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2021-10-15
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Is SoFi Stock Worth Buying Or Is It A Sell? It Depends On Revenue Growth And Profitability<blockquote>SoFi股票值得买入还是卖出？这取决于收入增长和盈利能力</blockquote>
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It Depends On Revenue Growth And Profitability<blockquote>SoFi股票值得买入还是卖出？这取决于收入增长和盈利能力</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154140637","media":"Seeking Alpha","summary":"Summary\n\nSoFi has been growing rapidly, as evidenced by the significant increase in the company's me","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>SoFi has been growing rapidly, as evidenced by the significant increase in the company's membership base, the total number of product offerings, and revenue.</li> <li>SoFi's valuations are in the middle of the pack among its peers, and this seems fair given that it is still loss-making notwithstanding its attractive revenue growth prospects.</li> <li>SoFi is a Hold, considering its future prospects in terms of revenue growth and profitability.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/86757d2b7d17b7fe7071210bad77f795\" tg-width=\"1536\" tg-height=\"800\" width=\"100%\" height=\"auto\"><span>ipopba/iStock via Getty Images</span></p><p><blockquote><ul><li>SoFi一直在快速增长，公司会员基础、产品总数和收入的显着增长就证明了这一点。</li><li>SoFi的估值在同行中处于中等水平，这似乎是公平的，因为尽管其收入增长前景诱人，但它仍然亏损。</li><li>考虑到SoFi在收入增长和盈利能力方面的未来前景，SoFi被持有。</li></ul><p class=\"t-img-caption\"><span>ipopba/iStock来自Getty Images</span></p></blockquote></p><p> Elevator Pitch</p><p><blockquote>电梯间俯仰</blockquote></p><p> I have a Hold or Neutral rating assigned to SoFi Technologies, Inc. (SOFI).</p><p><blockquote>我对SoFi Technologies，Inc.(SOFI)给予持有或中性评级。</blockquote></p><p> Based on Wall Street's revenue forecasts and the company's financial targets, SOFI is expected to be able to maintain robust top line expansion (i.e. annual revenue growth in the +30%-60% range) over the next few years, and I see cross-selling as the key driver supporting the company's future growth expectations.</p><p><blockquote>根据华尔街的收入预测和公司的财务目标，SOFI预计将能够在未来几年保持强劲的营收扩张（即年收入增长在+30%-60%范围内），我认为交叉销售是支持公司未来增长预期的关键驱动力。</blockquote></p><p> SoFi Technologies' forward price-to-sales multiples in the high single-digit to low-teens range appear reasonable. On one hand, the company has the strongest revenue growth potential in its peer group. On the other hand, SOFI is expected to reach profitability by fiscal 2023, while its peers are already in the black.</p><p><blockquote>SoFi Technologies的远期市销率在高个位数到低十几岁之间似乎是合理的。一方面，该公司在同行中拥有最强的收入增长潜力。另一方面，SOFI预计将在2023财年实现盈利，而其同行已经实现盈利。</blockquote></p><p> In conclusion, I think thatSoFi'sstock is neither worth buying nor a strong Sell now, which translates into a Neutral investment rating for the name.</p><p><blockquote>总之，我认为SOFi的股票现在既不值得购买，也不值得强力卖出，这意味着该名称的中性投资评级。</blockquote></p><p> <b>Company Description</b></p><p><blockquote><b>公司简介</b></blockquote></p><p> On its investors' FAQs webpage, SoFi Technologies, Inc refers to itself as a company that \"was founded in April 2011 out of Stanford GSB (Graduate School of Business) with the goal of pioneering MBA peer-to-peer student loan refinancing.\"</p><p><blockquote>在其投资者常见问题网页上，SoFi Technologies，Inc称自己是一家“于2011年4月在斯坦福GSB（商学院）成立的公司，目标是开创MBA点对点学生贷款再融资。”</blockquote></p><p> SOFI also began providing mortgages and personal loans in 2014 and 2015, respectively. In 2019, SoFi Technologies ventured into financial services with the introduction of SoFi Money (\"cash management account\") and SoFi Invest (\"brokerage account\"). In 2020, SoFi Technologies bought out Galileo Financial Technologies, which it called \"a global payments platform\" that \"enables critical checking and savings account-like functionality via its powerful open APIs (Application Programming Interfaces).\"</p><p><blockquote>SOFI还分别于2014年和2015年开始提供抵押贷款和个人贷款。2019年，SoFi Technologies进军金融服务领域，推出了SoFi Money（“现金管理账户”）和SoFi Invest（“经纪账户”）。2020年，SoFi Technologies收购了Galileo Financial Technologies，称其为“全球支付平台”，“通过其强大的开放API（应用程序编程接口）实现关键的支票和类似储蓄账户的功能”。</blockquote></p><p> SOFI's Lending, Technology Platform and Financial Services business segments contributed 73%, 21%, and 6% of the company's revenue, respectively in the first half of 2021.</p><p><blockquote>2021年上半年，SOFI的借贷、技术平台和金融服务业务部门分别贡献了公司收入的73%、21%和6%。</blockquote></p><p> <b>SOFI's Three Business Segments</b></p><p><blockquote><b>SOFI的三大业务板块</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f8f049f7c677bfec09dfa10c8206759\" tg-width=\"640\" tg-height=\"286\" width=\"100%\" height=\"auto\"><span>Source: SoFi Technologies' Q2 2021 Financial Results Presentation Slides</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi Technologies 2021年第二季度财务业绩演示幻灯片</span></p></blockquote></p><p> <b>Is SoFi Growing?