AppLovin Corp.
June 24, 2023
In our view, APP stock still offers a relatively inexpensive valuation with an option on Software Platform revenue growth acceleration which should lead to upward estimates revisions and a re-rating. For our thesis to play…
May 12, 2023
We continue to think that APP offers a combination of a still cheap valuation, attractive Ebitda to FCF conversion profile, more headroom for a re-rating and optionality for top line growth reacceleration due to industry-wide…
April 2, 2023
We believe that the company’s decision to shift the focus to reporting installs growth and revenue per install growth and away from metrics that are more complex and less applicable to revenue modeling is a…
February 9, 2023
Going into Q4 earnings we argued that If the report confirms that the management’s comments on Q3 were correct and there is no further deterioration in Software Platform top line trends, a new bull case,…
February 8, 2023
We see the results, guidance for Q1 and the commentary (no further deterioration in the mobile app market) in the letter to shareholders as positive for the stock. We believe that for a new bull…
January 30, 2023
We continue to believe that the complexity of the business model is a hurdle the APP story needs to clear for the stock to work in the long run. That said, the Street was willing…