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2021-07-01
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fuboTV: Very Attractive Investment, Here's Why<blockquote>fuboTV：非常有吸引力的投资，原因如下</blockquote>
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","listText":"Awesome ","text":"Awesome","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/151814014","repostId":"1134150963","repostType":4,"repost":{"id":"1134150963","kind":"news","pubTimestamp":1625064184,"share":"https://www.laohu8.com/m/news/1134150963?lang=zh_CN&edition=full","pubTime":"2021-06-30 22:43","market":"us","language":"en","title":"fuboTV: Very Attractive Investment, Here's Why<blockquote>fuboTV：非常有吸引力的投资，原因如下</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1134150963","media":"seekingalpha","summary":"Summary\n\nfuboTV is better than it appears on the surface.\nAll the good and bad points addressed.\nWhy","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>fuboTV is better than it appears on the surface.</li> <li>All the good and bad points addressed.</li> <li>Why this stock is worthwhile buying at $5 billion market cap.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c7f2563184ea9ee46114542c54910c35\" tg-width=\"1536\" tg-height=\"1025\" referrerpolicy=\"no-referrer\"><span>mikkelwilliam/E+ via Getty Images</span></p><p><blockquote><ul><li>fuboTV比表面上看起来要好。</li><li>所有的好的和坏的点都解决了。</li><li>为什么这只市值为 50 亿美元的股票值得购买。</li></ul><p class=\"t-img-caption\"><span>mikkelwilliam/E+ 来自盖蒂图片社</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> As I noted to my Marketplace members, fuboTV (FUBO) is a highly misunderstood company. It's much more than an unprofitable streaming platform. It's an all-encompassing data, streaming, advertising, and betting company.</p><p><blockquote>正如我向我的市场成员指出的那样，fuboTV（FUBO）是一家被高度误解的公司。它不仅仅是一个无利可图的流媒体平台。这是一家包罗万象的数据、流媒体、广告和博彩公司。</blockquote></p><p> There's a lot of bad news thrown at fuboTV by those that are intent on misunderstanding the opportunity. Stay with me, as I attempt to, in a balanced manner, note the good and the bad about fuboTV.</p><p><blockquote>那些故意误解机会的人向fuboTV抛出了很多坏消息。请继续关注我，因为我试图以一种平衡的方式，注意到fuboTV的好与坏。</blockquote></p><p> <b>What's fuboTV?</b></p><p><blockquote><b>什么是fuboTV？</b></blockquote></p><p> fuboTV is a 6-year-old company. It's a streaming platform at its core. But it also has some interesting side units being deployed. What attracts subscribers to its platform in the first instance is its streaming for live sports events.</p><p><blockquote>fuboTV是一家有6年历史的公司。它的核心是一个流媒体平台。但它也有一些有趣的附属单位正在部署。首先，吸引订户到其平台的是其直播体育赛事的流媒体。</blockquote></p><p> However, this side of the business will realistically never be profitable. For the foreseeable future, fuboTV has to acquire the rights from ESPN (DIS) and Comcast (CMCSA).</p><p><blockquote>然而，这方面的业务实际上永远不会盈利。在可预见的未来，fuboTV必须从ESPN（DIS）和康卡斯特（CMCSA）手中收购版权。</blockquote></p><p> Simply said, the rights to acquire the sporting content are so high, as obviously ESPN and others don't want to lose any unit economics by having subscribers fleeing away from their own platform. So the price for the content is prohibitively high.</p><p><blockquote>简而言之，获得体育内容的权利如此之高，因为显然ESPN和其他公司不想因为订户逃离他们自己的平台而失去任何单位经济效益。所以内容的价格高得令人望而却步。</blockquote></p><p> So what everyone has come to understand is that fuboTV's streaming business will never be meaningfully profitable,<i>and that's as far as everyone is willing to look.</i></p><p><blockquote>因此，每个人都明白，fuboTV的流媒体业务永远不会有意义地盈利，<i>这是每个人都愿意看的地方。</i></blockquote></p><p> What investors are failing to understand is that fuboTV's streaming operation<i>is a customer acquisition strategy</i>. It offers high-resolution live sporting streaming so that it can not<i>only benefit from the ''cord-cutting''</i>tailwinds as households churn out of pay-TV services but can also show subscribers ads.</p><p><blockquote>投资者不明白的是，fuboTV的流媒体业务<i>是一种客户获取策略</i>.它提供高分辨率的体育直播，因此它不能<i>只受益于“剪线”</i>随着家庭大量减少付费电视服务，但也可以向订户展示广告，这是顺风车。</blockquote></p><p> This side of the operation,<i>the data-driven advertising segment</i>, is the segment that will in time drive fuboTV's profitability. I'm referring to the programmatic advertising platform. This is incredibly profitable compared with direct ad spend.</p><p><blockquote>这边的操作，<i>数据驱动广告细分市场</i>是将随着时间的推移推动富博电视盈利能力的细分市场。我指的是程序化广告平台。与直接广告支出相比，这是令人难以置信的利润。</blockquote></p><p> So many investors miss that. And those that do vaguely understand its advertising segment, and how it compares with Roku (ROKU), go on to proclaim that this is only 12% of the business and that it won't ever be a needle-moving segment for fuboTV.</p><p><blockquote>很多投资者都怀念这一点。那些对其广告部门以及它与Roku（Roku）相比有何模糊了解的人继续宣称，这只是该业务的12%，它永远不会成为fuboTV的一个重要部门。</blockquote></p><p> Again, this misses the fact that fuboTV's advertising segment is growing at such a rapid clip. During its most recent quarter, fuboTV's advertising segment was up 206% y/y. Even as fuboTV dramatically decelerates over time, I suspect that by the end of Q4 2021 (six months), fuboTV's advertising segment will account for about 15% of its business.