</b></p><p><blockquote><b>SoFi在成长吗？</b></blockquote></p><p> As of June 30, 2021, SoFi Technologies had approximately 2.6 million members and 3.7 million products (lending and financial services). In its Q2 2021 earnings report, SOFI defines members as \"someone who has a lending relationship with us through origination or servicing, opened a financial services account, linked an external account to our platform, or signed up for our credit score monitoring service\".</p><p><blockquote>截至2021年6月30日，SoFi Technologies拥有约260万名会员和370万种产品（借贷和金融服务）。在其2021年第二季度收益报告中，SOFI将会员定义为“通过发起或服务与我们建立贷款关系、开设金融服务账户、将外部账户链接到我们的平台或注册我们的信用评分监控服务的人”。</blockquote></p><p> Based on my calculations, SOFI's membership base and product portfolio grew by two-year CAGRs of +84% and +105%, respectively up to the end of the second quarter of this year. SoFi Technologies' total number of accounts for its Technology Platform business segment also more than doubled from 36.0 million as of June 30, 2020 to 78.9 million as of June 30, 2021 following the company's acquisition of Galileo last year, as per its second-quarter earnings report.</p><p><blockquote>根据我的计算，截至今年第二季度末，SOFI的会员基础和产品组合的两年复合年增长率分别为+84%和+105%。SoFi Technologies去年收购Galileo后，其技术平台业务部门的账户总数也增加了一倍多，从截至2020年6月30日的3600万个增加到截至2021年6月30日的7890万个。季度收益报告。</blockquote></p><p> SoFi Technologies' adjusted net revenue, which it calculates as \"total net revenue, adjusted to exclude the fair value changes in servicing rights and residual interests classified as debt\", increased by +74% YoY from $136.3 million in Q2 2020 to $237.2 million in Q2 2021. During the same period, SOFI reversed from an operating loss of -$23.8 million a year ago to register a positive non-GAAP adjusted EBITDA of +$11.2 million in the recent quarter.</p><p><blockquote>SoFi Technologies的调整后净收入计算为“总净收入，调整后不包括服务权和归类为债务的剩余权益的公允价值变化”，同比增长+74%，从2020年第二季度的1.363亿美元增至2021年第二季度的2.372亿美元。同期，SOFI扭转了一年前-2,380万美元的运营亏损，最近一个季度的非GAAP调整后EBITDA为+1,120万美元。</blockquote></p><p> It is clear that SoFi has been growing very fast.</p><p><blockquote>很明显，SoFi的增长非常快。</blockquote></p><p> Looking ahead, both the company management and sell-side analysts expect SoFi Technologies' strong revenue growth momentum to be sustained in the next couple of years, as per the two charts presented below.</p><p><blockquote>展望未来，公司管理层和卖方分析师都预计SoFi Technologies强劲的收入增长势头将在未来几年持续下去，如下图所示。</blockquote></p><p> <b>Company Management's Revenue Growth Expectations</b></p><p><blockquote><b>公司管理层的营收增长预期</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cb5eb50b028f4e5e56d9965bab4f8e76\" tg-width=\"640\" tg-height=\"596\" width=\"100%\" height=\"auto\"><span>Source: SOFI's January 2021 Investor Presentation Slides</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi 2021年1月投资者演示幻灯片</span></p></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f51fce29fb44c295bbcf5d1dac2a012e\" tg-width=\"640\" tg-height=\"190\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha's Earnings Page For SOFI</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha的SOFI收益页面</span></p></blockquote></p><p> I attribute the positive growth outlook for SOFI to its key value proposition of making a wide range of financial products and services available on a single platform, which translates to a huge potential for cross-selling.</p><p><blockquote>我将SOFI的积极增长前景归因于其关键价值主张，即在单一平台上提供广泛的金融产品和服务，这转化为巨大的交叉销售潜力。</blockquote></p><p> <b>SoFi Technologies' Value Proposition</b></p><p><blockquote><b>SoFi Technologies的价值主张</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f4a7797ec8573542b65518e9d3aa8de0\" tg-width=\"640\" tg-height=\"237\" width=\"100%\" height=\"auto\"><span>Source: SOFI's January 2021 Investor Presentation Slides</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi 2021年1月投资者演示幻灯片</span></p></blockquote></p><p> <b>SoFi Technologies' Integrated Financial Solutions In A Single App</b></p><p><blockquote><b>SoFi Technologies在单个应用程序中提供集成金融解决方案</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fb69af9d4d4ad110793256b6ba63dd85\" tg-width=\"640\" tg-height=\"347\" width=\"100%\" height=\"auto\"><span>Source: SOFI's January 2021 Investor Presentation Slides</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi 2021年1月投资者演示幻灯片</span></p></blockquote></p><p> As evidence of SoFi Technologies' efforts to drive cross-selling in the past, SOFI's products per member (calculated as total number of products divided by its membership base) increased from 1.14 in Q2 2019 to 1.43 in Q2 2021. At the company's Q2 2021 earnings call, SOFI also highlighted that a tripling of the \"number of financial services products held by SoFi members\" led to \"a 1.7x increase in the number of products that were cross-bought in the quarter versus Q2 2020.