Awesome_老虎社区_美港股上老虎

LucasBB
2021-07-01

Awesome

fuboTV: Very Attractive Investment, Here's Why<blockquote>fuboTV：非常有吸引力的投资，原因如下</blockquote>

Summary fuboTV is better than it appears on the surface. All the good and bad points addressed. Why

fuboTV: Very Attractive Investment, Here's Why<blockquote>fuboTV：非常有吸引力的投资，原因如下</blockquote>

免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。

推荐
最新

暂无评论

热议股票

{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":151814014,"tweetId":"151814014","gmtCreate":1625071229638,"gmtModify":1633945121725,"author":{"id":3574834817670995,"idStr":"3574834817670995","authorId":3574834817670995,"authorIdStr":"3574834817670995","name":"LucasBB","avatar":"https://static.tigerbbs.com/35dfb058b3118af36be8f941f4b8acc1","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":2,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Awesome&nbsp;</body></html>","htmlText":"<html><head></head><body>Awesome&nbsp;</body></html>","text":"Awesome","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/151814014","repostId":1134150963,"repostType":4,"repost":{"id":"1134150963","kind":"news","pubTimestamp":1625064184,"share":"https://www.laohu8.com/m/news/1134150963?lang=zh_CN&edition=full","pubTime":"2021-06-30 22:43","market":"us","language":"en","title":"fuboTV: Very Attractive Investment, Here's Why<blockquote>fuboTV：非常有吸引力的投资，原因如下</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1134150963","media":"seekingalpha","summary":"Summary\n\nfuboTV is better than it appears on the surface.\nAll the good and bad points addressed.\nWhy","content":"Summary<blockquote>总结</blockquote> <ul> <li>fuboTV is better than it appears on the surface.</li> <li>All the good and bad points addressed.</li> <li>Why this stock is worthwhile buying at $5 billion market cap.</li> </ul> <img src=\"https://static.tigerbbs.com/c7f2563184ea9ee46114542c54910c35\" tg-width=\"1536\" tg-height=\"1025\" referrerpolicy=\"no-referrer\">mikkelwilliam/E+ via Getty Images<blockquote><ul><li>富波电视比表面上看起来要好。</li><li>所有的优点和缺点都解决了。</li><li>为什么这只股票值得以50亿美元的市值购买。</li></ul>mikkelwilliam/E+来自Getty Images</blockquote> Investment Thesis<blockquote>投资论文</blockquote> As I noted to my Marketplace&nbsp;members, fuboTV (FUBO) is a highly misunderstood company. It's much more than an unprofitable streaming platform. It's an all-encompassing data, streaming, advertising, and betting company.<blockquote>正如我向我的市场成员指出的那样，fuboTV(FUBO)是一家被高度误解的公司。它不仅仅是一个无利可图的流媒体平台。这是一家包罗万象的数据、流媒体、广告和博彩公司。</blockquote> There's a lot of bad news thrown at fuboTV by those that are intent on misunderstanding the opportunity. Stay with me, as I attempt to, in a balanced manner, note the good and the bad about fuboTV.<blockquote>那些故意误解这个机会的人向fuboTV抛出了很多坏消息。请和我呆在一起，因为我试图以一种平衡的方式，注意富波电视的好与坏。</blockquote> What's fuboTV?<blockquote>富波电视是什么？</blockquote> fuboTV is a 6-year-old company. It's a streaming platform at its core. But it also has some interesting side units being deployed. What attracts subscribers to its platform in the first instance is its streaming for live sports events.<blockquote>富波电视是一家成立6年的公司。它的核心是一个流媒体平台。但它也部署了一些有趣的辅助单元。首先吸引订户到其平台的是它的体育赛事直播。</blockquote> However, this side of the business will realistically never be profitable. For the foreseeable future, fuboTV has to acquire the rights from ESPN (DIS) and Comcast (CMCSA).<blockquote>然而，这方面的业务实际上永远不会盈利。在可预见的未来，fuboTV必须从ESPN(DIS)和康卡斯特(CMCSA)手中收购转播权。</blockquote> Simply said, the rights to acquire the sporting content are so high, as obviously ESPN and others don't want to lose any unit economics by having subscribers fleeing away from their own platform. So the price for the content is prohibitively high.<blockquote>简而言之，获取体育内容的权利如此之高，因为显然ESPN和其他人不想因为订户逃离他们自己的平台而失去任何单位经济效益。