</p><p><blockquote>同样，这忽略了一个事实，即fuboTV的广告部门正在以如此快的速度增长。在最近一个季度，fuboTV 的广告部门同比增长 206%。尽管fuboTV随着时间的推移急剧减速，但我怀疑到2021年第四季度末（六个月），fuboTV的广告部门将占其业务的15%左右。</blockquote></p><p> What's more, it's entirely possible that by this time next Summer, fuboTV's advertising segment will account for approximately 20% of fuboTV. At which point, investors will start to give fuboTV's advertising opportunity slightly weightier considerations.</p><p><blockquote>更重要的是，完全有可能到明年夏天的这个时候，fuboTV的广告板块将占到fuboTV的20%左右。届时，投资者将开始对 fuboTV 的广告机会给予稍微更多的考虑。</blockquote></p><p> I believe that if this is all there was to fuboTV, the stock right now at $4 billion would probably be fairly valued. But then, we have another opportunity that I've called the wildcard. More on this later.</p><p><blockquote>我相信，如果这就是 fuboTV 的全部，那么目前 40 亿美元的股票可能会被合理估值。但是，我们还有另一个机会，我称之为通配符。稍后会详细介绍。</blockquote></p><p> Revenue Growth Rates Continue to Impress</p><p><blockquote>收入增长率继续令人印象深刻</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/22b839502a218aa047bf4cc6ec6ecd80\" tg-width=\"441\" tg-height=\"480\"><span>Source: Q1 2021ShareholderLetter</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：2021年第一季度股东信</span></p></blockquote></p><p> As you can see above, fuboTV is growing at a very strong clip. It's difficult at this stage to know what 2022 will look like, but given fuboTV's trajectory of beating estimates, I suspect that the company will grow next year by at least 60% y/y to at least $860 million.</p><p><blockquote>正如您在上面看到的，fuboTV 正在以非常强劲的速度增长。现阶段很难知道2022年会是什么样子，但鉴于fuboTV超出预期的轨迹，我怀疑该公司明年将同比增长至少60%，达到至少8.6亿美元。</blockquote></p><p> For fuboTV to grow at 60%, that would imply quite a substantial slowdown from the 101% revenue growth rates aimed at in 2021. However, given that fuboTV's betting segment will start in earnest in 2022, I contend that growing at 60% y/y in 2022 will turn out to be an easy feat for fuboTV.</p><p><blockquote>对于 fuboTV 来说，要以 60% 的速度增长，这意味着 2021 年 101% 的收入增长率将大幅放缓。然而，鉴于fuboTV的博彩业务将于2022年正式启动，我认为fuboTV在2022年实现60%的同比增长将是一项轻松的壮举。</blockquote></p><p> <b>The Wildcard Discussed</b></p><p><blockquote><b>讨论的通配符</b></blockquote></p><p> In Q4 2021, in approximately 4 months' time, fuboTV is going to soft launch its Sportsbook. This is the start of its betting segment. And this is what I believe could drive the stock's upside potential.</p><p><blockquote>2021年第四季度，大约4个月后，fuboTV将试运行其体育博彩。这是其博彩业务的开始。我相信这可能会推动该股的上涨潜力。</blockquote></p><p> So far, the details are sketchy. The idea is that when sporting fans are watching their favorite team, rather than having to go elsewhere to bet on the result, they could do it seamlessly via fuboTV.</p><p><blockquote>到目前为止，细节还很粗略。这个想法是，当体育迷在观看他们最喜欢的球队时，他们可以通过fuboTV无缝地进行比赛，而不是去其他地方打赌结果。</blockquote></p><p> I know from experience that this already happens in the UK via adverts in the interval of key TV games, but this way, there's the potential for fuboTV to leverage the data they have on the viewer, and their preferences, to drive further monetizations and engagement.</p><p><blockquote>我从经验中知道，这种情况已经在英国通过关键电视游戏间隙的广告发生，但通过这种方式，fuboTV有可能利用他们掌握的观众数据及其偏好，推动进一步的货币化和参与度。</blockquote></p><p></p><p> If you think about it, viewers watching their favorite team are more likely to bet if it is something that is<i>compelling to them</i>. And that's the advantage of having 1st-party data on the viewer. fuboTV will know what the viewers' preferences are and this will drive down user churn.</p><p><blockquote>如果你仔细想想，观看他们最喜欢的球队的观众更有可能打赌这是否是<i>对他们有吸引力</i>这就是查看器上有第一方数据的好处。fuboTV将知道观众的偏好，这将降低用户流失。</blockquote></p><p> Again, this all circles back to having data on the viewer. During aninterviewyesterday, CEO David Gandler discusses a way of bringing down user friction. That fuboTV wants to find a way to deliver highly personalized betting odds about what the viewer is watching on fuboTV in real-time to viewers' phones. They haven't quite figured out how to optimize their app, but the team is working on this right now.</p><p><blockquote>同样，这一切都回到了查看器上的数据。在昨天的一次采访中，首席执行官大卫·甘德勒讨论了减少用户摩擦的方法。fuboTV希望找到一种方法，将观众在fuboTV上观看的内容实时提供高度个性化的投注赔率到观众的手机上。他们还没有完全弄清楚如何优化他们的应用程序，但团队现在正在努力。</blockquote></p><p> <b>Valuation - Very Attractively Priced</b></p><p><blockquote><b>估值 - 价格非常有吸引力</b></blockquote></p><p> On the surface, the stock is cheap at approximately 5x its 2022 revenues. But as you know, fuboTV's profitability margins are dismal. There's nobody out there that doesn't already know this.</p><p><blockquote>从表面上看，该股很便宜，约为 2022 年收入的 5 倍。但如您所知，fuboTV的利润率令人沮丧。没有人不知道这一点。</blockquote></p><p> Presently, the bulk of the company's business is its subscription business. This subscription business accounts for about 85% of the business right now, and this is unprofitable. fuboTV aims to get this side of the business to break even. This is similar to Roku's (ROKU) hardware business in the early stages.