\"</p><p><blockquote>作为SoFi Technologies过去努力推动交叉销售的证据，SoFi每位会员的产品数量（按产品总数除以其会员基数计算）从2019年第二季度的1.14增加到2021年第二季度的1.43。在该公司2021年第二季度收益看涨期权上，SoFi还强调，“SoFi会员持有的金融服务产品数量”增加了两倍，导致“与第二季度相比，本季度交叉购买的产品数量增加了1.7倍2020。”</blockquote></p><p> More significantly, SoFi has set a target for the Financial Services business segment to account for 32% of the company's total adjusted revenue in fiscal 2025, as compared with the segment's current single-digit revenue contribution. As SoFi Technologies continues to ramp up its current financial services offerings and introduce new products & services over time, the company should be able to realize its ambitious top line expansion targets.</p><p><blockquote>更重要的是，SoFi为金融服务业务部门设定了2025财年占公司调整后总收入32%的目标，而该部门目前的收入贡献为个位数。随着SoFi Technologies继续扩大其当前的金融服务产品并随着时间的推移推出新产品和服务，该公司应该能够实现其雄心勃勃的营收扩张目标。</blockquote></p><p> <b>Is SoFi Stock Overvalued?</b></p><p><blockquote><b>SoFi股票是否被高估？</b></blockquote></p><p> SoFi's closing stock price as of June 1, 2021, the first day of its listing, was $22.65, and the company's shares later fell by -40% to an all-time trough of $13.65 during intra-day on trading on August 17, 2021. SOFI's share price subsequently recovered by 39% in the next two months to close at $18.92 as of October 13, 2021.</p><p><blockquote>SoFi截至2021年6月1日（上市首日）的收盘价为22.65美元，该公司股价随后在2021年8月17日的盘中交易中下跌-40%至13.65美元的历史低点。SOFI的股价随后在接下来的两个月内回升了39%，截至2021年10月13日收于18.92美元。</blockquote></p><p> Considering the volatility in SoFi Technologies' share price in the four and half months following its listing, it is worth examining SOFI's valuations to see if the stock is either overvalued and undervalued.</p><p><blockquote>考虑到SoFi Technologies上市后四个半月内股价的波动性，值得研究SoFi的估值，看看该股是否被高估或低估。</blockquote></p><p> <b>SoFi Technologies' Peer Valuation Comparison</b></p><p><blockquote><b>SoFi Technologies的同行估值比较</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7dea5543afac5a50276efbffdcbd4c81\" tg-width=\"678\" tg-height=\"749\" width=\"100%\" height=\"auto\"><span>Source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：S&P Capital IQ</span></p></blockquote></p><p> As per the peer valuation comparison table above, the various stocks' forward price-to-sales ratios are largely correlated with their respective forecasted revenue growth rates (i.e. the better the revenue growth rates, the higher the valuation multiples), with the exception of SOFI.</p><p><blockquote>根据上面的同行估值对照表，各种股票的远期市销率很大程度上与其各自的预测收入增长率相关（即收入增长率越好，估值倍数越高），但SOFI除外。</blockquote></p><p> SoFi Technologies' revenue growth expectations are the best among its peers, but its price-to-sales valuation is in the middle of the pack. The key issue here is profitability, as SOFI is the only loss-making company in the peer group. Both sell-side analysts and management expect SOFI to only become profitable in fiscal 2023. As such, it is reasonable that the market assigns a discount to SoFi Technologies, given that the company is still in the red.</p><p><blockquote>SoFi Technologies的收入增长预期是同行中最好的，但其市销率估值处于中等水平。这里的关键问题是盈利能力，因为SOFI是同行中唯一亏损的公司。卖方分析师和管理层均预计SOFI要到2023财年才能实现盈利。因此，鉴于SoFi Technologies仍处于亏损状态，市场给予该公司折扣是合理的。</blockquote></p><p> I think that SOFI's shares are fairly valued. While the company's revenue growth prospects are excellent, it is not among the cheapest stocks in the sector and it is still unprofitable.</p><p><blockquote>我认为SOFI的股票估值合理。尽管该公司的收入增长前景非常好，但它并不是该行业最便宜的股票之一，而且仍然没有盈利。</blockquote></p><p> <b>Is SOFI Stock A Buy, Sell Or Hold?</b></p><p><blockquote><b>SOFI股票是买入、卖出还是持有？</b></blockquote></p><p> A Hold rating is what I will assign to SOFI's shares.</p><p><blockquote>我将对SOFI股票给予持有评级。</blockquote></p><p> I am positive on the company's medium-term revenue outlook, especially in relation to its ability to cross-sell its products to support its future top line expansion. Notably, the revenue contribution of the Financial Services business segment is still very low, now in the single-digit percentage range, suggesting that there is significant room to market its existing offerings more aggressively and launch new products as well.</p><p><blockquote>我对该公司的中期收入前景持乐观态度，特别是其交叉销售产品以支持其未来营收扩张的能力。值得注意的是，金融服务业务部门的收入贡献仍然很低，目前处于个位数百分比范围，这表明在更积极地营销其现有产品和推出新产品方面还有很大的空间。</blockquote></p><p> On the flip side, I am concerned that if there is a significant shift (e.g. higher interest rates) in the current accommodating credit environment going forward, SoFi Technologies might take a longer-than-expected time (i.e. later than FY 2023 as per management guidance and Wall Street's forecasts) to achieve profitability, as a result of potentially more expensive funding and higher-than-expected credit losses. This will imply that the valuation discount assigned to SOFI for its lack of profitability could possibly persist for some time.