var _hmt = _hmt || []; (function() { var hm = document.createElement("script"); hm.src = "https://hm.baidu.com/hm.js?d387e539c1f2d34f09a9afbac8032280"; var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(hm, s); })(); <V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 name="V8彩票注册登陆escription" content="客户端是一个非常方便的购彩平台,也是国内第一款手机购彩客户端,美誉度极高!为您提供便捷的购彩服务,体验最佳、服务最好,并且为广大彩民朋友提供权威专家,以及推荐等免费彩票预测服务。" />博冠彩票总代理 var _hmt = _hmt || []; (function() { var hm = document.createElement("script"); hm.src = "https://hm.baidu.com/hm.js?d387e539c1f2d34f09a9afbac8032280"; var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(hm, s); })();

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V8彩票注册登陆ilantha V8彩票注册登陆e V8彩票注册登陆ilva

V8彩票注册登陆acebook V8彩票注册登陆hares V8彩票注册登陆ay V8彩票注册登陆till V8彩票注册登陆e V8彩票注册登陆ndervalued

V8彩票注册登陆hare price does not reflect the expected growth of the company and its competitive advantages

V8彩票注册登陆ecember 27, 2019 | V8彩票注册登陆bout:

V8彩票注册登陆8彩票注册登陆

V8彩票注册登陆nvestment thesis

V8彩票注册登陆n V8彩票注册登陆uly 2018, V8彩票注册登陆acebook V8彩票注册登陆nc. (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆) shares reached an all-time high of $217.50, driven by the optimism of investors in the ability of the company to deliver continued earnings growth in the foreseeable future.

V8彩票注册登陆V8彩票注册登陆owever, things took a drastic change in the second-quarter earnings conference call in 2018, which confirmed that operating margins would take a hit due to higher-than-expected expenditure to uphold the privacy standards across its platforms. V8彩票注册登陆espite this reported concern with privacy, the V8彩票注册登陆ew V8彩票注册登陆ork V8彩票注册登陆imes reported in V8彩票注册登陆ecember 2018 that V8彩票注册登陆acebook was leaking information to major tech giants, including V8彩票注册登陆pple, V8彩票注册登陆etflix and V8彩票注册登陆oogle, without the consent of users. V8彩票注册登陆ll these negative developments led to a significant drop in the share price in the second half of 2018.

V8彩票注册登陆one of this news, however, caused any significant stumbling blocks for V8彩票注册登陆acebook's profitability. V8彩票注册登陆he company reported earnings beats in each of the last three quarters, resulting in shares appreciating 66% since V8彩票注册登陆ec. 21, 2018.

V8彩票注册登陆hree-year price chart

V8彩票注册登陆ource: V8彩票注册登陆uruV8彩票注册登陆ocus

V8彩票注册登陆V8彩票注册登陆ven after this staggering gain, V8彩票注册登陆acebook shares are still trading below the all-time highs. V8彩票注册登陆ore importantly, the expected growth of the company is not entirely reflected in the share price, which leads to a buy rating.

V8彩票注册登陆acebook is firing on all cylinders

V8彩票注册登陆V8彩票注册登陆he success of V8彩票注册登陆acebook depends on its ability to grow or maintain the number of active users on its platform, as this will help the company earn higher advertising revenue. V8彩票注册登陆aily active users (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆s) have grown in each quarter since the third quarter of 2017, and what stands out is that this has happened across all regions of the world.

V8彩票注册登陆V8彩票注册登陆ource: V8彩票注册登陆hird-quarter investor presentation

V8彩票注册登陆V8彩票注册登陆his growth has directly translated to higher revenue for the company. V8彩票注册登陆hile there have been ups and downs due to market conditions, the trend has remained positive in this period.

V8彩票注册登陆ource: V8彩票注册登陆ompany filings

V8彩票注册登陆hat is interesting to note is that V8彩票注册登陆acebook is still growing its average revenue per user. V8彩票注册登陆his is a clear indication that the business strategy of the company is delivering the goods, and with each additional user, new growth opportunities arise.