</p><p><blockquote>目前，该公司的大部分业务是其订阅业务。这个订阅业务现在占了大约85%的业务，这是无利可图的。fuboTV的目标是让这方面的业务实现收支平衡。这与Roku（Roku）早期的硬件业务类似。</blockquote></p><p> Then, the opportunity will be to leverage their huge subscriber base to grow their data-driven advertising metrics. During the call yesterday, Gandler once again reiterated that advertising is likely to perform strongly in Q2 through Q4.</p><p><blockquote>然后，机会将是利用他们庞大的用户群来发展他们的数据驱动广告指标。在昨天的看涨期权上，甘德勒再次重申，广告可能会在Q2到Q4表现强劲。</blockquote></p><p> Last year, Roku's advertising segment gross margins hovered around56% to 60%, although this latest quarter, Q1 2021, it soared to 70% gross margins. This gives investors some idea as to what fuboTV may also strive to. Obviously, Roku is a much bigger business than fuboTV, but it's something that fuboTV could migrate towards in time.</p><p><blockquote>去年，Roku 的广告部门毛利率徘徊在 56% 至 60% 左右，尽管在最近一个季度（2021 年第一季度），毛利率飙升至 70%。这让投资者对 fuboTV 可能还会努力做什么有了一些了解。显然，Roku是一个比fuboTV大得多的业务，但这是fuboTV可以及时迁移的东西。</blockquote></p><p> <b>The Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> After you've read this article, I would like to believe that you have a more nuanced interpretation of what fuboTV is today and where it's headed over the coming twelve months.</p><p><blockquote>读完这篇文章后，我希望你对fuboTV的现状以及未来12个月的发展方向有了更细致入微的理解。</blockquote></p><p> When you think about fuboTV, I would like you to think about its ability to harness its first-party data. With this, you can obviously level advertising and drive profitability, but I suspect that you'll be able to drive some level of betting too.</p><p><blockquote>当你想到fuboTV时，我想让你想想它利用第一方数据的能力。有了这个，你显然可以水平广告和推动盈利，但我怀疑你也将能够推动某种程度的赌博。</blockquote></p><p> I will not deny that this journey has been a challenging one and that this investment has not been for those faint-hearted. Happy investing!</p><p><blockquote>我不否认这段旅程充满挑战，这项投资不适合那些胆小的人。投资愉快!</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>fuboTV: Very Attractive Investment, Here's Why<blockquote>fuboTV：非常有吸引力的投资，原因如下</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\">\nfuboTV: Very Attractive Investment, Here's Why<blockquote>fuboTV：非常有吸引力的投资，原因如下</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-30 22:43</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>fuboTV is better than it appears on the surface.</li> <li>All the good and bad points addressed.</li> <li>Why this stock is worthwhile buying at $5 billion market cap.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c7f2563184ea9ee46114542c54910c35\" tg-width=\"1536\" tg-height=\"1025\" referrerpolicy=\"no-referrer\"><span>mikkelwilliam/E+ via Getty Images</span></p><p><blockquote><ul><li>fuboTV比表面上看起来要好。</li><li>所有的好的和坏的点都解决了。</li><li>为什么这只市值为 50 亿美元的股票值得购买。</li></ul><p class=\"t-img-caption\"><span>mikkelwilliam/E+ 来自盖蒂图片社</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> As I noted to my Marketplace members, fuboTV (FUBO) is a highly misunderstood company. It's much more than an unprofitable streaming platform. It's an all-encompassing data, streaming, advertising, and betting company.</p><p><blockquote>正如我向我的市场成员指出的那样，fuboTV（FUBO）是一家被高度误解的公司。它不仅仅是一个无利可图的流媒体平台。这是一家包罗万象的数据、流媒体、广告和博彩公司。</blockquote></p><p> There's a lot of bad news thrown at fuboTV by those that are intent on misunderstanding the opportunity. Stay with me, as I attempt to, in a balanced manner, note the good and the bad about fuboTV.</p><p><blockquote>那些故意误解机会的人向fuboTV抛出了很多坏消息。请继续关注我，因为我试图以一种平衡的方式，注意到fuboTV的好与坏。</blockquote></p><p> <b>What's fuboTV?</b></p><p><blockquote><b>什么是fuboTV？</b></blockquote></p><p> fuboTV is a 6-year-old company. It's a streaming platform at its core. But it also has some interesting side units being deployed. What attracts subscribers to its platform in the first instance is its streaming for live sports events.</p><p><blockquote>fuboTV是一家有6年历史的公司。它的核心是一个流媒体平台。但它也有一些有趣的附属单位正在部署。首先，吸引订户到其平台的是其直播体育赛事的流媒体。</blockquote></p><p> However, this side of the business will realistically never be profitable. For the foreseeable future, fuboTV has to acquire the rights from ESPN (DIS) and Comcast (CMCSA).</p><p><blockquote>然而，这方面的业务实际上永远不会盈利。在可预见的未来，fuboTV必须从ESPN（DIS）和康卡斯特（CMCSA）手中收购版权。</blockquote></p><p> Simply said, the rights to acquire the sporting content are so high, as obviously ESPN and others don't want to lose any unit economics by having subscribers fleeing away from their own platform. So the price for the content is prohibitively high.</p><p><blockquote>简而言之，获得体育内容的权利如此之高，因为显然ESPN和其他公司不想因为订户逃离他们自己的平台而失去任何单位经济效益。所以内容的价格高得令人望而却步。</blockquote></p><p> So what everyone has come to understand is that fuboTV's streaming business will never be meaningfully profitable,<i>and that's as far as everyone is willing to look.</i></p><p><blockquote>因此，每个人都明白，fuboTV的流媒体业务永远不会有意义地盈利，<i>这是每个人都愿意看的地方。