</p><p><blockquote>另一方面，我担心，如果当前宽松的信贷环境未来发生重大变化（例如利率上升），SoFi Technologies可能需要比预期更长的时间（即晚于2023财年）根据管理层的指导和华尔街的预测）实现盈利，因为融资成本可能更高，信贷损失可能高于预期。这意味着SOFI因缺乏盈利能力而遭受的估值折扣可能会持续一段时间。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is SoFi Stock Worth Buying Or Is It A Sell? It Depends On Revenue Growth And Profitability<blockquote>SoFi股票值得买入还是卖出？这取决于收入增长和盈利能力</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs SoFi Stock Worth Buying Or Is It A Sell? It Depends On Revenue Growth And Profitability<blockquote>SoFi股票值得买入还是卖出？这取决于收入增长和盈利能力</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-10-15 20:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>SoFi has been growing rapidly, as evidenced by the significant increase in the company's membership base, the total number of product offerings, and revenue.</li> <li>SoFi's valuations are in the middle of the pack among its peers, and this seems fair given that it is still loss-making notwithstanding its attractive revenue growth prospects.</li> <li>SoFi is a Hold, considering its future prospects in terms of revenue growth and profitability.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/86757d2b7d17b7fe7071210bad77f795\" tg-width=\"1536\" tg-height=\"800\" width=\"100%\" height=\"auto\"><span>ipopba/iStock via Getty Images</span></p><p><blockquote><ul><li>SoFi一直在快速增长，公司会员基础、产品总数和收入的显着增长就证明了这一点。</li><li>SoFi的估值在同行中处于中等水平，这似乎是公平的，因为尽管其收入增长前景诱人，但它仍然亏损。</li><li>考虑到SoFi在收入增长和盈利能力方面的未来前景，SoFi被持有。</li></ul><p class=\"t-img-caption\"><span>ipopba/iStock来自Getty Images</span></p></blockquote></p><p> Elevator Pitch</p><p><blockquote>电梯间俯仰</blockquote></p><p> I have a Hold or Neutral rating assigned to SoFi Technologies, Inc. (SOFI).</p><p><blockquote>我对SoFi Technologies，Inc.(SOFI)给予持有或中性评级。</blockquote></p><p> Based on Wall Street's revenue forecasts and the company's financial targets, SOFI is expected to be able to maintain robust top line expansion (i.e. annual revenue growth in the +30%-60% range) over the next few years, and I see cross-selling as the key driver supporting the company's future growth expectations.</p><p><blockquote>根据华尔街的收入预测和公司的财务目标，SOFI预计将能够在未来几年保持强劲的营收扩张（即年收入增长在+30%-60%范围内），我认为交叉销售是支持公司未来增长预期的关键驱动力。</blockquote></p><p> SoFi Technologies' forward price-to-sales multiples in the high single-digit to low-teens range appear reasonable. On one hand, the company has the strongest revenue growth potential in its peer group. On the other hand, SOFI is expected to reach profitability by fiscal 2023, while its peers are already in the black.</p><p><blockquote>SoFi Technologies的远期市销率在高个位数到低十几岁之间似乎是合理的。一方面，该公司在同行中拥有最强的收入增长潜力。另一方面，SOFI预计将在2023财年实现盈利，而其同行已经实现盈利。</blockquote></p><p> In conclusion, I think thatSoFi'sstock is neither worth buying nor a strong Sell now, which translates into a Neutral investment rating for the name.</p><p><blockquote>总之，我认为SOFi的股票现在既不值得购买，也不值得强力卖出，这意味着该名称的中性投资评级。</blockquote></p><p> <b>Company Description</b></p><p><blockquote><b>公司简介</b></blockquote></p><p> On its investors' FAQs webpage, SoFi Technologies, Inc refers to itself as a company that \"was founded in April 2011 out of Stanford GSB (Graduate School of Business) with the goal of pioneering MBA peer-to-peer student loan refinancing.\"</p><p><blockquote>在其投资者常见问题网页上，SoFi Technologies，Inc称自己是一家“于2011年4月在斯坦福GSB（商学院）成立的公司，目标是开创MBA点对点学生贷款再融资。”</blockquote></p><p> SOFI also began providing mortgages and personal loans in 2014 and 2015, respectively. In 2019, SoFi Technologies ventured into financial services with the introduction of SoFi Money (\"cash management account\") and SoFi Invest (\"brokerage account\"). In 2020, SoFi Technologies bought out Galileo Financial Technologies, which it called \"a global payments platform\" that \"enables critical checking and savings account-like functionality via its powerful open APIs (Application Programming Interfaces).\"</p><p><blockquote>SOFI还分别于2014年和2015年开始提供抵押贷款和个人贷款。2019年，SoFi Technologies进军金融服务领域，推出了SoFi Money（“现金管理账户”）和SoFi Invest（“经纪账户”）。2020年，SoFi Technologies收购了Galileo Financial Technologies，称其为“全球支付平台”，“通过其强大的开放API（应用程序编程接口）实现关键的支票和类似储蓄账户的功能”。</blockquote></p><p> SOFI's Lending, Technology Platform and Financial Services business segments contributed 73%, 21%, and 6% of the company's revenue, respectively in the first half of 2021.</p><p><blockquote>2021年上半年，SOFI的借贷、技术平台和金融服务业务部门分别贡献了公司收入的73%、21%和6%。