 2020 during the depth of the pandemic, but things have been different this year.</li> <li>The streaming company's production studios are largely up and running worldwide, increasing the likelihood of a normalized content slate in 2022.</li> <li>If Netflix adds customers next year in line with historical growth, the stock should reach $700.</li> </ul> One of the biggest winners of the coronavirus pandemic was <b>Netflix</b> (NASDAQ:NFLX). This top media business saw its stock price soar 67% in 2020, supported by a growing user base. With people stuck at home, the company experienced pulled-forward demand last year.</p><p><blockquote><ul><li>在疫情最严重的时候，网飞是2020年最大的赢家之一，但今年情况有所不同。</li><li>这家流媒体公司的制作工作室基本上在全球范围内建立和运行，这增加了2022年内容正常化的可能性。</li><li>如果 Netflix 明年按照历史增长增加客户，股价应该会达到 700 美元。</li></ul>冠状病毒大流行的最大赢家之一是<b>网飞</b>（纳斯达克股票代码：NFLX）。在用户群不断增长的支撑下，这家顶级媒体公司的股价在 2020 年飙升了 67%。由于人们被困在家里，该公司去年经历了提前的需求。</blockquote></p><p> During the first nine months of 2021, however, Netflix added just 10 million subscribers, and the stock has significantly trailed the <b>S&P 500</b> this year. The streaming industry is becoming increasingly crowded with new rivals coming to market, and with economies slowly opening back up, consumers want to enjoy other leisure activities.</p><p><blockquote>然而，在 2021 年前 9 个月，Netflix 仅增加了 1000 万订户，该股大幅落后于<b>标普500</b>今年。随着新的竞争对手进入市场，流媒体行业变得越来越拥挤，随着经济慢慢重新开放，消费者希望享受其他休闲活动。</blockquote></p><p> What does next year hold? Can Netflix's stock price reach $700 at some point in 2022? Let's find out.</p><p><blockquote>明年会发生什么？Netflix 的股价能在 2022 年的某个时候达到 700 美元吗？让我们一探究竟。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f33834bd990b835cdac9f1e5c18110a\" tg-width=\"2000\" tg-height=\"1448\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>Productions are up and running</b></p><p><blockquote><b>生产已经启动并运行</b></blockquote></p><p> The pandemic caused major production delays in 2020, leading to a lighter content slate for Netflix at the beginning of this year. Therefore, it shouldn't surprise anyone that membership growth in the first half of 2021 was weak.</p><p><blockquote>疫情导致 2020 年生产大幅延误，导致 Netflix 今年年初的内容较少。因此，2021年上半年会员增长疲软也就不足为奇了。</blockquote></p><p> But management has said that productions are largely back up and running. The company is currently producing local content in 45 different countries. As my colleague Adam Levy points out, streaming services need to introduce new hit series to gain new customers.</p><p><blockquote>但管理层表示，生产基本上已经恢复并运行。该公司目前在45个不同的国家制作本地内容。正如我的同事亚当·利维（Adam Levy）指出的那样，流媒体服务需要推出新的热门剧集来获得新客户。</blockquote></p><p> And this costs money. Luckily for Netflix, it has deep pockets and will end 2021 having spent $17 billion in cash on content. Management expects the current three-month period to be the strongest fourth-quarter content offering ever, something that will help bring new customers to the service.</p><p><blockquote>这需要钱。对 Netflix 来说幸运的是，它财力雄厚，到 2021 年底将在内容上花费 170 亿美元现金。管理层预计当前三个月将是有史以来最强劲的第四季度内容供应，这将有助于为该服务带来新客户。</blockquote></p><p> \"Assuming no new COVID waves or unforeseen events that result in large-scale production shutdowns, we currently anticipate a more normalized content slate in 2022, with a greater number of originals in 2022 vs. 2021,\" the leadership team highlighted in the Q3 shareholder letter.</p><p><blockquote>领导团队在第三季度股东信中强调：“假设没有出现新的新冠疫情或导致大规模生产停工的不可预见事件，我们目前预计 2022 年的内容将更加标准化，2022 年的原创数量将比 2021 年增加。”</blockquote></p><p> When it comes to Netflix, Wall Street unsurprisingly fixates on one data point above all else: subscriber growth. This drives the stock price. Having fresh shows and movies on tap for 2022 will help expand the user base, which supports revenue and profit growth.</p><p><blockquote>当谈到网飞时，华尔街毫不奇怪地关注一个数据点：用户增长。这推动了股价。2022 年推出新的节目和电影将有助于扩大用户群，从而支持收入和利润增长。</blockquote></p><p> <b>Don't count this winner out</b></p><p><blockquote><b>不要把这个赢家排除在外</b></blockquote></p><p> I think it's completely realistic for Netflix to reach $700 a share by the end of 2022. Based on Dec. 21's closing stock price of $605, this would imply a roughly 16% appreciation.