所以内容的价格高得令人望而却步。</blockquote> So what everyone has come to understand is that fuboTV's streaming business will never be meaningfully profitable,and that's as far as everyone is willing to look.<blockquote>所以大家逐渐明白的是fuboTV的流媒体业务永远不会有意义地盈利，这是每个人都愿意看的范围。</blockquote> What investors are failing to understand is that fuboTV's streaming operationis a customer acquisition strategy. It offers high-resolution live sporting streaming so that it can notonly benefit from the ''cord-cutting''tailwinds as households churn out of pay-TV services but can also show subscribers ads.<blockquote>投资者不明白的是fuboTV的流媒体业务是一种客户获取策略.它提供高分辨率的体育直播，因此它不能只受益于“剪断脐带”随着家庭大量退出付费电视服务，但也可以向订户展示广告，这一趋势得到了推动。</blockquote> This side of the operation,the data-driven advertising segment, is the segment that will in time drive fuboTV's profitability. I'm referring to the programmatic advertising platform. This is incredibly profitable compared with direct ad spend.<blockquote>操作的这一边，数据驱动的广告细分市场，是最终将推动fuboTV盈利能力的细分市场。我指的是程序化广告平台。与直接广告支出相比，这是令人难以置信的利润。</blockquote> So many investors miss that. And those that do vaguely understand its advertising segment, and how it compares with Roku (ROKU), go on to proclaim that this is only 12% of the business and that it won't ever be a needle-moving segment for fuboTV.<blockquote>很多投资者都忽略了这一点。那些模糊了解其广告部门以及它与Roku（Roku）相比如何的人继续宣称，这仅占业务的12%，并且永远不会成为fuboTV的重要部门。</blockquote> Again, this misses the fact that fuboTV's advertising segment is growing at such a rapid clip. During its most recent quarter, fuboTV's advertising segment was up 206% y/y. Even as fuboTV dramatically decelerates over time, I suspect that by the end of Q4 2021 (six months), fuboTV's advertising segment will account for about 15% of its business.<blockquote>这再次忽略了fuboTV的广告业务增长如此之快的事实。在最近一个季度，fuboTV的广告部门同比增长206%。尽管fuboTV随着时间的推移而大幅减速，但我怀疑到2021年第四季度末（六个月），fuboTV的广告部门将占其业务的15%左右。</blockquote> What's more, it's entirely possible that by this time next Summer, fuboTV's advertising segment will account for approximately 20% of fuboTV. At which point, investors will start to give fuboTV's advertising opportunity slightly weightier considerations.<blockquote>更重要的是，完全有可能到明年夏天的这个时候，fuboTV的广告部分将占fuboTV的20%左右。届时，投资者将开始对fuboTV的广告机会给予稍微更重要的考虑。</blockquote> I believe that if this is all there was to fuboTV, the stock right now at $4 billion would probably be fairly valued. But then, we have another opportunity that I've called the wildcard. More on this later.<blockquote>我相信，如果fuboTV仅此而已，那么目前40亿美元的股票估值可能是合理的。但是，我们还有另一个机会，我称之为通配符。稍后会详细介绍。</blockquote> Revenue Growth Rates Continue to Impress<blockquote>收入增长率继续令人印象深刻</blockquote> <img src=\"https://static.tigerbbs.com/22b839502a218aa047bf4cc6ec6ecd80\" tg-width=\"441\" tg-height=\"480\">Source: Q1 2021ShareholderLetter<blockquote>资料来源：2021年第一季度股东信</blockquote> As you can see above, fuboTV is growing at a very strong clip. It's difficult at this stage to know what 2022 will look like, but given fuboTV's trajectory of beating estimates, I suspect that the company will grow next year by at least 60% y/y to at least $860 million.<blockquote>正如您在上面看到的，fuboTV正在以非常强劲的速度增长。现阶段很难知道2022年会是什么样子，但鉴于fuboTV超出预期的轨迹，我怀疑该公司明年将同比增长至少60%，达到至少8.6亿美元。</blockquote> For fuboTV to grow at 60%, that would imply quite a substantial slowdown from the 101% revenue growth rates aimed at in 2021. However, given that fuboTV's betting segment will start in earnest in 2022, I contend that growing at 60% y/y in 2022 will turn out to be an easy feat for fuboTV.<blockquote>对于fuboTV来说，增长60%意味着比2021年101%的收入增长率目标大幅放缓。然而，鉴于fuboTV的博彩业务将于2022年正式启动，我认为对于fuboTV来说，2022年同比增长60%将是一项轻而易举的壮举。