</blockquote></p><p> <b>SOFI's Three Business Segments</b></p><p><blockquote><b>SOFI的三大业务板块</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f8f049f7c677bfec09dfa10c8206759\" tg-width=\"640\" tg-height=\"286\" width=\"100%\" height=\"auto\"><span>Source: SoFi Technologies' Q2 2021 Financial Results Presentation Slides</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi Technologies 2021年第二季度财务业绩演示幻灯片</span></p></blockquote></p><p> <b>Is SoFi Growing?</b></p><p><blockquote><b>SoFi在成长吗？</b></blockquote></p><p> As of June 30, 2021, SoFi Technologies had approximately 2.6 million members and 3.7 million products (lending and financial services). In its Q2 2021 earnings report, SOFI defines members as \"someone who has a lending relationship with us through origination or servicing, opened a financial services account, linked an external account to our platform, or signed up for our credit score monitoring service\".</p><p><blockquote>截至2021年6月30日，SoFi Technologies拥有约260万名会员和370万种产品（借贷和金融服务）。在其2021年第二季度收益报告中，SOFI将会员定义为“通过发起或服务与我们建立贷款关系、开设金融服务账户、将外部账户链接到我们的平台或注册我们的信用评分监控服务的人”。</blockquote></p><p> Based on my calculations, SOFI's membership base and product portfolio grew by two-year CAGRs of +84% and +105%, respectively up to the end of the second quarter of this year. SoFi Technologies' total number of accounts for its Technology Platform business segment also more than doubled from 36.0 million as of June 30, 2020 to 78.9 million as of June 30, 2021 following the company's acquisition of Galileo last year, as per its second-quarter earnings report.</p><p><blockquote>根据我的计算，截至今年第二季度末，SOFI的会员基础和产品组合的两年复合年增长率分别为+84%和+105%。SoFi Technologies去年收购Galileo后，其技术平台业务部门的账户总数也增加了一倍多，从截至2020年6月30日的3600万个增加到截至2021年6月30日的7890万个。季度收益报告。</blockquote></p><p> SoFi Technologies' adjusted net revenue, which it calculates as \"total net revenue, adjusted to exclude the fair value changes in servicing rights and residual interests classified as debt\", increased by +74% YoY from $136.3 million in Q2 2020 to $237.2 million in Q2 2021. During the same period, SOFI reversed from an operating loss of -$23.8 million a year ago to register a positive non-GAAP adjusted EBITDA of +$11.2 million in the recent quarter.</p><p><blockquote>SoFi Technologies的调整后净收入计算为“总净收入，调整后不包括服务权和归类为债务的剩余权益的公允价值变化”，同比增长+74%，从2020年第二季度的1.363亿美元增至2021年第二季度的2.372亿美元。同期，SOFI扭转了一年前-2,380万美元的运营亏损，最近一个季度的非GAAP调整后EBITDA为+1,120万美元。</blockquote></p><p> It is clear that SoFi has been growing very fast.</p><p><blockquote>很明显，SoFi的增长非常快。</blockquote></p><p> Looking ahead, both the company management and sell-side analysts expect SoFi Technologies' strong revenue growth momentum to be sustained in the next couple of years, as per the two charts presented below.</p><p><blockquote>展望未来，公司管理层和卖方分析师都预计SoFi Technologies强劲的收入增长势头将在未来几年持续下去，如下图所示。</blockquote></p><p> <b>Company Management's Revenue Growth Expectations</b></p><p><blockquote><b>公司管理层的营收增长预期</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cb5eb50b028f4e5e56d9965bab4f8e76\" tg-width=\"640\" tg-height=\"596\" width=\"100%\" height=\"auto\"><span>Source: SOFI's January 2021 Investor Presentation Slides</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi 2021年1月投资者演示幻灯片</span></p></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f51fce29fb44c295bbcf5d1dac2a012e\" tg-width=\"640\" tg-height=\"190\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha's Earnings Page For SOFI</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha的SOFI收益页面</span></p></blockquote></p><p> I attribute the positive growth outlook for SOFI to its key value proposition of making a wide range of financial products and services available on a single platform, which translates to a huge potential for cross-selling.</p><p><blockquote>我将SOFI的积极增长前景归因于其关键价值主张，即在单一平台上提供广泛的金融产品和服务，这转化为巨大的交叉销售潜力。</blockquote></p><p> <b>SoFi Technologies' Value Proposition</b></p><p><blockquote><b>SoFi Technologies的价值主张</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f4a7797ec8573542b65518e9d3aa8de0\" tg-width=\"640\" tg-height=\"237\" width=\"100%\" height=\"auto\"><span>Source: SOFI's January 2021 Investor Presentation Slides</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi 2021年1月投资者演示幻灯片</span></p></blockquote></p><p> <b>SoFi Technologies' Integrated Financial Solutions In A Single App</b></p><p><blockquote><b>SoFi Technologies在单个应用程序中提供集成金融解决方案</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fb69af9d4d4ad110793256b6ba63dd85\" tg-width=\"640\" tg-height=\"347\" width=\"100%\" height=\"auto\"><span>Source: SOFI's January 2021 Investor Presentation Slides</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SoFi 2021年1月投资者演示幻灯片</span></p></blockquote></p><p> As evidence of SoFi Technologies' efforts to drive cross-selling in the past, SOFI's products per member (calculated as total number of products divided by its membership base) increased from 1.14 in Q2 2019 to 1.43 in Q2 2021. At the company's Q2 2021 earnings call, SOFI also highlighted that a tripling of the \"number of financial services products held by SoFi members\" led to \"a 1.7x increase in the number of products that were cross-bought in the quarter versus Q2 2020.