</p><p><blockquote>我认为 Netflix 到 2022 年底达到每股 700 美元是完全现实的。根据 12 月 21 日 605 美元的收盘价计算，这意味着升值约 16%。</blockquote></p><p> After a couple of lumpy years, I think it's fair to assume that Netflix can add 25 million subscribers in 2022. This is in line with the growth in recent years, in the range of 25 million to 30 million member additions per year. Including estimates for the fourth quarter of 2021 and all of next year, the business should end 2022 with approximately 247 million customers.</p><p><blockquote>经过几年的坎坷，我认为可以公平地假设 Netflix 可以在 2022 年增加 2500 万订户。这与近年来的增长一致，每年新增会员2500万至3000万。包括对 2021 年第四季度和明年全年的预测，到 2022 年底，该业务应拥有约 2.47 亿客户。</blockquote></p><p> Now, what the stock price does depends on how much Netflix's results can surprise Wall Street to the upside. With <b>Walt Disney</b>'s Disney+ service reporting disappointing subscriber growth of 2.1 million in its latest fiscal quarter, I suspect the sentiment for streaming companies is weak heading into the new year. Moreover, reopening economies add pessimism for streaming services, which tend to benefit from lockdowns and anti-pandemic policies.</p><p><blockquote>现在，股价的走势取决于 Netflix 的业绩能给华尔街带来多少惊喜。与<b>华特·迪士尼</b>Disney+ 服务报告称，最近一个财政季度的订阅用户增长令人失望，达到了 210 万，我怀疑流媒体公司在新的一年里情绪疲软。此外，重新开放的经济增加了对流媒体服务的悲观情绪，流媒体服务往往受益于封锁和反疫情政策。</blockquote></p><p> Therefore, if Netflix increases its customer base by 25 million next year, which is outstanding growth in any case, I see the stock rising meaningfully. What's more, expanding profitability and positive free cash flow in 2022 will boost optimism surrounding the business.</p><p><blockquote>因此，如果 Netflix 明年将其客户群增加 2500 万（无论如何这都是出色的增长），我认为该股将大幅上涨。此外，2022 年扩大盈利能力和正自由现金流将提振人们对该业务的乐观情绪。</blockquote></p><p> Analysts forecast Netflix's earnings to grow 23% in 2022. Even if the current price-to-earnings ratio of 55 comes down slightly, the stock will likely hit $700 in 12 months. Factoring in the likelihood of positive surprises when the company reports quarterly results throughout the year, $700 per share might be a conservative price target.</p><p><blockquote>分析师预测 Netflix 2022 年盈利将增长 23%。即使目前55的市盈率小幅下降，该股也可能在12个月内触及700美元。考虑到公司全年公布季度业绩时可能会出现积极意外，每股 700 美元可能是一个保守的目标价。</blockquote></p><p> Even a more mature Netflix can provide outstanding returns for shareholders in 2022.</p><p><blockquote>即使是更加成熟的 Netflix 也能在 2022 年为股东提供出色的回报。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/12/23/will-netflix-stock-hit-700-in-2022/\">Motley Fool</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":{"NFLX":"奈飞"},"source_url":"https://www.fool.com/investing/2021/12/23/will-netflix-stock-hit-700-in-2022/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105709224","content_text":"Key Points\n\nNetflix was one of the biggest winners in 2020 during the depth of the pandemic, but things have been different this year.\nThe streaming company's production studios are largely up and running worldwide, increasing the likelihood of a normalized content slate in 2022.\nIf Netflix adds customers next year in line with historical growth, the stock should reach $700.\n\nOne of the biggest winners of the coronavirus pandemic was Netflix (NASDAQ:NFLX). This top media business saw its stock price soar 67% in 2020, supported by a growing user base. With people stuck at home, the company experienced pulled-forward demand last year.\nDuring the first nine months of 2021, however, Netflix added just 10 million subscribers, and the stock has significantly trailed the S&P 500 this year. The streaming industry is becoming increasingly crowded with new rivals coming to market, and with economies slowly opening back up, consumers want to enjoy other leisure activities.\nWhat does next year hold? Can Netflix's stock price reach $700 at some point in 2022? Let's find out.\nIMAGE SOURCE: GETTY IMAGES.\nProductions are up and running\nThe pandemic caused major production delays in 2020, leading to a lighter content slate for Netflix at the beginning of this year. Therefore, it shouldn't surprise anyone that membership growth in the first half of 2021 was weak.