</blockquote> The Wildcard Discussed<blockquote>讨论的通配符</blockquote> In Q4 2021, in approximately 4 months' time, fuboTV is going to soft launch its Sportsbook. This is the start of its betting segment. And this is what I believe could drive the stock's upside potential.<blockquote>2021年第四季度，大约4个月后，fuboTV将试运行其体育博彩。这是其博彩部分的开始。我认为这可能会推动该股的上涨潜力。</blockquote> So far, the details are sketchy. The idea is that when sporting fans are watching their favorite team, rather than having to go elsewhere to bet on the result, they could do it seamlessly via fuboTV.<blockquote>到目前为止，细节还很粗略。这个想法是，当体育迷观看他们最喜欢的球队时，他们可以通过fuboTV无缝地进行，而不必去其他地方对结果下注。</blockquote> I know from experience that this already happens in the UK via adverts in the interval of key TV games, but this way, there's the potential for fuboTV to leverage the data they have on the viewer, and their preferences, to drive further monetizations and engagement.<blockquote>我从经验中知道，这种情况已经在英国通过关键电视游戏间隙的广告发生，但通过这种方式，fuboTV有可能利用他们拥有的观众数据及其偏好来推动进一步的货币化和参与度。</blockquote> If you think about it, viewers watching their favorite team are more likely to bet if it is something that iscompelling to them. And that's the advantage of having 1st-party data on the viewer. fuboTV will know what the viewers' preferences are and this will drive down user churn.<blockquote>如果你仔细想想，观看他们最喜欢的球队的观众更有可能下注，如果它是对他们有吸引力.这就是在查看器上拥有第一方数据的优势。fuboTV将知道观众的偏好，这将降低用户流失率。</blockquote> Again, this all circles back to having data on the viewer. During aninterviewyesterday, CEO David Gandler discusses a way of bringing down user friction. That fuboTV wants to find a way to deliver highly personalized betting odds about what the viewer is watching on fuboTV in real-time to viewers' phones. They haven't quite figured out how to optimize their app, but the team is working on this right now.<blockquote>同样，这又回到了查看器上的数据。在昨天的一次采访中，首席执行官大卫·甘德勒讨论了一种减少用户摩擦的方法。fuboTV希望找到一种方法，将观众在fuboTV上观看的内容实时传递到观众的手机上。他们还没有完全弄清楚如何优化他们的应用程序，但团队现在正在努力。</blockquote> Valuation - Very Attractively Priced<blockquote>估值——价格非常有吸引力</blockquote> On the surface, the stock is cheap at approximately 5x its 2022 revenues. But as you know, fuboTV's profitability margins are dismal. There's nobody out there that doesn't already know this.<blockquote>从表面上看，该股价格便宜，约为2022年收入的5倍。但如你所知，fuboTV的利润率令人沮丧。没有人不知道这一点。</blockquote> Presently, the bulk of the company's business is its subscription business. This subscription business accounts for about 85% of the business right now, and this is unprofitable. fuboTV aims to get this side of the business to break even. This is similar to Roku's (ROKU) hardware business in the early stages.<blockquote>目前，该公司的大部分业务是订阅业务。这项订阅业务目前约占业务的85%，而且这是无利可图的。fuboTV的目标是让这方面的业务实现收支平衡。这与Roku（Roku）早期的硬件业务类似。</blockquote> Then, the opportunity will be to leverage their huge subscriber base to grow their data-driven advertising metrics. During the call yesterday, Gandler once again reiterated that advertising is likely to perform strongly in Q2 through Q4.<blockquote>然后，机会将是利用他们庞大的用户群来增长他们的数据驱动广告指标。在昨天的看涨期权中，甘德勒再次重申，广告在第二季度到第四季度可能会表现强劲。</blockquote> Last year, Roku's advertising segment gross margins hovered around56% to 60%, although this latest quarter, Q1 2021, it soared to 70% gross margins. This gives investors some idea as to what fuboTV may also strive to. Obviously, Roku is a much bigger business than fuboTV, but it's something that fuboTV could migrate towards in time.<blockquote>去年，Roku广告部门的毛利率徘徊在56%至60%左右，尽管最近一个季度，即2021年第一季度，毛利率飙升至70%。这让投资者对fuboTV也可能努力实现的目标有所了解。显然，Roku是一个比fuboTV大得多的业务，但这是fuboTV可以及时迁移的业务。</blockquote> The Bottom Line<blockquote>底线</blockquote> After you've read this article, I would like to believe that you have a more nuanced interpretation of what fuboTV is today and where it's headed over the coming twelve months.<blockquote>读完这篇文章后，我相信你对fuboTV今天是什么以及它在未来12个月的发展方向有了更细致的理解。