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921 articles about companies over $10B

@MultiplesCap

Multiples Capital on X

$EXPE has always been a much slower grower than $BKNG, won't be surprised if it's a fav pair trade of hedge fund (long booking, short expe). Over the years though Expedia has been going through internal changes, sold some businesses (Egencia to AmEx travel and few other sites), went through a technology transformation for internal sites (Expedia, https://t.co/ap3OIandej, Vrbo). 50% improvement in operating margin since 2019. But not as profitable as Booking (operating margin at 12% vs 32% for bkng). Mainly a US focused player (unlike bkng) with a very strong B2B segment that's growing mid teens and about 30% of total revenue), now looking to expand internationally. To be seen if that would drive higher margin given the much fragmented hotel market internationally vs US. Bkng on the other hand seeing revenue growth slowing down to high single digit and mid teens eps growth with margins declining since 2019. Expedia needs to show higher top line growth but possible still delivers mid teens eps growth. Travel is cyclical but these OTA are very robust, they saw revenue growth even in the financial crisis, as more ppl look for deals. AI is an unknown, Expedia is embracing it. Finding a hotel with the right deal is not same as getting an answer to a question from LLM, distribution/platform should remain valuable. Interesting to see how the pieces fall for Expedia, PEG < 1 and these multiples should atleast provide downside protection

[$VEEV] Veeva Systems

Veeva serves 1,500 life-sciences customers with cloud software and targets AI-driven industry efficiency gains as new commercial and R&D…

VEEV $46B
Lewistown Capital
@HaydenCapital

Fred Liu on X

Loved this interview with Adam at Applovin $APP. Insight into his strategic thinking + the story of building a $100BN firm with almost 0 funding (just $4M total). And his decision of buying back ~25% of shares at rock-bottom prices, contributing to their massive stock performance since 2023. https://t.co/2We2q8sG8n ** My favorite quotes: "We went public in April 21. And if I remember right, by December lockups free from January 22 to December 22, I think our stock went down like 92%. Um, it was red every day. And so that it ends up setting you up for failure. Now we were really fortunate because of how we started. We were always cashflow positive. So I controlled our own destiny. We were generating, I think it was a billion dollars of EBITDA. And at the low point, I think we got to a market cap of $4 billion. And so if you think about like cash yield return, it's over 20%. It's really cheap. You could manage and buy out a company at that level with just debt. And so what we did at the low point was we buckled down, said, we've all been here a long time. Let's build really great products. That's how we're going to recover. no one's going to buy our stock at this point. There's no narrative to sell. Everyone's gone. So let's buy our own shares. And we ended up issuing a lot of stock to the team, putting in a performance equity plan, and then becoming the biggest buyer of our own shares over the next year. And so we went from bottom $9 to peak $522 years later. A large part of that, I would say, probably 20-25% of that appreciation was because we bought back 20-25% of the cap table at very low prices because we could." ** And he refuses to speak to the Pods: "And then you realize I also want to recruit investors who believe in what I'm building over time, not who are betting on the stock for a quarter. And so I ended up changing investor relations and I don't take meetings with anyone who's who's focused on what's happening next quarter in a business as robust as ours. What's happening next quarter is defined by things we did a year ago. What's happening in three to five years is what I'm focused on. And so I only spend time with people who want to align with my vision long term. And that creates a much more engaging perspective on the world and got me to start thinking about the business exactly the same way as I did when we were private. And I still operate it today that way."

Brookfield's New Lawsuit

Brookfield faces whistleblower allegations over its VC funds; $569 million of Q1 buybacks challenges claims that $8 million of remaining…

BN $90B
310 Value’s Newsletter 3 clicks
@HaydenCapital

Fred Liu on X

More 3PL Datapoints. $1519.HK $SE 1) External funding raised by 3PLs 2) Lower volumes are leading to negative spiral for delivery workers (who are paid per package). Fewer deliveries per worker = less $ per day = workers leaving for growing 3PLs (Shopee Express & J&T) = more supply / competition of delivery workers = cheaper per parcel costs for SPX & J&T (widening moat). And further erosion of network density for sub-scale 3PLs. https://t.co/n35vONTb7Y
@HaydenCapital

Fred Liu on X

It has to consolidate at some point, and already is this year. It's relatively easier to build vs ice cars (esp in China with robust supplier ecosystem). But hard to scale, differentiate, and distribute your products. Requires billions in funding. Btw, you see $LI making a bigger push overseas this year, because they're about to launch BEV in China. So these hybrid models are going abroad to countries with less developed charging networks, where hybrids are more practical. It's a way to keep production lines busy, and might even make higher margins due to lower competition abroad + higher prices.
@HaydenCapital

Fred Liu on X

I doubt being an "Irish" company makes a difference. But it's actually not that difficult to list in HK, esp since most of the prep work is done. Don't know if people still remember the 2022 PBAOC de-listing events. But $PDD and others had already filed paperwork to list in HK, and pulled it when audits were approved. https://t.co/ukMsOByVgh I believe they have paperwork ready to go, and the process takes 3-6 weeks. Fully expect them to list in HK, if / when its officially confirmed. ** Worst case is they trade OTC. Volumes get hit, and would be some short-term pain from forced-sellers. But Luckin ($8BN) mkt cap) is trading near all-time highs + trades $80M / day on the pink sheets, and Didi ($17BN mkt cap) still trades $40M / day. Not bad... What matters in the end is just business execution, and higher earnings.
@HaydenCapital

Fred Liu on X

Li Auto is launching in the Philippines (and likely rest of SE Asia). Pictures from yesterday, at Manila's SM Mall of Asia. $LI. Management has talked publicly about Middle East and Central Asia as initial markets, but don't think they've mentioned SE Asia before... According to the sales associate, their first store in BGC is opening end of April, with 3 more locations in following months. Seems the $LI overseas expansion is happening much faster than investors anticipate... L7 priced at 4-4.5M PHP, and L9 at 5-5.5M PHP (+50% more expensive than in China).
@HaydenCapital

Fred Liu on X

Going thru Circle's $CRCL S-1. First pass, it seems Coinbase $COIN is best levered to Circle's $CRCL growth. USDC avg circulation grew +9% y/y in 2024, revenues grew +16%, but profits went down -42%. Mainly because payments to $COIN grew +31%. More and more USDC is held on Coinbase's platform, on which they get a "distribution fee" (18% of total supply vs. 8% in 2023, and vs. Circle's 2%). (The Aug 2023 contract renegotiation helped too. Also assumes continued preference holding USDC on Coinbase's platform). https://t.co/yoWLFOJg3X
@rusholmecapital

Rusholme Capital on X

I'm not finding much of interest in this market. Few notes to myself so that I can look back and see how wrong I was: - Software & semi are expensive, but always are. I'm watching $CDW which posted its first revenue growth in a long time - Not finding much of interest in healthcare. Medtech is ex-growth and expensive. Lot of names under pressure from Trump cost cutting - Valuations for financials have gotten stretched. I'm trimming some big winners here - High-ticket consumer goods are struggling, but travel remains strong. Seeing green shoots in Canadian housing. I'm careful with the Canadian cannabis renaissance - Canadian OFS is topping out and transport is getting killed. Several cheap packaging names, but no growth