\"</p><p><blockquote>作为SoFi Technologies过去努力推动交叉销售的证据，SoFi每位会员的产品数量（按产品总数除以其会员基数计算）从2019年第二季度的1.14增加到2021年第二季度的1.43。在该公司2021年第二季度收益看涨期权上，SoFi还强调，“SoFi会员持有的金融服务产品数量”增加了两倍，导致“与第二季度相比，本季度交叉购买的产品数量增加了1.7倍2020。”</blockquote></p><p> More significantly, SoFi has set a target for the Financial Services business segment to account for 32% of the company's total adjusted revenue in fiscal 2025, as compared with the segment's current single-digit revenue contribution. As SoFi Technologies continues to ramp up its current financial services offerings and introduce new products & services over time, the company should be able to realize its ambitious top line expansion targets.</p><p><blockquote>更重要的是，SoFi为金融服务业务部门设定了2025财年占公司调整后总收入32%的目标，而该部门目前的收入贡献为个位数。随着SoFi Technologies继续扩大其当前的金融服务产品并随着时间的推移推出新产品和服务，该公司应该能够实现其雄心勃勃的营收扩张目标。</blockquote></p><p> <b>Is SoFi Stock Overvalued?</b></p><p><blockquote><b>SoFi股票是否被高估？</b></blockquote></p><p> SoFi's closing stock price as of June 1, 2021, the first day of its listing, was $22.65, and the company's shares later fell by -40% to an all-time trough of $13.65 during intra-day on trading on August 17, 2021. SOFI's share price subsequently recovered by 39% in the next two months to close at $18.92 as of October 13, 2021.</p><p><blockquote>SoFi截至2021年6月1日（上市首日）的收盘价为22.65美元，该公司股价随后在2021年8月17日的盘中交易中下跌-40%至13.65美元的历史低点。SOFI的股价随后在接下来的两个月内回升了39%，截至2021年10月13日收于18.92美元。</blockquote></p><p> Considering the volatility in SoFi Technologies' share price in the four and half months following its listing, it is worth examining SOFI's valuations to see if the stock is either overvalued and undervalued.</p><p><blockquote>考虑到SoFi Technologies上市后四个半月内股价的波动性，值得研究SoFi的估值，看看该股是否被高估或低估。</blockquote></p><p> <b>SoFi Technologies' Peer Valuation Comparison</b></p><p><blockquote><b>SoFi Technologies的同行估值比较</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7dea5543afac5a50276efbffdcbd4c81\" tg-width=\"678\" tg-height=\"749\" width=\"100%\" height=\"auto\"><span>Source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：S&P Capital IQ</span></p></blockquote></p><p> As per the peer valuation comparison table above, the various stocks' forward price-to-sales ratios are largely correlated with their respective forecasted revenue growth rates (i.e. the better the revenue growth rates, the higher the valuation multiples), with the exception of SOFI.</p><p><blockquote>根据上面的同行估值对照表，各种股票的远期市销率很大程度上与其各自的预测收入增长率相关（即收入增长率越好，估值倍数越高），但SOFI除外。</blockquote></p><p> SoFi Technologies' revenue growth expectations are the best among its peers, but its price-to-sales valuation is in the middle of the pack. The key issue here is profitability, as SOFI is the only loss-making company in the peer group. Both sell-side analysts and management expect SOFI to only become profitable in fiscal 2023. As such, it is reasonable that the market assigns a discount to SoFi Technologies, given that the company is still in the red.</p><p><blockquote>SoFi Technologies的收入增长预期是同行中最好的，但其市销率估值处于中等水平。这里的关键问题是盈利能力，因为SOFI是同行中唯一亏损的公司。卖方分析师和管理层均预计SOFI要到2023财年才能实现盈利。因此，鉴于SoFi Technologies仍处于亏损状态，市场给予该公司折扣是合理的。</blockquote></p><p> I think that SOFI's shares are fairly valued. While the company's revenue growth prospects are excellent, it is not among the cheapest stocks in the sector and it is still unprofitable.</p><p><blockquote>我认为SOFI的股票估值合理。尽管该公司的收入增长前景非常好，但它并不是该行业最便宜的股票之一，而且仍然没有盈利。</blockquote></p><p> <b>Is SOFI Stock A Buy, Sell Or Hold?</b></p><p><blockquote><b>SOFI股票是买入、卖出还是持有？</b></blockquote></p><p> A Hold rating is what I will assign to SOFI's shares.</p><p><blockquote>我将对SOFI股票给予持有评级。</blockquote></p><p> I am positive on the company's medium-term revenue outlook, especially in relation to its ability to cross-sell its products to support its future top line expansion. Notably, the revenue contribution of the Financial Services business segment is still very low, now in the single-digit percentage range, suggesting that there is significant room to market its existing offerings more aggressively and launch new products as well.</p><p><blockquote>我对该公司的中期收入前景持乐观态度，特别是其交叉销售产品以支持其未来营收扩张的能力。值得注意的是，金融服务业务部门的收入贡献仍然很低，目前处于个位数百分比范围，这表明在更积极地营销其现有产品和推出新产品方面还有很大的空间。