</blockquote> When you think about fuboTV, I would like you to think about its ability to harness its first-party data. With this, you can obviously level advertising and drive profitability, but I suspect that you'll be able to drive some level of betting too.<blockquote>当您考虑fuboTV时，我希望您考虑一下它利用第一方数据的能力。有了这个，你显然可以提高广告水平并提高盈利能力，但我怀疑你也可以提高一定程度的投注。</blockquote> I will not deny that this journey has been a challenging one and that this investment has not been for those faint-hearted. Happy investing!<blockquote>我不否认这是一个充满挑战的旅程，这项投资不适合那些胆小的人。投资愉快！</blockquote>","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>fuboTV: Very Attractive Investment, Here's Why<blockquote>fuboTV：非常有吸引力的投资，原因如下</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\">\nfuboTV: Very Attractive Investment, Here's Why<blockquote>fuboTV：非常有吸引力的投资，原因如下</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseekingalpha2021-06-30 22:43\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>fuboTV is better than it appears on the surface.</li> <li>All the good and bad points addressed.</li> <li>Why this stock is worthwhile buying at $5 billion market cap.</li> </ul> <img src=\"https://static.tigerbbs.com/c7f2563184ea9ee46114542c54910c35\" tg-width=\"1536\" tg-height=\"1025\" referrerpolicy=\"no-referrer\">mikkelwilliam/E+ via Getty Images<blockquote><ul><li>富波电视比表面上看起来要好。</li><li>所有的优点和缺点都解决了。</li><li>为什么这只股票值得以50亿美元的市值购买。</li></ul>mikkelwilliam/E+来自Getty Images</blockquote> Investment Thesis<blockquote>投资论文</blockquote> As I noted to my Marketplace&nbsp;members, fuboTV (FUBO) is a highly misunderstood company. It's much more than an unprofitable streaming platform. It's an all-encompassing data, streaming, advertising, and betting company.<blockquote>正如我向我的市场成员指出的那样，fuboTV(FUBO)是一家被高度误解的公司。它不仅仅是一个无利可图的流媒体平台。这是一家包罗万象的数据、流媒体、广告和博彩公司。</blockquote> There's a lot of bad news thrown at fuboTV by those that are intent on misunderstanding the opportunity. Stay with me, as I attempt to, in a balanced manner, note the good and the bad about fuboTV.<blockquote>那些故意误解这个机会的人向fuboTV抛出了很多坏消息。请和我呆在一起，因为我试图以一种平衡的方式，注意富波电视的好与坏。</blockquote> What's fuboTV?<blockquote>富波电视是什么？</blockquote> fuboTV is a 6-year-old company. It's a streaming platform at its core. But it also has some interesting side units being deployed. What attracts subscribers to its platform in the first instance is its streaming for live sports events.<blockquote>富波电视是一家成立6年的公司。它的核心是一个流媒体平台。但它也部署了一些有趣的辅助单元。首先吸引订户到其平台的是它的体育赛事直播。</blockquote> However, this side of the business will realistically never be profitable. For the foreseeable future, fuboTV has to acquire the rights from ESPN (DIS) and Comcast (CMCSA).<blockquote>然而，这方面的业务实际上永远不会盈利。在可预见的未来，fuboTV必须从ESPN(DIS)和康卡斯特(CMCSA)手中收购转播权。</blockquote> Simply said, the rights to acquire the sporting content are so high, as obviously ESPN and others don't want to lose any unit economics by having subscribers fleeing away from their own platform. So the price for the content is prohibitively high.<blockquote>简而言之，获取体育内容的权利如此之高，因为显然ESPN和其他人不想因为订户逃离他们自己的平台而失去任何单位经济效益。所以内容的价格高得令人望而却步。</blockquote> So what everyone has come to understand is that fuboTV's streaming business will never be meaningfully profitable,and that's as far as everyone is willing to look.<blockquote>所以大家逐渐明白的是fuboTV的流媒体业务永远不会有意义地盈利，这是每个人都愿意看的范围。</blockquote> What investors are failing to understand is that fuboTV's streaming operationis a customer acquisition strategy. It offers high-resolution live sporting streaming so that it can notonly benefit from the ''cord-cutting''tailwinds as households churn out of pay-TV services but can also show subscribers ads.<blockquote>投资者不明白的是fuboTV的流媒体业务是一种客户获取策略.