</i></blockquote></p><p> What investors are failing to understand is that fuboTV's streaming operation<i>is a customer acquisition strategy</i>. It offers high-resolution live sporting streaming so that it can not<i>only benefit from the ''cord-cutting''</i>tailwinds as households churn out of pay-TV services but can also show subscribers ads.</p><p><blockquote>投资者不明白的是，fuboTV的流媒体业务<i>是一种客户获取策略</i>.它提供高分辨率的体育直播，因此它不能<i>只受益于“剪线”</i>随着家庭大量减少付费电视服务，但也可以向订户展示广告，这是顺风车。</blockquote></p><p> This side of the operation,<i>the data-driven advertising segment</i>, is the segment that will in time drive fuboTV's profitability. I'm referring to the programmatic advertising platform. This is incredibly profitable compared with direct ad spend.</p><p><blockquote>这边的操作，<i>数据驱动广告细分市场</i>是将随着时间的推移推动富博电视盈利能力的细分市场。我指的是程序化广告平台。与直接广告支出相比，这是令人难以置信的利润。</blockquote></p><p> So many investors miss that. And those that do vaguely understand its advertising segment, and how it compares with Roku (ROKU), go on to proclaim that this is only 12% of the business and that it won't ever be a needle-moving segment for fuboTV.</p><p><blockquote>很多投资者都怀念这一点。那些对其广告部门以及它与Roku（Roku）相比有何模糊了解的人继续宣称，这只是该业务的12%，它永远不会成为fuboTV的一个重要部门。</blockquote></p><p> Again, this misses the fact that fuboTV's advertising segment is growing at such a rapid clip. During its most recent quarter, fuboTV's advertising segment was up 206% y/y. Even as fuboTV dramatically decelerates over time, I suspect that by the end of Q4 2021 (six months), fuboTV's advertising segment will account for about 15% of its business.</p><p><blockquote>同样，这忽略了一个事实，即fuboTV的广告部门正在以如此快的速度增长。在最近一个季度，fuboTV 的广告部门同比增长 206%。尽管fuboTV随着时间的推移急剧减速，但我怀疑到2021年第四季度末（六个月），fuboTV的广告部门将占其业务的15%左右。</blockquote></p><p> What's more, it's entirely possible that by this time next Summer, fuboTV's advertising segment will account for approximately 20% of fuboTV. At which point, investors will start to give fuboTV's advertising opportunity slightly weightier considerations.</p><p><blockquote>更重要的是，完全有可能到明年夏天的这个时候，fuboTV的广告板块将占到fuboTV的20%左右。届时，投资者将开始对 fuboTV 的广告机会给予稍微更多的考虑。</blockquote></p><p> I believe that if this is all there was to fuboTV, the stock right now at $4 billion would probably be fairly valued. But then, we have another opportunity that I've called the wildcard. More on this later.</p><p><blockquote>我相信，如果这就是 fuboTV 的全部，那么目前 40 亿美元的股票可能会被合理估值。但是，我们还有另一个机会，我称之为通配符。稍后会详细介绍。</blockquote></p><p> Revenue Growth Rates Continue to Impress</p><p><blockquote>收入增长率继续令人印象深刻</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/22b839502a218aa047bf4cc6ec6ecd80\" tg-width=\"441\" tg-height=\"480\"><span>Source: Q1 2021ShareholderLetter</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：2021年第一季度股东信</span></p></blockquote></p><p> As you can see above, fuboTV is growing at a very strong clip. It's difficult at this stage to know what 2022 will look like, but given fuboTV's trajectory of beating estimates, I suspect that the company will grow next year by at least 60% y/y to at least $860 million.</p><p><blockquote>正如您在上面看到的，fuboTV 正在以非常强劲的速度增长。现阶段很难知道2022年会是什么样子，但鉴于fuboTV超出预期的轨迹，我怀疑该公司明年将同比增长至少60%，达到至少8.6亿美元。</blockquote></p><p> For fuboTV to grow at 60%, that would imply quite a substantial slowdown from the 101% revenue growth rates aimed at in 2021. However, given that fuboTV's betting segment will start in earnest in 2022, I contend that growing at 60% y/y in 2022 will turn out to be an easy feat for fuboTV.</p><p><blockquote>对于 fuboTV 来说，要以 60% 的速度增长，这意味着 2021 年 101% 的收入增长率将大幅放缓。然而，鉴于fuboTV的博彩业务将于2022年正式启动，我认为fuboTV在2022年实现60%的同比增长将是一项轻松的壮举。</blockquote></p><p> <b>The Wildcard Discussed</b></p><p><blockquote><b>讨论的通配符</b></blockquote></p><p> In Q4 2021, in approximately 4 months' time, fuboTV is going to soft launch its Sportsbook. This is the start of its betting segment. And this is what I believe could drive the stock's upside potential.</p><p><blockquote>2021年第四季度，大约4个月后，fuboTV将试运行其体育博彩。这是其博彩业务的开始。我相信这可能会推动该股的上涨潜力。</blockquote></p><p> So far, the details are sketchy. The idea is that when sporting fans are watching their favorite team, rather than having to go elsewhere to bet on the result, they could do it seamlessly via fuboTV.</p><p><blockquote>到目前为止，细节还很粗略。这个想法是，当体育迷在观看他们最喜欢的球队时，他们可以通过fuboTV无缝地进行比赛，而不是去其他地方打赌结果。</blockquote></p><p> I know from experience that this already happens in the UK via adverts in the interval of key TV games, but this way, there's the potential for fuboTV to leverage the data they have on the viewer, and their preferences, to drive further monetizations and engagement.</p><p><blockquote>我从经验中知道，这种情况已经在英国通过关键电视游戏间隙的广告发生，但通过这种方式，fuboTV有可能利用他们掌握的观众数据及其偏好，推动进一步的货币化和参与度。</blockquote></p><p></p><p> If you think about it, viewers watching their favorite team are more likely to bet if it is something that is<i>compelling to them</i>. And that's the advantage of having 1st-party data on the viewer. fuboTV will know what the viewers' preferences are and this will drive down user churn.</p><p><blockquote>如果你仔细想想，观看他们最喜欢的球队的观众更有可能打赌这是否是<i>对他们有吸引力</i>这就是查看器上有第一方数据的好处。