Roblox – Updated Charts

I update the slide with 4Q20 data in latest S1. Direct listing of Roblox will be interesting because market appetite has shifted in last two weeks and the underlying business of Roblox seems to be normalizing this year based on company's expectation (conservative?). Roblox has strong cash flow and just raised a private round so … Continue reading Roblox – Updated Charts

Roblox – IPO Note 4 (Investor Day)

[February 27th, 2021] Roblox has updated their S-1 and decided to go direct listing on March 10th. Roblox hosted investor day on Youtube. I highly recommend watching that video (presentation and Q&A) which is embedded below. Roblox is interesting: "metaverse holder" pure play - vertical & category agnostic consumer internet tech "large" TAM, meme candidate, … Continue reading Roblox – IPO Note 4 (Investor Day)

Roblox – IPO Note 3 (It’s Direct Listing!)

[January 10th, 2021] Roblox announced few days ago that it raised $520 million in new Series H funding at $29.5 billion valuation and planned to pursue an IPO via direct listing in early February 2021. It's management team's job to maximize the valuation for existing stockholders. By withdrawing from IPO and then raising a private … Continue reading Roblox – IPO Note 3 (It’s Direct Listing!)

Rival Peak – Follow Up 1

[December 16th, 2020] The experimental interactive experience has been up for more than 10 days and has finished the first weekly loop of "heart of experience", Rival Speak. You can try the reality show / game at fb.gg/play/rivalpeak. https://twitter.com/JNavok/status/1335056751574593538 My first impression for Rival Peak before its launch was the experience is not engaging. Now … Continue reading Rival Peak – Follow Up 1

Roblox – IPO Note 2

[December 16th, 2020] Background Roblox Corp. delayed its planned IPO after company officials decided that the gravity-defying performance this week of Airbnb Inc. and DoorDash Inc. made it too difficult to determine the right price for the videogame company’s shares.Dec. 11, 2020 WSJ Affirm Holdings Inc. is postponing its initial public offering, according to people familiar with the matter, the second … Continue reading Roblox – IPO Note 2

Rival Peak – Initial Thoughts

Background of Rival Peak Below is how Facebook describes Rival Peak and its trailer: Rival Peak is an experimental competition reality show, featuring artificially intelligent contestants whose fate is controlled by YOU, the viewing audience. You can interact with the real-time experience through an instant game right on Facebook.Rival Peak Official Website https://youtu.be/wjOyi-aV5Pk * * … Continue reading Rival Peak – Initial Thoughts

Roblox – IPO Note 1

I just skimmed Roblox S-1. As there will be many S-1 teardown and takes on the internet, I only write down high-level thoughts that I still remember without checking the document again. I might put together a simple model and charts later. * * * [November 22nd, 2020] What is Roblox? Roblox is a User-Generated … Continue reading Roblox – IPO Note 1

Game Engine as a Competitive Advantage for Game Developer?

I joined a Hong Kong listed Chinese game developer conference call last Friday. I don't remember most of the stuff discussed but the call gave me an impression that the company believes having technical capability in game engine is kind of competitive advantage. The management mentioned that some of their high quality game are developed … Continue reading Game Engine as a Competitive Advantage for Game Developer?

Mario Kart Live: Home Circuit

Concept of the Game Mario Kart Live: Home Circuit (Mario Kart Live) utilizes Mixed Reality technology to combine real-time, interactive information captured from physical radio-controlled cars and digital Mario Kart gameplay experience. https://youtu.be/QZm_hA1Dlhg . [Area Left Blank In Case Video Clip Size Distortion] . . Nature of the Game Due to physical element in the … Continue reading Mario Kart Live: Home Circuit

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

Thoughts on Unity and Game Engine before Unity IPO

If you still click the tweet T+N days after Unity S-1 was filed, I bet you have already checked Fintwit threads and relevant information on the stock so I would just skip S-1 summaries, comp table/chart on SaaS metrics, or historical financials. If you haven't checked those information, I collect stuff I believe informative in … Continue reading Thoughts on Unity and Game Engine before Unity IPO