它提供高分辨率的体育直播，因此它不能只受益于“剪断脐带”随着家庭大量退出付费电视服务，但也可以向订户展示广告，这一趋势得到了推动。</blockquote> This side of the operation,the data-driven advertising segment, is the segment that will in time drive fuboTV's profitability. I'm referring to the programmatic advertising platform. This is incredibly profitable compared with direct ad spend.<blockquote>操作的这一边，数据驱动的广告细分市场，是最终将推动fuboTV盈利能力的细分市场。我指的是程序化广告平台。与直接广告支出相比，这是令人难以置信的利润。</blockquote> So many investors miss that. And those that do vaguely understand its advertising segment, and how it compares with Roku (ROKU), go on to proclaim that this is only 12% of the business and that it won't ever be a needle-moving segment for fuboTV.<blockquote>很多投资者都忽略了这一点。那些模糊了解其广告部门以及它与Roku（Roku）相比如何的人继续宣称，这仅占业务的12%，并且永远不会成为fuboTV的重要部门。</blockquote> Again, this misses the fact that fuboTV's advertising segment is growing at such a rapid clip. During its most recent quarter, fuboTV's advertising segment was up 206% y/y. Even as fuboTV dramatically decelerates over time, I suspect that by the end of Q4 2021 (six months), fuboTV's advertising segment will account for about 15% of its business.<blockquote>这再次忽略了fuboTV的广告业务增长如此之快的事实。在最近一个季度，fuboTV的广告部门同比增长206%。尽管fuboTV随着时间的推移而大幅减速，但我怀疑到2021年第四季度末（六个月），fuboTV的广告部门将占其业务的15%左右。</blockquote> What's more, it's entirely possible that by this time next Summer, fuboTV's advertising segment will account for approximately 20% of fuboTV. At which point, investors will start to give fuboTV's advertising opportunity slightly weightier considerations.<blockquote>更重要的是，完全有可能到明年夏天的这个时候，fuboTV的广告部分将占fuboTV的20%左右。届时，投资者将开始对fuboTV的广告机会给予稍微更重要的考虑。</blockquote> I believe that if this is all there was to fuboTV, the stock right now at $4 billion would probably be fairly valued. But then, we have another opportunity that I've called the wildcard. More on this later.<blockquote>我相信，如果fuboTV仅此而已，那么目前40亿美元的股票估值可能是合理的。但是，我们还有另一个机会，我称之为通配符。稍后会详细介绍。</blockquote> Revenue Growth Rates Continue to Impress<blockquote>收入增长率继续令人印象深刻</blockquote> <img src=\"https://static.tigerbbs.com/22b839502a218aa047bf4cc6ec6ecd80\" tg-width=\"441\" tg-height=\"480\">Source: Q1 2021ShareholderLetter<blockquote>资料来源：2021年第一季度股东信</blockquote> As you can see above, fuboTV is growing at a very strong clip. It's difficult at this stage to know what 2022 will look like, but given fuboTV's trajectory of beating estimates, I suspect that the company will grow next year by at least 60% y/y to at least $860 million.<blockquote>正如您在上面看到的，fuboTV正在以非常强劲的速度增长。现阶段很难知道2022年会是什么样子，但鉴于fuboTV超出预期的轨迹，我怀疑该公司明年将同比增长至少60%，达到至少8.6亿美元。</blockquote> For fuboTV to grow at 60%, that would imply quite a substantial slowdown from the 101% revenue growth rates aimed at in 2021. However, given that fuboTV's betting segment will start in earnest in 2022, I contend that growing at 60% y/y in 2022 will turn out to be an easy feat for fuboTV.<blockquote>对于fuboTV来说，增长60%意味着比2021年101%的收入增长率目标大幅放缓。然而，鉴于fuboTV的博彩业务将于2022年正式启动，我认为对于fuboTV来说，2022年同比增长60%将是一项轻而易举的壮举。</blockquote> The Wildcard Discussed<blockquote>讨论的通配符</blockquote> In Q4 2021, in approximately 4 months' time, fuboTV is going to soft launch its Sportsbook. This is the start of its betting segment. And this is what I believe could drive the stock's upside potential.<blockquote>2021年第四季度，大约4个月后，fuboTV将试运行其体育博彩。这是其博彩部分的开始。我认为这可能会推动该股的上涨潜力。</blockquote> So far, the details are sketchy. The idea is that when sporting fans are watching their favorite team, rather than having to go elsewhere to bet on the result, they could do it seamlessly via fuboTV.<blockquote>到目前为止，细节还很粗略。这个想法是，当体育迷观看他们最喜欢的球队时，他们可以通过fuboTV无缝地进行，而不必去其他地方对结果下注。