fuboTV将知道观众的偏好，这将降低用户流失。</blockquote></p><p> Again, this all circles back to having data on the viewer. During aninterviewyesterday, CEO David Gandler discusses a way of bringing down user friction. That fuboTV wants to find a way to deliver highly personalized betting odds about what the viewer is watching on fuboTV in real-time to viewers' phones. They haven't quite figured out how to optimize their app, but the team is working on this right now.</p><p><blockquote>同样，这一切都回到了查看器上的数据。在昨天的一次采访中，首席执行官大卫·甘德勒讨论了减少用户摩擦的方法。fuboTV希望找到一种方法，将观众在fuboTV上观看的内容实时提供高度个性化的投注赔率到观众的手机上。他们还没有完全弄清楚如何优化他们的应用程序，但团队现在正在努力。</blockquote></p><p> <b>Valuation - Very Attractively Priced</b></p><p><blockquote><b>估值 - 价格非常有吸引力</b></blockquote></p><p> On the surface, the stock is cheap at approximately 5x its 2022 revenues. But as you know, fuboTV's profitability margins are dismal. There's nobody out there that doesn't already know this.</p><p><blockquote>从表面上看，该股很便宜，约为 2022 年收入的 5 倍。但如您所知，fuboTV的利润率令人沮丧。没有人不知道这一点。</blockquote></p><p> Presently, the bulk of the company's business is its subscription business. This subscription business accounts for about 85% of the business right now, and this is unprofitable. fuboTV aims to get this side of the business to break even. This is similar to Roku's (ROKU) hardware business in the early stages.</p><p><blockquote>目前，该公司的大部分业务是其订阅业务。这个订阅业务现在占了大约85%的业务，这是无利可图的。fuboTV的目标是让这方面的业务实现收支平衡。这与Roku（Roku）早期的硬件业务类似。</blockquote></p><p> Then, the opportunity will be to leverage their huge subscriber base to grow their data-driven advertising metrics. During the call yesterday, Gandler once again reiterated that advertising is likely to perform strongly in Q2 through Q4.</p><p><blockquote>然后，机会将是利用他们庞大的用户群来发展他们的数据驱动广告指标。在昨天的看涨期权上，甘德勒再次重申，广告可能会在Q2到Q4表现强劲。</blockquote></p><p> Last year, Roku's advertising segment gross margins hovered around56% to 60%, although this latest quarter, Q1 2021, it soared to 70% gross margins. This gives investors some idea as to what fuboTV may also strive to. Obviously, Roku is a much bigger business than fuboTV, but it's something that fuboTV could migrate towards in time.</p><p><blockquote>去年，Roku 的广告部门毛利率徘徊在 56% 至 60% 左右，尽管在最近一个季度（2021 年第一季度），毛利率飙升至 70%。这让投资者对 fuboTV 可能还会努力做什么有了一些了解。显然，Roku是一个比fuboTV大得多的业务，但这是fuboTV可以及时迁移的东西。</blockquote></p><p> <b>The Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> After you've read this article, I would like to believe that you have a more nuanced interpretation of what fuboTV is today and where it's headed over the coming twelve months.</p><p><blockquote>读完这篇文章后，我希望你对fuboTV的现状以及未来12个月的发展方向有了更细致入微的理解。</blockquote></p><p> When you think about fuboTV, I would like you to think about its ability to harness its first-party data. With this, you can obviously level advertising and drive profitability, but I suspect that you'll be able to drive some level of betting too.</p><p><blockquote>当你想到fuboTV时，我想让你想想它利用第一方数据的能力。有了这个，你显然可以水平广告和推动盈利，但我怀疑你也将能够推动某种程度的赌博。</blockquote></p><p> I will not deny that this journey has been a challenging one and that this investment has not been for those faint-hearted. Happy investing!</p><p><blockquote>我不否认这段旅程充满挑战，这项投资不适合那些胆小的人。投资愉快!</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4437237-fubotv-very-attractive-investment-heres-why\">seekingalpha</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":{"FUBO":"fuboTV Inc."},"source_url":"https://seekingalpha.com/article/4437237-fubotv-very-attractive-investment-heres-why","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1134150963","content_text":"Summary\n\nfuboTV is better than it appears on the surface.\nAll the good and bad points addressed.\nWhy this stock is worthwhile buying at $5 billion market cap.\n\nmikkelwilliam/E+ via Getty Images\nInvestment Thesis\nAs I noted to my Marketplace members, fuboTV (FUBO) is a highly misunderstood company. It's much more than an unprofitable streaming platform. It's an all-encompassing data, streaming, advertising, and betting company.\nThere's a lot of bad news thrown at fuboTV by those that are intent on misunderstanding the opportunity. Stay with me, as I attempt to, in a balanced manner, note the good and the bad about fuboTV.\nWhat's fuboTV?\nfuboTV is a 6-year-old company. It's a streaming platform at its core. But it also has some interesting side units being deployed. What attracts subscribers to its platform in the first instance is its streaming for live sports events.\nHowever, this side of the business will realistically never be profitable. For the foreseeable future, fuboTV has to acquire the rights from ESPN (DIS) and Comcast (CMCSA).\nSimply said, the rights to acquire the sporting content are so high, as obviously ESPN and others don't want to lose any unit economics by having subscribers fleeing away from their own platform. So the price for the content is prohibitively high.