\nBut management has said that productions are largely back up and running. The company is currently producing local content in 45 different countries. As my colleague Adam Levy points out, streaming services need to introduce new hit series to gain new customers.\nAnd this costs money. Luckily for Netflix, it has deep pockets and will end 2021 having spent $17 billion in cash on content. Management expects the current three-month period to be the strongest fourth-quarter content offering ever, something that will help bring new customers to the service.\n\"Assuming no new COVID waves or unforeseen events that result in large-scale production shutdowns, we currently anticipate a more normalized content slate in 2022, with a greater number of originals in 2022 vs. 2021,\" the leadership team highlighted in the Q3 shareholder letter.\nWhen it comes to Netflix, Wall Street unsurprisingly fixates on one data point above all else: subscriber growth. This drives the stock price. Having fresh shows and movies on tap for 2022 will help expand the user base, which supports revenue and profit growth.\nDon't count this winner out\nI think it's completely realistic for Netflix to reach $700 a share by the end of 2022. Based on Dec. 21's closing stock price of $605, this would imply a roughly 16% appreciation.\nAfter a couple of lumpy years, I think it's fair to assume that Netflix can add 25 million subscribers in 2022. This is in line with the growth in recent years, in the range of 25 million to 30 million member additions per year. Including estimates for the fourth quarter of 2021 and all of next year, the business should end 2022 with approximately 247 million customers.\nNow, what the stock price does depends on how much Netflix's results can surprise Wall Street to the upside. With Walt Disney's Disney+ service reporting disappointing subscriber growth of 2.1 million in its latest fiscal quarter, I suspect the sentiment for streaming companies is weak heading into the new year. Moreover, reopening economies add pessimism for streaming services, which tend to benefit from lockdowns and anti-pandemic policies.\nTherefore, if Netflix increases its customer base by 25 million next year, which is outstanding growth in any case, I see the stock rising meaningfully. What's more, expanding profitability and positive free cash flow in 2022 will boost optimism surrounding the business.\nAnalysts forecast Netflix's earnings to grow 23% in 2022. Even if the current price-to-earnings ratio of 55 comes down slightly, the stock will likely hit $700 in 12 months. Factoring in the likelihood of positive surprises when the company reports quarterly results throughout the year, $700 per share might be a conservative price target.\nEven a more mature Netflix can provide outstanding returns for shareholders in 2022.","news_type":1,"symbols_score_info":{"NFLX":0.9}},"isVote":1,"tweetType":1,"viewCount":4050,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698122240,"gmtCreate":1640323421437,"gmtModify":1640323424232,"author":{"id":"3580988274582448","authorId":"3580988274582448","name":"DragonKing","avatar":"https://static.tigerbbs.com/999074a932b6e7b44c07fcebc581aacb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580988274582448","idStr":"3580988274582448"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/698122240","repostId":"1105843279","repostType":4,"isVote":1,"tweetType":1,"viewCount":4912,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698122681,"gmtCreate":1640323409041,"gmtModify":1640323423877,"author":{"id":"3580988274582448","authorId":"3580988274582448","name":"DragonKing","avatar":"https://static.tigerbbs.com/999074a932b6e7b44c07fcebc581aacb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580988274582448","idStr":"3580988274582448"},"themes":[],"title":"","htmlText":"Down please...","listText":"Down please...","text":"Down please...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/698122681","repostId":"2193078140","repostType":4,"isVote":1,"tweetType":1,"viewCount":4931,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"defaultTab":"posts","isTTM":false}