저자: AudaciousMoneyWitch · 외국인
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블록(SQ)은 20% 매출성장과 17배 미만 선행PE로 저평가된 성장주이며, 비트코인 보유가치가 주가에 미반영돼 있다고 주장. 마이클 버리가 SQ 지분을 80% 이상 늘렸다고 언급. 2Q24 총매출 61.6억달러(+11%), 매출총이익 22.3억달러(+20%), 순이익 1.95억달러, 연간 매출총이익 가이던스 최소 88.9억달러(+18%). 금리 사이클 종료 후 큰 상승 잠재력을 기대.
다듬은 글
welcome back everyone to the audacious money witch Channel where we talk about investing and trading and a lot of fun things what if I tell you about a celebrity founder-led tech company from Silicon Valley that the co-founder is also the largest shareholder and the stock has around 20% Revenue growth year-over-year and it's currently traded with a forward PE of under 17 on top of that Michael bu just increased at least 80% of his position on this stock yes that is the deepest depth of the value stock you can find today in this gen Aid driven Market of 2024 of course you already know we are talking about my Square blog stocks earnings today we are going to talk about my bullish thesis around the stock why I think square is the deepest depth of the value stock today and the potential risk associated with block shares all I ask from you is that you hit the like button and you don't even need to subscribe to watch this content let's just get into it if you didn't know Dr Michael bu is a value investor he likes to find deep value stocks in his most recent 13f he sold Oracle Amazon and Google because he thinks these stocks are a bit pricey instead he bought gold and block if you're first time watching me or first time into block stock you should know block has serious investment in into Bitcoin which is not priced into the stock at all not one bit one day it will be priced in just like Nvidia stocks pre-chat GPT moment AI was not priced into the stock even though Jen Huang has invested into AI a decade ago people just realize the fruit from his labor now Jack is a Visionary just like Jensen but in Bitcoin if you just value block stock as it is right now it's the cheapest US tech stock with the 20% growth rate you can find looking at the chart you can see it has bottomed if you're talking about the potential Bitcoin upside then you are talking about the deepest depth of value stock block is a compelling investment opportunity in the most overlooked Tech sector my focus on block is driven by its substantial growth potential operating in a massive addressable Market with current penetration below 5% the company's emerging economic mode built on network effects and intangible assets positions it favorably against competitors under the Visionary leadership of Jack dorsy block continues to innovate particularly in cryptocurrency integration potentially providing a significant Competitive Edge current valuation metrics including a PG ratio of 0.82 suggests the stock is undervalued relative to its historical levels and growth prospects while risks such as regulatory challenges and competition exist blog's Innovative approach to financial services combined with its growth trajectory and attractive valuation presents an opportunity for investors seeking exposure to the dynamic fintech landscape stock trading at 2018 levels the rise of Bitcoin today even Black Rock CEO Larry fank with 10 trillion do asset under management said he was wrong about Bitcoin and he is now a major believer after studying Bitcoin blog formerly known as square has established itself as a prominent player in the financial technology sector since its founding in 2009 by Jack dorsy and Jim Melby the company's Journey began with introducing its iconic Square shaped card reader which reol uiz point of sale systems for small businesses today the company operates two primary ecosystems Square which caters to Sellers and businesses and cash app a peer-to-peer payment and financial services app for consumers at the helm of block is co-founder and CEO Jack dorsy who also co-founded and previously LED Twitter his leadership style and vision have played a crucial role in shaping blog strategy and corporate culture dorsy is known for his focus on Innovation user experience and long-term thinking which has influenced Block's approach to product development and Market expansion Jack is raising the performance bar of the square team by connecting their ecosystems and consumer scale with the cash app which can't be easily replicated by our competitors in the second quarter of 2024 gross profit grew 20% year-over-year to 2.23 billion Square generated gross profit of $923 million up 15% year-over-year and cash app generated gross profit of $1.30 billion up 23% year-over-year net income was 195 million net income per share was 31 cents on a diluted basis representing a 48 C increase year-over-year net income also included a remeasurement loss on our Bitcoin investment of $70 million in the second quarter of 2024 total net revenue was $ 6.16 billion up 11% year-over-year excluding Bitcoin revenue revenue was 3.54 billion up 133% year-over-year gross profit was 2.23 billion up 20% year-over-year square is executing on four priorities offering a rock solid and flexible platform providing local experience to sellers of all sizes growing with AI and banking on Square in the second quarter of 2024 Square generated $1.98 billion of Revenue up 9% year-over-year Square generated 1.61 billion of transaction based Revenue in the second quarter of 2024 up 7% year-over-year $323 million of subscription and services based Revenue up 23% year-over-year cash app's top priority is