\nSo what everyone has come to understand is that fuboTV's streaming business will never be meaningfully profitable,and that's as far as everyone is willing to look.\nWhat investors are failing to understand is that fuboTV's streaming operationis a customer acquisition strategy. It offers high-resolution live sporting streaming so that it can notonly benefit from the ''cord-cutting''tailwinds as households churn out of pay-TV services but can also show subscribers ads.\nThis side of the operation,the data-driven advertising segment, is the segment that will in time drive fuboTV's profitability. I'm referring to the programmatic advertising platform. This is incredibly profitable compared with direct ad spend.\nSo many investors miss that. And those that do vaguely understand its advertising segment, and how it compares with Roku (ROKU), go on to proclaim that this is only 12% of the business and that it won't ever be a needle-moving segment for fuboTV.\nAgain, this misses the fact that fuboTV's advertising segment is growing at such a rapid clip. During its most recent quarter, fuboTV's advertising segment was up 206% y/y. Even as fuboTV dramatically decelerates over time, I suspect that by the end of Q4 2021 (six months), fuboTV's advertising segment will account for about 15% of its business.\nWhat's more, it's entirely possible that by this time next Summer, fuboTV's advertising segment will account for approximately 20% of fuboTV. At which point, investors will start to give fuboTV's advertising opportunity slightly weightier considerations.\nI believe that if this is all there was to fuboTV, the stock right now at $4 billion would probably be fairly valued. But then, we have another opportunity that I've called the wildcard. More on this later.\nRevenue Growth Rates Continue to Impress\nSource: Q1 2021ShareholderLetter\nAs you can see above, fuboTV is growing at a very strong clip. It's difficult at this stage to know what 2022 will look like, but given fuboTV's trajectory of beating estimates, I suspect that the company will grow next year by at least 60% y/y to at least $860 million.\nFor fuboTV to grow at 60%, that would imply quite a substantial slowdown from the 101% revenue growth rates aimed at in 2021. However, given that fuboTV's betting segment will start in earnest in 2022, I contend that growing at 60% y/y in 2022 will turn out to be an easy feat for fuboTV.\nThe Wildcard Discussed\nIn Q4 2021, in approximately 4 months' time, fuboTV is going to soft launch its Sportsbook. This is the start of its betting segment. And this is what I believe could drive the stock's upside potential.\nSo far, the details are sketchy. The idea is that when sporting fans are watching their favorite team, rather than having to go elsewhere to bet on the result, they could do it seamlessly via fuboTV.\nI know from experience that this already happens in the UK via adverts in the interval of key TV games, but this way, there's the potential for fuboTV to leverage the data they have on the viewer, and their preferences, to drive further monetizations and engagement.\nIf you think about it, viewers watching their favorite team are more likely to bet if it is something that iscompelling to them. And that's the advantage of having 1st-party data on the viewer. fuboTV will know what the viewers' preferences are and this will drive down user churn.\nAgain, this all circles back to having data on the viewer. During aninterviewyesterday, CEO David Gandler discusses a way of bringing down user friction. That fuboTV wants to find a way to deliver highly personalized betting odds about what the viewer is watching on fuboTV in real-time to viewers' phones. They haven't quite figured out how to optimize their app, but the team is working on this right now.\nValuation - Very Attractively Priced\nOn the surface, the stock is cheap at approximately 5x its 2022 revenues. But as you know, fuboTV's profitability margins are dismal. There's nobody out there that doesn't already know this.\nPresently, the bulk of the company's business is its subscription business. This subscription business accounts for about 85% of the business right now, and this is unprofitable. fuboTV aims to get this side of the business to break even. This is similar to Roku's (ROKU) hardware business in the early stages.\nThen, the opportunity will be to leverage their huge subscriber base to grow their data-driven advertising metrics. During the call yesterday, Gandler once again reiterated that advertising is likely to perform strongly in Q2 through Q4.\nLast year, Roku's advertising segment gross margins hovered around56% to 60%, although this latest quarter, Q1 2021, it soared to 70% gross margins. This gives investors some idea as to what fuboTV may also strive to. Obviously, Roku is a much bigger business than fuboTV, but it's something that fuboTV could migrate towards in time.