JFrog – Quick Cal.

💡 Intellectual exercise only. Don't take the projection seriously. JFrog recorded accounting profit in the last quarter. The company has been cashflow positive for a while. The business is a typical software business which enjoys high gross margin. Once the business breaks even, the operating leverage might kick in faster than consensus expects because people … Continue reading JFrog – Quick Cal.

Unity – IPO Note 2

Unity filed S-1/A yesterday so now we have a better grasp on pricing. I'm not going to do a sensitivity analysis table which shows the relationship between market capitalization, estimated revenue / revenue growth and the multiple since FinTwit has done a great job. https://twitter.com/jaminball/status/1303734544068038656?s=20 @jaminball Since it's typical for IPO stock to pop, what … Continue reading Unity – IPO Note 2

Unity – IPO Note

💡 This note is NOT an advice for making any investment decisions. Data in this note is hand-collected so it's recommended to double check your data provider and S-1. The content here is my intellectual exercise so it might deviate from reality substantially and should be different from typical S-1 tear-down or IPO snapshot (hopefully … Continue reading Unity – IPO Note