</blockquote> I know from experience that this already happens in the UK via adverts in the interval of key TV games, but this way, there's the potential for fuboTV to leverage the data they have on the viewer, and their preferences, to drive further monetizations and engagement.<blockquote>我从经验中知道，这种情况已经在英国通过关键电视游戏间隙的广告发生，但通过这种方式，fuboTV有可能利用他们拥有的观众数据及其偏好来推动进一步的货币化和参与度。</blockquote> If you think about it, viewers watching their favorite team are more likely to bet if it is something that iscompelling to them. And that's the advantage of having 1st-party data on the viewer. fuboTV will know what the viewers' preferences are and this will drive down user churn.<blockquote>如果你仔细想想，观看他们最喜欢的球队的观众更有可能下注，如果它是对他们有吸引力.这就是在查看器上拥有第一方数据的优势。fuboTV将知道观众的偏好，这将降低用户流失率。</blockquote> Again, this all circles back to having data on the viewer. During aninterviewyesterday, CEO David Gandler discusses a way of bringing down user friction. That fuboTV wants to find a way to deliver highly personalized betting odds about what the viewer is watching on fuboTV in real-time to viewers' phones. They haven't quite figured out how to optimize their app, but the team is working on this right now.<blockquote>同样，这又回到了查看器上的数据。在昨天的一次采访中，首席执行官大卫·甘德勒讨论了一种减少用户摩擦的方法。fuboTV希望找到一种方法，将观众在fuboTV上观看的内容实时传递到观众的手机上。他们还没有完全弄清楚如何优化他们的应用程序，但团队现在正在努力。</blockquote> Valuation - Very Attractively Priced<blockquote>估值——价格非常有吸引力</blockquote> On the surface, the stock is cheap at approximately 5x its 2022 revenues. But as you know, fuboTV's profitability margins are dismal. There's nobody out there that doesn't already know this.<blockquote>从表面上看，该股价格便宜，约为2022年收入的5倍。但如你所知，fuboTV的利润率令人沮丧。没有人不知道这一点。</blockquote> Presently, the bulk of the company's business is its subscription business. This subscription business accounts for about 85% of the business right now, and this is unprofitable. fuboTV aims to get this side of the business to break even. This is similar to Roku's (ROKU) hardware business in the early stages.<blockquote>目前，该公司的大部分业务是订阅业务。这项订阅业务目前约占业务的85%，而且这是无利可图的。fuboTV的目标是让这方面的业务实现收支平衡。这与Roku（Roku）早期的硬件业务类似。</blockquote> Then, the opportunity will be to leverage their huge subscriber base to grow their data-driven advertising metrics. During the call yesterday, Gandler once again reiterated that advertising is likely to perform strongly in Q2 through Q4.<blockquote>然后，机会将是利用他们庞大的用户群来增长他们的数据驱动广告指标。在昨天的看涨期权中，甘德勒再次重申，广告在第二季度到第四季度可能会表现强劲。</blockquote> Last year, Roku's advertising segment gross margins hovered around56% to 60%, although this latest quarter, Q1 2021, it soared to 70% gross margins. This gives investors some idea as to what fuboTV may also strive to. Obviously, Roku is a much bigger business than fuboTV, but it's something that fuboTV could migrate towards in time.<blockquote>去年，Roku广告部门的毛利率徘徊在56%至60%左右，尽管最近一个季度，即2021年第一季度，毛利率飙升至70%。这让投资者对fuboTV也可能努力实现的目标有所了解。显然，Roku是一个比fuboTV大得多的业务，但这是fuboTV可以及时迁移的业务。</blockquote> The Bottom Line<blockquote>底线</blockquote> After you've read this article, I would like to believe that you have a more nuanced interpretation of what fuboTV is today and where it's headed over the coming twelve months.<blockquote>读完这篇文章后，我相信你对fuboTV今天是什么以及它在未来12个月的发展方向有了更细致的理解。</blockquote> When you think about fuboTV, I would like you to think about its ability to harness its first-party data. With this, you can obviously level advertising and drive profitability, but I suspect that you'll be able to drive some level of betting too.<blockquote>当您考虑fuboTV时，我希望您考虑一下它利用第一方数据的能力。有了这个，你显然可以提高广告水平并提高盈利能力，但我怀疑你也可以提高一定程度的投注。</blockquote> I will not deny that this journey has been a challenging one and that this investment has not been for those faint-hearted. Happy investing!<blockquote>我不否认这是一个充满挑战的旅程，这项投资不适合那些胆小的人。投资愉快！