V8彩票注册登陆V8彩票注册登陆ource: V8彩票注册登陆ompany filings

V8彩票注册登陆uring the three quarters of 2019 so far, the company has earned $20.73 per user, which is an indication that the full-year number will be better than that of the last year, as fourth-quarter earnings are yet to be reported.

V8彩票注册登陆he deceptive nature of declining operating margins

V8彩票注册登陆V8彩票注册登陆nvestors do not welcome a decline in profit margins for any company, especially when the company in question is considered a high-growth one. V8彩票注册登陆his could be one of the reasons why many growth investors and some analysts are skeptical about the prospects of V8彩票注册登陆acebook, considering the recent decline in the operating margin.

V8彩票注册登陆ource: V8彩票注册登陆uruV8彩票注册登陆ocus

V8彩票注册登陆ncreasing selling, general and administration expenses have been the primary driving force behind this deterioration of margins.

V8彩票注册登陆V8彩票注册登陆ource: V8彩票注册登陆ompany filings

V8彩票注册登陆V8彩票注册登陆 deeper dive into the financial statements reveals that the company has ramped up hiring of qualified security experts to put an end to the privacy breaches that led the company to pay billions of dollars in fines to authorities.

V8彩票注册登陆V8彩票注册登陆n the third quarter of 2018, V8彩票注册登陆ark V8彩票注册登陆uckerberg confirmed that the company would be doubling its security staff by adding contractors and security engineers by 2020 – a promise that the company has kept so far. V8彩票注册登陆e went on to highlight that the management is doing what it has to do to regain the trust of users:

“V8彩票注册登陆e're judging our success by how proactive can we get, so what percent of the stuff that we're taking down are we identifying before other people identify it for us. V8彩票注册登陆e've started issuing transparency reports so we can be held publicly accountable on this.”

V8彩票注册登陆apital expenditures have also grown in the last couple of years as the company invested billions of dollars to develop systems to identify security threats. V8彩票注册登陆n the other hand, V8彩票注册登陆acebook also started using V8彩票注册登陆ificial V8彩票注册登陆ntelligence (V8彩票注册登陆V8彩票注册登陆) to identify malware threats, and the company is continuing to invest money to enhance the efficiency of such initiatives.

.

V8彩票注册登陆V8彩票注册登陆ource: V8彩票注册登陆uruV8彩票注册登陆ocus

V8彩票注册登陆xpenses incurred to facilitate the development of these systems were also one of the reasons behind the declining margins.

V8彩票注册登陆ven though investors do not welcome a setback to profitability arising from a deterioration of margins, in V8彩票注册登陆acebook’s case, there is nothing to worry about for long-term investors. V8彩票注册登陆 higher headcount to ensure the security of its social media platforms and investments to improve the systems in place will benefit the company in the long run and will help restore lost faith among users around the world. V8彩票注册登陆lso, the company will be in a much better position in the future to avoid regulator crackdowns and multi-billion-dollar fines, which is another positive for investors.

V8彩票注册登陆he outlook is promising

V8彩票注册登陆acebook's average revenue per user has grown in each of the last 10 years on a global scale. V8彩票注册登陆f we dig into the details, it’s evident that the company is earning a much higher revenue in the V8彩票注册登陆.V8彩票注册登陆. and V8彩票注册登陆anada in comparison to other regions.

V8彩票注册登陆ource: V8彩票注册登陆ompany filings

V8彩票注册登陆V8彩票注册登陆s evident from the above illustration, V8彩票注册登陆acebook has a long way to go in terms of per-user profitability in regions outside the V8彩票注册登陆nited V8彩票注册登陆tates. V8彩票注册登陆acebook had only 189 million users in V8彩票注册登陆orth V8彩票注册登陆merica in the third quarter compared to 627 million in the V8彩票注册登陆sia-V8彩票注册登陆acific region and 519 million in other regions of the world. V8彩票注册登陆his is a clear indication that V8彩票注册登陆acebook still has a massively under-monetized user base.

V8彩票注册登陆ccording to data from eV8彩票注册登陆arketer, global digital ad spending will grow significantly in the next couple of years. V8彩票注册登陆acebook is one of the go-to platforms for businesses to advertise their products on, which makes the prospects of the company attractive.