</blockquote></p><p> On the flip side, I am concerned that if there is a significant shift (e.g. higher interest rates) in the current accommodating credit environment going forward, SoFi Technologies might take a longer-than-expected time (i.e. later than FY 2023 as per management guidance and Wall Street's forecasts) to achieve profitability, as a result of potentially more expensive funding and higher-than-expected credit losses. This will imply that the valuation discount assigned to SOFI for its lack of profitability could possibly persist for some time.</p><p><blockquote>另一方面，我担心，如果当前宽松的信贷环境未来发生重大变化（例如利率上升），SoFi Technologies可能需要比预期更长的时间（即晚于2023财年）根据管理层的指导和华尔街的预测）实现盈利，因为融资成本可能更高，信贷损失可能高于预期。这意味着SOFI因缺乏盈利能力而遭受的估值折扣可能会持续一段时间。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4459896-sofi-stock-worth-buying-or-sell\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SOFI":"SoFi Technologies Inc."},"source_url":"https://seekingalpha.com/article/4459896-sofi-stock-worth-buying-or-sell","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154140637","content_text":"Summary\n\nSoFi has been growing rapidly, as evidenced by the significant increase in the company's membership base, the total number of product offerings, and revenue.\nSoFi's valuations are in the middle of the pack among its peers, and this seems fair given that it is still loss-making notwithstanding its attractive revenue growth prospects.\nSoFi is a Hold, considering its future prospects in terms of revenue growth and profitability.\n\nipopba/iStock via Getty Images\nElevator Pitch\nI have a Hold or Neutral rating assigned to SoFi Technologies, Inc. (SOFI).\nBased on Wall Street's revenue forecasts and the company's financial targets, SOFI is expected to be able to maintain robust top line expansion (i.e. annual revenue growth in the +30%-60% range) over the next few years, and I see cross-selling as the key driver supporting the company's future growth expectations.\nSoFi Technologies' forward price-to-sales multiples in the high single-digit to low-teens range appear reasonable. On one hand, the company has the strongest revenue growth potential in its peer group. On the other hand, SOFI is expected to reach profitability by fiscal 2023, while its peers are already in the black.\nIn conclusion, I think thatSoFi'sstock is neither worth buying nor a strong Sell now, which translates into a Neutral investment rating for the name.\nCompany Description\nOn its investors' FAQs webpage, SoFi Technologies, Inc refers to itself as a company that \"was founded in April 2011 out of Stanford GSB (Graduate School of Business) with the goal of pioneering MBA peer-to-peer student loan refinancing.\"\nSOFI also began providing mortgages and personal loans in 2014 and 2015, respectively. In 2019, SoFi Technologies ventured into financial services with the introduction of SoFi Money (\"cash management account\") and SoFi Invest (\"brokerage account\"). In 2020, SoFi Technologies bought out Galileo Financial Technologies, which it called \"a global payments platform\" that \"enables critical checking and savings account-like functionality via its powerful open APIs (Application Programming Interfaces).\"\nSOFI's Lending, Technology Platform and Financial Services business segments contributed 73%, 21%, and 6% of the company's revenue, respectively in the first half of 2021.\nSOFI's Three Business Segments\nSource: SoFi Technologies' Q2 2021 Financial Results Presentation Slides\nIs SoFi Growing?\nAs of June 30, 2021, SoFi Technologies had approximately 2.6 million members and 3.7 million products (lending and financial services). In its Q2 2021 earnings report, SOFI defines members as \"someone who has a lending relationship with us through origination or servicing, opened a financial services account, linked an external account to our platform, or signed up for our credit score monitoring service\".\nBased on my calculations, SOFI's membership base and product portfolio grew by two-year CAGRs of +84% and +105%, respectively up to the end of the second quarter of this year. SoFi Technologies' total number of accounts for its Technology Platform business segment also more than doubled from 36.0 million as of June 30, 2020 to 78.9 million as of June 30, 2021 following the company's acquisition of Galileo last year, as per its second-quarter earnings report.\nSoFi Technologies' adjusted net revenue, which it calculates as \"total net revenue, adjusted to exclude the fair value changes in servicing rights and residual interests classified as debt\", increased by +74% YoY from $136.3 million in Q2 2020 to $237.2 million in Q2 2021. During the same period, SOFI reversed from an operating loss of -$23.8 million a year ago to register a positive non-GAAP adjusted EBITDA of +$11.2 million in the recent quarter.