</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4437237-fubotv-very-attractive-investment-heres-why\">seekingalpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"FUBO":"fuboTV Inc."},"source_url":"https://seekingalpha.com/article/4437237-fubotv-very-attractive-investment-heres-why","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1134150963","content_text":"Summary\n\nfuboTV is better than it appears on the surface.\nAll the good and bad points addressed.\nWhy this stock is worthwhile buying at $5 billion market cap.\n\nmikkelwilliam/E+ via Getty Images\nInvestment Thesis\nAs I noted to my Marketplace members, fuboTV (FUBO) is a highly misunderstood company. It's much more than an unprofitable streaming platform. It's an all-encompassing data, streaming, advertising, and betting company.\nThere's a lot of bad news thrown at fuboTV by those that are intent on misunderstanding the opportunity. Stay with me, as I attempt to, in a balanced manner, note the good and the bad about fuboTV.\nWhat's fuboTV?\nfuboTV is a 6-year-old company. It's a streaming platform at its core. But it also has some interesting side units being deployed. What attracts subscribers to its platform in the first instance is its streaming for live sports events.\nHowever, this side of the business will realistically never be profitable. For the foreseeable future, fuboTV has to acquire the rights from ESPN (DIS) and Comcast (CMCSA).\nSimply said, the rights to acquire the sporting content are so high, as obviously ESPN and others don't want to lose any unit economics by having subscribers fleeing away from their own platform. So the price for the content is prohibitively high.\nSo what everyone has come to understand is that fuboTV's streaming business will never be meaningfully profitable,and that's as far as everyone is willing to look.\nWhat investors are failing to understand is that fuboTV's streaming operationis a customer acquisition strategy. It offers high-resolution live sporting streaming so that it can notonly benefit from the ''cord-cutting''tailwinds as households churn out of pay-TV services but can also show subscribers ads.\nThis side of the operation,the data-driven advertising segment, is the segment that will in time drive fuboTV's profitability. I'm referring to the programmatic advertising platform. This is incredibly profitable compared with direct ad spend.\nSo many investors miss that. And those that do vaguely understand its advertising segment, and how it compares with Roku (ROKU), go on to proclaim that this is only 12% of the business and that it won't ever be a needle-moving segment for fuboTV.\nAgain, this misses the fact that fuboTV's advertising segment is growing at such a rapid clip. During its most recent quarter, fuboTV's advertising segment was up 206% y/y. Even as fuboTV dramatically decelerates over time, I suspect that by the end of Q4 2021 (six months), fuboTV's advertising segment will account for about 15% of its business.\nWhat's more, it's entirely possible that by this time next Summer, fuboTV's advertising segment will account for approximately 20% of fuboTV. At which point, investors will start to give fuboTV's advertising opportunity slightly weightier considerations.\nI believe that if this is all there was to fuboTV, the stock right now at $4 billion would probably be fairly valued. But then, we have another opportunity that I've called the wildcard. More on this later.\nRevenue Growth Rates Continue to Impress\nSource: Q1 2021ShareholderLetter\nAs you can see above, fuboTV is growing at a very strong clip. It's difficult at this stage to know what 2022 will look like, but given fuboTV's trajectory of beating estimates, I suspect that the company will grow next year by at least 60% y/y to at least $860 million.