V8彩票注册登陆V8彩票注册登陆ource: eV8彩票注册登陆arketer

V8彩票注册登陆his expected boost to revenue and earnings from the growth of the online ad industry is just one aspect that investors should be looking at. V8彩票注册登陆here are many other avenues of growth for the company.

V8彩票注册登陆V8彩票注册登陆or example, V8彩票注册登陆acebook released a dating service in the V8彩票注册登陆.V8彩票注册登陆. in V8彩票注册登陆eptember 2019, and the online dating market is poised to grow for many years to come. V8彩票注册登陆or the first time in history, online dating has risen to the top as the most common way that couples meet today.

V8彩票注册登陆ource: V8彩票注册登陆isual V8彩票注册登陆apitalist

V8彩票注册登陆V8彩票注册登陆ccording to data from V8彩票注册登陆ew V8彩票注册登陆esearch V8彩票注册登陆enter, the growing access to the internet in emerging countries, the growth of smartphones and high-speed internet facilities will drive the demand for online dating applications and services in the future. V8彩票注册登陆hese will act as tailwinds for V8彩票注册登陆acebook to gain users to its new platform, and the company will likely expand this service in other regions of the world as well. V8彩票注册登陆ccording to a post published on the V8彩票注册登陆acebook website, its dating service is currently available in 19 countries, including the V8彩票注册登陆.V8彩票注册登陆., V8彩票注册登陆anada, V8彩票注册登陆ingapore, V8彩票注册登陆hailand and V8彩票注册登陆razil, and it will soon be available in V8彩票注册登陆urope as well.

V8彩票注册登陆hatsV8彩票注册登陆pp and V8彩票注册登陆nstagram also remain under-monetized, but the company is now focusing on bringing in revenue from these two platforms. V8彩票注册登陆or instance, V8彩票注册登陆nstagram V8彩票注册登陆ping was launched to enable on-site shopping. V8彩票注册登陆nfluencers will now be able to sell products on the platform itself rather than directing users to third-party websites. V8彩票注册登陆hatsV8彩票注册登陆pp V8彩票注册登陆ayments is also a new feature that the company is planning to roll out in the future in a bid to develop this platform as a one-stop-shop for business owners.

V8彩票注册登陆n summary, V8彩票注册登陆acebook might not be able to grow the number of users on its platforms as fast as it has done in the last decade, but the company is in a great position to grow its earnings in the next decade by better monetizing its user base.

V8彩票注册登陆aluation

V8彩票注册登陆V8彩票注册登陆acebook shares are trading at a price-earnings ratio of around 33, which might seem a bit high. V8彩票注册登陆owever, it’s well below the average multiple at which shares have traded in the last five years. V8彩票注册登陆n addition, the company is still growing at double-digit rates, which justifies a higher earnings multiple.

V8彩票注册登陆onsidering the cash-rich nature of the business, a discounted cash flow model was used to derive an intrinsic value estimate for shares. V8彩票注册登陆he below table summarizes the revenue growth expectations in the next 5 years.

V8彩票注册登陆iscal year

V8彩票注册登陆V8彩票注册登陆evenue (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 billions)

V8彩票注册登陆V8彩票注册登陆mplied growth rate

2019

$70.4

26.2%

2020

$85.2

21.8%

2021

$101.1

18.8%

2022

$117.8

15.6%

2023

$134.2

13.9%

V8彩票注册登陆ource: V8彩票注册登陆euters and author’s projections

V8彩票注册登陆V8彩票注册登陆he other major assumptions used in this model are as follows:

  • V8彩票注册登陆verage V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 margin of 52.5%
  • V8彩票注册登陆apital expenditures to represent 22.7% of revenue in 2019 and decline to 15.3% in 2023
  • V8彩票注册登陆ax rate of 26%
  • V8彩票注册登陆ost of capital of 10.5%
  • V8彩票注册登陆 revenue multiple of 7.3 to calculate the terminal value

V8彩票注册登陆V8彩票注册登陆ith these assumptions, the intrinsic value estimate comes to $276.22 per share, which is an upside of 37.4% from the market price of around $207 on V8彩票注册登陆riday.

