Company Research

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Adyen: First Principles Formula

On the payment ecosystem and its history, distributional strategies, the competitive positions of modern players like Stripe, Square, and Adyen, how Adyen is different from the two others, unified commerce, and a brief on the stock price.

Disney: You’ve Got a Friend in Streaming

On Disney’s acquisitive history and digital transformation, how a shift to DTC shifts the economics of the business, and how I would value the company with the subscription business at focus.

Alibaba: The Sprawling Octopus

On China’s regulatory crackdowns, the history of Alibaba, the arms of the octopus, how Alibaba monetizes its ecosystem, the moat, how Alibaba could fail, how I would value the company, and a note on position sizing.

Momo Inc: The Story Beyond Live Streaming

On Momo’s two-bet social connectivity, its transformation to a dominant online dating player, how live streaming might hit a wall, the value-added potential of integrating core Momo and Tantan, the moat, and how I would value the company.

Autohome: Prospects for Capital Allocation

On how Autohome captures the automobile ownership lifecycle, its big cash position, the capital required for operations, the prospects for future returns on that capital and growth reinvestment, the prospects for returns to shareholders, and how I would value the company.

FactSet Research: Unit Economics Valuation

On how FactSet surfed the wave of data accessibility, the winner-take-most industry, the three main risks of the business, the moat, and how I would value the company through unit economics.