\nFor fuboTV to grow at 60%, that would imply quite a substantial slowdown from the 101% revenue growth rates aimed at in 2021. However, given that fuboTV's betting segment will start in earnest in 2022, I contend that growing at 60% y/y in 2022 will turn out to be an easy feat for fuboTV.\nThe Wildcard Discussed\nIn Q4 2021, in approximately 4 months' time, fuboTV is going to soft launch its Sportsbook. This is the start of its betting segment. And this is what I believe could drive the stock's upside potential.\nSo far, the details are sketchy. The idea is that when sporting fans are watching their favorite team, rather than having to go elsewhere to bet on the result, they could do it seamlessly via fuboTV.\nI know from experience that this already happens in the UK via adverts in the interval of key TV games, but this way, there's the potential for fuboTV to leverage the data they have on the viewer, and their preferences, to drive further monetizations and engagement.\nIf you think about it, viewers watching their favorite team are more likely to bet if it is something that iscompelling to them. And that's the advantage of having 1st-party data on the viewer. fuboTV will know what the viewers' preferences are and this will drive down user churn.\nAgain, this all circles back to having data on the viewer. During aninterviewyesterday, CEO David Gandler discusses a way of bringing down user friction. That fuboTV wants to find a way to deliver highly personalized betting odds about what the viewer is watching on fuboTV in real-time to viewers' phones. They haven't quite figured out how to optimize their app, but the team is working on this right now.\nValuation - Very Attractively Priced\nOn the surface, the stock is cheap at approximately 5x its 2022 revenues. But as you know, fuboTV's profitability margins are dismal. There's nobody out there that doesn't already know this.\nPresently, the bulk of the company's business is its subscription business. This subscription business accounts for about 85% of the business right now, and this is unprofitable. fuboTV aims to get this side of the business to break even. This is similar to Roku's (ROKU) hardware business in the early stages.\nThen, the opportunity will be to leverage their huge subscriber base to grow their data-driven advertising metrics. During the call yesterday, Gandler once again reiterated that advertising is likely to perform strongly in Q2 through Q4.\nLast year, Roku's advertising segment gross margins hovered around56% to 60%, although this latest quarter, Q1 2021, it soared to 70% gross margins. This gives investors some idea as to what fuboTV may also strive to. Obviously, Roku is a much bigger business than fuboTV, but it's something that fuboTV could migrate towards in time.\nThe Bottom Line\nAfter you've read this article, I would like to believe that you have a more nuanced interpretation of what fuboTV is today and where it's headed over the coming twelve months.\nWhen you think about fuboTV, I would like you to think about its ability to harness its first-party data. With this, you can obviously level advertising and drive profitability, but I suspect that you'll be able to drive some level of betting too.\nI will not deny that this journey has been a challenging one and that this investment has not been for those faint-hearted. Happy investing!","news_type":1,"symbols_score_info":{"FUBO":0.9}},"isVote":1,"tweetType":1,"viewCount":1048,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":7,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}

fuboTV: Very Attractive Investment, Here's Why<blockquote>fuboTV：非常有吸引力的投资，原因如下</blockquote>

评论（1）

热议股票