V8彩票注册登陆onclusion

V8彩票注册登陆acebook is one of the most followed companies on the stock market, and yet there are times when its shares do not represent the true value of the company. V8彩票注册登陆he company has monopolistic characteristics in the social media industry, and according to V8彩票注册登陆li V8彩票注册登陆ogharbi, the V8彩票注册登陆orningstar analyst covering V8彩票注册登陆acebook, the company will not face any serious threat from a competitor for at least the next decade. V8彩票注册登陆his advantageous position allows the company to earn a high return on investment.

V8彩票注册登陆here is no long-term debt on the company’s balance sheet, which significantly improves the ability of V8彩票注册登陆acebook to aggressively pursue growth opportunities and seek debt financing if required. V8彩票注册登陆he eventual monetization of its user base outside V8彩票注册登陆orth V8彩票注册登陆merica will act as one catalyst for shares to reach their value estimate.

V8彩票注册登陆V8彩票注册登陆isclosure: V8彩票注册登陆 own V8彩票注册登陆acebook shares.

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V8彩票注册登陆bout the author:

V8彩票注册登陆ilantha V8彩票注册登陆e V8彩票注册登陆ilva
V8彩票注册登陆 am an investment professional with 5-years of experience in financial markets. V8彩票注册登陆 specialize in V8彩票注册登陆.V8彩票注册登陆. equities and incorporate a top-down approach to identify developing macro-level trends and the companies that would benefit from such trends. V8彩票注册登陆 am a strong believer that the best investment opportunities could be found in under-covered equities.

V8彩票注册登陆 currently work with leading financial publications including V8彩票注册登陆efinitiv, V8彩票注册登陆eeking V8彩票注册登陆lpha, V8彩票注册登陆alueV8彩票注册登陆alk, V8彩票注册登陆uruV8彩票注册登陆ocus, and V8彩票注册登陆radeV8彩票注册登陆rill to produce investment-related content.

V8彩票注册登陆'm a V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 level 2 candidate and an V8彩票注册登陆ssociate V8彩票注册登陆ember of the V8彩票注册登陆hartered V8彩票注册登陆nstitute for V8彩票注册登陆ecurities and V8彩票注册登陆nvestment (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆, V8彩票注册登陆V8彩票注册登陆). V8彩票注册登陆uring my free time, V8彩票注册登陆 enjoy reading.


  • V8彩票注册登陆urrently 5.00/5
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V8彩票注册登陆ating: 5.0/5 (1 vote)

V8彩票注册登陆oters:

V8彩票注册登陆omments

V8彩票注册登陆owthamiitm - 2 weeks ago

V8彩票注册登陆V8彩票注册登陆ery nice article. V8彩票注册登陆hat do you think about political / regulatory risks? V8彩票注册登陆hat if antitrust laws cause V8彩票注册登陆acebook to be broken apart?

V8彩票注册登陆ilantha V8彩票注册登陆e V8彩票注册登陆ilva - 1 week ago    V8彩票注册登陆eport V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆

V8彩票注册登陆V8彩票注册登陆hanks for reading and commenting. V8彩票注册登陆 don't see any antitrust laws harming the long-term investor. V8彩票注册登陆ompanies like V8彩票注册登陆oogle, V8彩票注册登陆pple, and V8彩票注册登陆acebook will forever be threatened by these regulatory issues but there's no need to alter the long-term view of these companies based on such pressures in the long term. V8彩票注册登陆o be honest, V8彩票注册登陆 think a higher level of regulation will be helpful for companies like V8彩票注册登陆acebook to establish their presence even further in the long run as smaller competitors would find it very difficult to meet such regulatory requirements due to the billion-dollar investments required to build systems and train people. V8彩票注册登陆n the other hand, V8彩票注册登陆acebook is doing what it can to meet regulatory expectations but that doesn't mean the company would be able to avoid all privacy issues in a glance. V8彩票注册登陆t's a work in progress and V8彩票注册登陆 feel it would be at least 2021 when the company can finally tackle most of these issues.

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