banking by driving paycheck deposit adoption and increasing inflows per active cash app will build trust and round out Financial Services product offerings and a tailored goto Market approach in the second quarter of 2024 cash app generated $ 4.13 billion doll of Revenue up 12% year-over-year excluding Bitcoin Revenue cash up Revenue was $1.52 billion up 18% year-over-year cash up generated $1.42 billion of subscription and services based Revenue up 23% year-over-year title and other generated $47 million in Revenue in Q2 of 2024 Lo ended the second quarter of 2024 with $9.5 billion in cash cash equivalent restricted cash and investments in marketable depth Securities block is raising the full year outlook to reflect outperformance in the second quarter and improved expectations for the remainder of the year for the full year and expect gross profit of at least $8.89 billion or 18% growth year-over-year blocks updated guidance for the full year equates to a rule of 35 an increase compared to our prior guidance of rule of 32 under dorsey's leadership block has strongly emphasized Financial inclusion this philosophy is evident in the company's efforts to serve underbank populations and small businesses that larger financial institutions have traditionally overlooked dorsy interest in cryptocurrency particularly Bitcoin has also influenced block strategy leading to integrating Bitcoin trading and investment features with the cash app ecosystem block has established a narrow economic moot primarily rooted in its Network effects and intangible assets the company Square ecosystem benefits from a two-sided Network effect where an increase in sellers using the platform attracts more buyers and vice versa this Dynamic creates a virtuous cycle that enhances the value of the platform for all participants additionally bloxs cash app has developed its Network effect among consumers as its utility increases with each new user joining the platform the company's brand recognition and technological innovations serve as an intangible assets that further strengthen its competitive position Block's ability to maintain double digigit sales growth year-over-year s its Inception despite facing significant competition underscores the strength of its economic Mo however the rapidly evolving nature of the financial technology sector and the presence of competitors prevent block from achieving a wide mode status at this time block aims to create a comprehensive Financial Services ecosystem that seamlessly integrates various products and services for both businesses and consumers by continuously expanding its product offerings within the square and cash app ecosystems block seeks to increase user engagement and drive cross- selling opportunities product Innovation remains at the core of blocks strategy with the companies investing heavily in research and development to stay ahead of market trends and customer needs this focus on innovation has led to the introduction of new features and services such as Bitcoin trading and Stock Investing within the cash app blogs profitability is driven by several key factors that contribute to its financial success the company's ability to monetize its user base through various revenue streams plays a critical role in driving profits for the square ecosystem transaction based revenue from Payment Processing fees forms a significant portion of the company's income as block expands its seller base and processes higher transaction volumes this Revenue stream is expected to grow subscription and service-based revenue which includes products like Square capital and cash card represents another important profit driver these higher margin offerings not only generate recurring Revenue but also enhance user stickiness within blocks ecosystems the cash apps Diversified Revenue model including instant deposit fees Bitcoin trading and the cash card contributes to the company's overall profitability Block's focus on operational efficiency and scalability also plays a role in driving profits as the company leverages a technology infrastructure to support growth while managing costs an interesting aspect of blocks Capital Management is its approach to share issuance and BuyBacks the company regularly increases its shares outstanding throughout the stock based compensation and stock based Acquisitions which are crucial for attracting and retaining top talent and funding expansion simultaneously block conduct share BuyBacks to offset dilution and return cap Capital to shareholders when it believes its stock is undervalued despite these BuyBacks the total number of shares outstanding has generally increased over time reflecting the company's prioritization of growth and acquisition strategies block became profitable this year Block's q1 was the company's best quarter ever CFO said block has focused on achieving the rule of 40 in 2026 which is a metric used in the software space and it is defined as the combination of growth and operating margins the metric is used among high growth software companies and is meant to reflect on both a company's Revenue growth and profitability blog sees itself achieving the rule of 40 in 2026 via a combination of mid teens GP growth and mid 20% operating margin since paler stock achieved a rule of 40 its stock price never looked back I think my Square block stock has true potential for serious upside gain after the rate cycle is done
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