\nThe Bottom Line\nAfter you've read this article, I would like to believe that you have a more nuanced interpretation of what fuboTV is today and where it's headed over the coming twelve months.\nWhen you think about fuboTV, I would like you to think about its ability to harness its first-party data. With this, you can obviously level advertising and drive profitability, but I suspect that you'll be able to drive some level of betting too.\nI will not deny that this journey has been a challenging one and that this investment has not been for those faint-hearted. Happy investing!","news_type":1,"symbols_score_info":{"FUBO":0.9}},"isVote":1,"tweetType":1,"viewCount":1377,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":151814014,"gmtCreate":1625071229638,"gmtModify":1633945121725,"author":{"id":"3574834817670995","authorId":"3574834817670995","name":"LucasBB","avatar":"https://static.tigerbbs.com/35dfb058b3118af36be8f941f4b8acc1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574834817670995","authorIdStr":"3574834817670995"},"themes":[],"title":"","htmlText":"Awesome ","listText":"Awesome ","text":"Awesome","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/151814014","repostId":"1134150963","repostType":4,"repost":{"id":"1134150963","kind":"news","pubTimestamp":1625064184,"share":"https://www.laohu8.com/m/news/1134150963?lang=zh_CN&edition=full","pubTime":"2021-06-30 22:43","market":"us","language":"en","title":"fuboTV: Very Attractive Investment, Here's Why<blockquote>fuboTV：非常有吸引力的投资，原因如下</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1134150963","media":"seekingalpha","summary":"Summary\n\nfuboTV is better than it appears on the surface.\nAll the good and bad points addressed.\nWhy","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>fuboTV is better than it appears on the surface.</li> <li>All the good and bad points addressed.</li> <li>Why this stock is worthwhile buying at $5 billion market cap.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c7f2563184ea9ee46114542c54910c35\" tg-width=\"1536\" tg-height=\"1025\" referrerpolicy=\"no-referrer\"><span>mikkelwilliam/E+ via Getty Images</span></p><p><blockquote><ul><li>fuboTV比表面上看起来要好。</li><li>所有的好的和坏的点都解决了。</li><li>为什么这只市值为 50 亿美元的股票值得购买。</li></ul><p class=\"t-img-caption\"><span>mikkelwilliam/E+ 来自盖蒂图片社</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> As I noted to my Marketplace members, fuboTV (FUBO) is a highly misunderstood company. It's much more than an unprofitable streaming platform. It's an all-encompassing data, streaming, advertising, and betting company.</p><p><blockquote>正如我向我的市场成员指出的那样，fuboTV（FUBO）是一家被高度误解的公司。它不仅仅是一个无利可图的流媒体平台。这是一家包罗万象的数据、流媒体、广告和博彩公司。</blockquote></p><p> There's a lot of bad news thrown at fuboTV by those that are intent on misunderstanding the opportunity. Stay with me, as I attempt to, in a balanced manner, note the good and the bad about fuboTV.</p><p><blockquote>那些故意误解机会的人向fuboTV抛出了很多坏消息。请继续关注我，因为我试图以一种平衡的方式，注意到fuboTV的好与坏。</blockquote></p><p> <b>What's fuboTV?</b></p><p><blockquote><b>什么是fuboTV？</b></blockquote></p><p> fuboTV is a 6-year-old company. It's a streaming platform at its core. But it also has some interesting side units being deployed. What attracts subscribers to its platform in the first instance is its streaming for live sports events.</p><p><blockquote>fuboTV是一家有6年历史的公司。它的核心是一个流媒体平台。但它也有一些有趣的附属单位正在部署。首先，吸引订户到其平台的是其直播体育赛事的流媒体。</blockquote></p><p> However, this side of the business will realistically never be profitable. For the foreseeable future, fuboTV has to acquire the rights from ESPN (DIS) and Comcast (CMCSA).</p><p><blockquote>然而，这方面的业务实际上永远不会盈利。在可预见的未来，fuboTV必须从ESPN（DIS）和康卡斯特（CMCSA）手中收购版权。</blockquote></p><p> Simply said, the rights to acquire the sporting content are so high, as obviously ESPN and others don't want to lose any unit economics by having subscribers fleeing away from their own platform. So the price for the content is prohibitively high.</p><p><blockquote>简而言之，获得体育内容的权利如此之高，因为显然ESPN和其他公司不想因为订户逃离他们自己的平台而失去任何单位经济效益。所以内容的价格高得令人望而却步。</blockquote></p><p> So what everyone has come to understand is that fuboTV's streaming business will never be meaningfully profitable,<i>and that's as far as everyone is willing to look.</i></p><p><blockquote>因此，每个人都明白，fuboTV的流媒体业务永远不会有意义地盈利，<i>这是每个人都愿意看的地方。</i></blockquote></p><p> What investors are failing to understand is that fuboTV's streaming operation<i>is a customer acquisition strategy</i>. It offers high-resolution live sporting streaming so that it can not<i>only benefit from the ''cord-cutting''</i>tailwinds as households churn out of pay-TV services but can also show subscribers ads.</p><p><blockquote>投资者不明白的是，fuboTV的流媒体业务<i>是一种客户获取策略</i>.它提供高分辨率的体育直播，因此它不能<i>只受益于“剪线”</i>随着家庭大量减少付费电视服务，但也可以向订户展示广告，这是顺风车。</blockquote></p><p> This side of the operation,<i>the data-driven advertising segment</i>, is the segment that will in time drive fuboTV's profitability. I'm referring to the programmatic advertising platform. This is incredibly profitable compared with direct ad spend.