\nIt is clear that SoFi has been growing very fast.\nLooking ahead, both the company management and sell-side analysts expect SoFi Technologies' strong revenue growth momentum to be sustained in the next couple of years, as per the two charts presented below.\nCompany Management's Revenue Growth Expectations\nSource: SOFI's January 2021 Investor Presentation Slides\nSource: Seeking Alpha's Earnings Page For SOFI\nI attribute the positive growth outlook for SOFI to its key value proposition of making a wide range of financial products and services available on a single platform, which translates to a huge potential for cross-selling.\nSoFi Technologies' Value Proposition\nSource: SOFI's January 2021 Investor Presentation Slides\nSoFi Technologies' Integrated Financial Solutions In A Single App\nSource: SOFI's January 2021 Investor Presentation Slides\nAs evidence of SoFi Technologies' efforts to drive cross-selling in the past, SOFI's products per member (calculated as total number of products divided by its membership base) increased from 1.14 in Q2 2019 to 1.43 in Q2 2021. At the company's Q2 2021 earnings call, SOFI also highlighted that a tripling of the \"number of financial services products held by SoFi members\" led to \"a 1.7x increase in the number of products that were cross-bought in the quarter versus Q2 2020.\"\nMore significantly, SoFi has set a target for the Financial Services business segment to account for 32% of the company's total adjusted revenue in fiscal 2025, as compared with the segment's current single-digit revenue contribution. As SoFi Technologies continues to ramp up its current financial services offerings and introduce new products & services over time, the company should be able to realize its ambitious top line expansion targets.\nIs SoFi Stock Overvalued?\nSoFi's closing stock price as of June 1, 2021, the first day of its listing, was $22.65, and the company's shares later fell by -40% to an all-time trough of $13.65 during intra-day on trading on August 17, 2021. SOFI's share price subsequently recovered by 39% in the next two months to close at $18.92 as of October 13, 2021.\nConsidering the volatility in SoFi Technologies' share price in the four and half months following its listing, it is worth examining SOFI's valuations to see if the stock is either overvalued and undervalued.\nSoFi Technologies' Peer Valuation Comparison\nSource: S&P Capital IQ\nAs per the peer valuation comparison table above, the various stocks' forward price-to-sales ratios are largely correlated with their respective forecasted revenue growth rates (i.e. the better the revenue growth rates, the higher the valuation multiples), with the exception of SOFI.\nSoFi Technologies' revenue growth expectations are the best among its peers, but its price-to-sales valuation is in the middle of the pack. The key issue here is profitability, as SOFI is the only loss-making company in the peer group. Both sell-side analysts and management expect SOFI to only become profitable in fiscal 2023. As such, it is reasonable that the market assigns a discount to SoFi Technologies, given that the company is still in the red.\nI think that SOFI's shares are fairly valued. While the company's revenue growth prospects are excellent, it is not among the cheapest stocks in the sector and it is still unprofitable.\nIs SOFI Stock A Buy, Sell Or Hold?\nA Hold rating is what I will assign to SOFI's shares.\nI am positive on the company's medium-term revenue outlook, especially in relation to its ability to cross-sell its products to support its future top line expansion. Notably, the revenue contribution of the Financial Services business segment is still very low, now in the single-digit percentage range, suggesting that there is significant room to market its existing offerings more aggressively and launch new products as well.\nOn the flip side, I am concerned that if there is a significant shift (e.g. higher interest rates) in the current accommodating credit environment going forward, SoFi Technologies might take a longer-than-expected time (i.e. later than FY 2023 as per management guidance and Wall Street's forecasts) to achieve profitability, as a result of potentially more expensive funding and higher-than-expected credit losses. This will imply that the valuation discount assigned to SOFI for its lack of profitability could possibly persist for some time.","news_type":1,"symbols_score_info":{"SOFI":0.9}},"isVote":1,"tweetType":1,"viewCount":2224,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":13,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/824848818"}
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