Categories Finance
It's one of those small UK if-it-were-listed-in-the-US companies. Bidstack #BIDS and it puts advertising into major online games
It's rocketing - and there are some grounds to think that in quite short order it may be about to turn into a firework
Not Boku and not for widows & orphans but looking around here, it has the kind of following where rival factions of the warmer kind of bulletin board gang members gun each other down on twitter with rocket emojis but if the Swedes or Americans discover it, can it stay a \xa322M cap? https://t.co/Fa2r6JgTTq
— HRouge (@hareng_rouge) December 17, 2020
"May" and also:
- history of over promising and disappointing
- very much a AIM small cap
- burns cash
- will place and dilute
- has share price on homepage
- Glassdoor is not great
- emoji issues when discussed
*But* it may now be delivering for real. If so it may also be extremely cheap. How cheap?
20H1 was 2x sequentially and 10x YoY
It may be about to report H1-H2 sequential growth of 5x.
If so, FY20: 10x YoY.
Fwd 21 rev multiple? Perhaps half that number, perhaps even less.
I need to explain in some detail what they do because it's necessary to understand it to gauge not only the opportunity but also the risk - and also to be able to translate aspects of what the company put out in their releases. The juicy stuff comes after.
As simply as I can: Bidstack provide a SDK (software developer kit) to games companies: so far Sega and Codemasters
The SDK allows companies to create areas in their games where adverts can be placed by Bidstack.
The ads appear within the fabric of the game, natively
The prayer is given by Senate Chaplain Barry Black. Yes, the Senate has a chaplain. Yes, your tax dollars pay his salary. And the numbers are shocking:
I wrote about this back in 2016. https://t.co/vdc8EGhxPW
From 2000-2015, Congress spent more than $10 million on prayers, the vast majority of which are to the Christian god (more than 96% of prayers in the House were Christian).
The Senate Rules give the chaplain ONE job: to pray.
https://t.co/6dEjnnfy0x
Do chaplains do other things? Sure. But they're paid to pray. The claim that they accommodate the religious freedom of Members of Congress may have made sense when DC was an unpopulated swamp...
...but not in an age where houses of worship are on every street corner in DC and when members can zoom with religious counselors of their choice back home or anywhere else. Religious consolation is easy to find.
They chaplains are paid to pray.
And they are paid an awful lot.
The House Chaplain makes $172,500 (2018)
The Senate Chaplain makes $160,787 (2018)
Again, their only job is to say the opening prayer.
https://t.co/a3YrOqPgOZ
I guess much has been said/written/memed about the most recent r/WSB YOLO short squeeze, and tbh have nothing really smart to add... but i'm puzzled by the pro-investment community reaction to this (namely HFs, bank sales desks
and prop traders)...
While squeezing traders position has long been a guilty pleasure of the Hedge Fund community (and few aggressive banks, with questionable motives to skew prices), everybody seem to be shocked that retail traders do that, and running a decent risk management
scheme...
My best recollection of a brutal position squeeze was the $12bn JPM lost on CDX spread (aka, the London Whale)
https://t.co/bDHAL2UwpX
Back in these days the entire market knew that JP's trader was, in fact, the entire position in the illiquid index (off-the-run)
so almost every credit trader that I knew traded against that position... Now, that's perfectly legal right? it's not crossing any legal boundaries of price manipulation, so why is it ok for pro traders to do that but it becomes shocking when your neighbor's kid does that?
and the CDX example is only one of a handful of examples of skewed position that got squeezed hard, the only difference is the orderbook distribution...
While in "normal" markets orderbook distribution oscillates between normal to slightly skewed, in the YOLO case I think that
Also, the answer to a few questions including:
Yesterday’s Value That Company!
Also, Why am I so dumb?
Finally, Why listen to me? 🤷‍♂️
Here we go!
A few years ago, I get a call from an acquaintance (we have several mutual good friends). He’s running a fast growing consumer finance company and needs cash...
It isn’t “I need $5 Million by Friday” but it’s close...
How fast are they growing? By the time we are negotiating the deal a week or 10 day later, the ask is up to $10 Million...
We did a little time travel yesterday on Value That Company, and I put you back in my shoes 3 years ago...
(Answer shortly)... https://t.co/mNFNGgHiMI
It is time... For reasons that will be clear tomorrow, we are going into the archives for the first 2021 edition of Value That Company!
— Matt Willes (@SkolCapital) January 12, 2021
Today: Consumer Finance
TTM: 217 M Rev; 12.7 M EBITDA
Prior year: 97 M Rev; -4.4 M EBITDA
2 yr ago: 23 M Rev; -2.9 M EBITDA
More details: https://t.co/rn8lbARa4V
The business is fascinating, but also extremely sensitive to assumptions, underwriting, etc...
Management is good, but also very aggressive which I’m not sure I love...
Worse, we don’t have the time to really dig into the numbers as extensively as I’d like... https://t.co/np5UPBmjnu
Ok, stealing my thunder from tomorrow, BUT:
— Matt Willes (@SkolCapital) January 12, 2021
5% of customers never make even 1 payment: 100% loss rate
24% default before maturity: 15% loss rate
32% payoff < 90 days: 7% avg ROI
11% payoff > 90 days: 91% ROI
28% go full term: 121% ROI
Inside: Competition is Killing Us; Predatory lender seeks national bank charter; Militarizing cops was a failure; and more!
Archived at: https://t.co/mFat1Fsadn
#Pluralistic
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Competition is Killing Us: Consumer harm considered harmful.
https://t.co/oJTENrDhFD
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2020 was a shitty year for most things, but it was a banner year for books about fighting monopolies, and for the fight itself.
— Cory Doctorow #BLM (@doctorow) January 8, 2021
It started (in Dec '19) with @matthewstoller's GOLIATH, a massive, comprehensive history of monopolies in America.https://t.co/qzY5dPnKRg
1/ pic.twitter.com/QrIiO9xpkC
Predatory lender seeks national bank charter: Oportun led America in suing latinx borrowers during the pandemic.
https://t.co/FPK6NTwFjj
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"Partner with us today to build a better tomorrow" - that's the slogan for @oportun, a predatory lender that sued more poor latinx people during the pandemic than any other.https://t.co/ULX8hBCO5a
— Cory Doctorow #BLM (@doctorow) January 8, 2021
1/ pic.twitter.com/iuAerlngZC
Militarizing cops was a failure: Water still wet.
https://t.co/OACizKzNru
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In 1997, the Clinton administration created the "1033" program, whereby the Pentagon gave away its "surplus" equipment to local law enforcement agencies, leading to the nationwide militarization of America's cops.
— Cory Doctorow #BLM (@doctorow) January 8, 2021
1/ pic.twitter.com/nfmqyqmGDx
#15yrsago Hollywood’s Canadian MP claims she’s no dirtier than the rest https://t.co/iOEH3n3sON
#15yrsago John McDaid’s brilliant sf story Keyboard Practice free online https://t.co/ciVbtorYiV
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