</p><p><blockquote>这边的操作，<i>数据驱动广告细分市场</i>是将随着时间的推移推动富博电视盈利能力的细分市场。我指的是程序化广告平台。与直接广告支出相比，这是令人难以置信的利润。</blockquote></p><p> So many investors miss that. And those that do vaguely understand its advertising segment, and how it compares with Roku (ROKU), go on to proclaim that this is only 12% of the business and that it won't ever be a needle-moving segment for fuboTV.</p><p><blockquote>很多投资者都怀念这一点。那些对其广告部门以及它与Roku（Roku）相比有何模糊了解的人继续宣称，这只是该业务的12%，它永远不会成为fuboTV的一个重要部门。</blockquote></p><p> Again, this misses the fact that fuboTV's advertising segment is growing at such a rapid clip. During its most recent quarter, fuboTV's advertising segment was up 206% y/y. Even as fuboTV dramatically decelerates over time, I suspect that by the end of Q4 2021 (six months), fuboTV's advertising segment will account for about 15% of its business.</p><p><blockquote>同样，这忽略了一个事实，即fuboTV的广告部门正在以如此快的速度增长。在最近一个季度，fuboTV 的广告部门同比增长 206%。尽管fuboTV随着时间的推移急剧减速，但我怀疑到2021年第四季度末（六个月），fuboTV的广告部门将占其业务的15%左右。</blockquote></p><p> What's more, it's entirely possible that by this time next Summer, fuboTV's advertising segment will account for approximately 20% of fuboTV. At which point, investors will start to give fuboTV's advertising opportunity slightly weightier considerations.</p><p><blockquote>更重要的是，完全有可能到明年夏天的这个时候，fuboTV的广告板块将占到fuboTV的20%左右。届时，投资者将开始对 fuboTV 的广告机会给予稍微更多的考虑。</blockquote></p><p> I believe that if this is all there was to fuboTV, the stock right now at $4 billion would probably be fairly valued. But then, we have another opportunity that I've called the wildcard. More on this later.</p><p><blockquote>我相信，如果这就是 fuboTV 的全部，那么目前 40 亿美元的股票可能会被合理估值。但是，我们还有另一个机会，我称之为通配符。稍后会详细介绍。</blockquote></p><p> Revenue Growth Rates Continue to Impress</p><p><blockquote>收入增长率继续令人印象深刻</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/22b839502a218aa047bf4cc6ec6ecd80\" tg-width=\"441\" tg-height=\"480\"><span>Source: Q1 2021ShareholderLetter</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：2021年第一季度股东信</span></p></blockquote></p><p> As you can see above, fuboTV is growing at a very strong clip. It's difficult at this stage to know what 2022 will look like, but given fuboTV's trajectory of beating estimates, I suspect that the company will grow next year by at least 60% y/y to at least $860 million.</p><p><blockquote>正如您在上面看到的，fuboTV 正在以非常强劲的速度增长。现阶段很难知道2022年会是什么样子，但鉴于fuboTV超出预期的轨迹，我怀疑该公司明年将同比增长至少60%，达到至少8.6亿美元。</blockquote></p><p> For fuboTV to grow at 60%, that would imply quite a substantial slowdown from the 101% revenue growth rates aimed at in 2021. However, given that fuboTV's betting segment will start in earnest in 2022, I contend that growing at 60% y/y in 2022 will turn out to be an easy feat for fuboTV.</p><p><blockquote>对于 fuboTV 来说，要以 60% 的速度增长，这意味着 2021 年 101% 的收入增长率将大幅放缓。然而，鉴于fuboTV的博彩业务将于2022年正式启动，我认为fuboTV在2022年实现60%的同比增长将是一项轻松的壮举。</blockquote></p><p> <b>The Wildcard Discussed</b></p><p><blockquote><b>讨论的通配符</b></blockquote></p><p> In Q4 2021, in approximately 4 months' time, fuboTV is going to soft launch its Sportsbook. This is the start of its betting segment. And this is what I believe could drive the stock's upside potential.</p><p><blockquote>2021年第四季度，大约4个月后，fuboTV将试运行其体育博彩。这是其博彩业务的开始。我相信这可能会推动该股的上涨潜力。</blockquote></p><p> So far, the details are sketchy. The idea is that when sporting fans are watching their favorite team, rather than having to go elsewhere to bet on the result, they could do it seamlessly via fuboTV.</p><p><blockquote>到目前为止，细节还很粗略。这个想法是，当体育迷在观看他们最喜欢的球队时，他们可以通过fuboTV无缝地进行比赛，而不是去其他地方打赌结果。</blockquote></p><p> I know from experience that this already happens in the UK via adverts in the interval of key TV games, but this way, there's the potential for fuboTV to leverage the data they have on the viewer, and their preferences, to drive further monetizations and engagement.</p><p><blockquote>我从经验中知道，这种情况已经在英国通过关键电视游戏间隙的广告发生，但通过这种方式，fuboTV有可能利用他们掌握的观众数据及其偏好，推动进一步的货币化和参与度。</blockquote></p><p></p><p> If you think about it, viewers watching their favorite team are more likely to bet if it is something that is<i>compelling to them</i>. And that's the advantage of having 1st-party data on the viewer. fuboTV will know what the viewers' preferences are and this will drive down user churn.</p><p><blockquote>如果你仔细想想，观看他们最喜欢的球队的观众更有可能打赌这是否是<i>对他们有吸引力</i>这就是查看器上有第一方数据的好处。fuboTV将知道观众的偏好，这将降低用户流失。</blockquote></p><p> Again, this all circles back to having data on the viewer. During aninterviewyesterday, CEO David Gandler discusses a way of bringing down user friction. That fuboTV wants to find a way to deliver highly personalized betting odds about what the viewer is watching on fuboTV in real-time to viewers' phones. They haven't quite figured out how to optimize their app, but the team is working on this right now.</p><p><blockquote>同样，这一切都回到了查看器上的数据。在昨天的一次采访中，首席执行官大卫·甘德勒讨论了减少用户摩擦的方法。fuboTV希望找到一种方法，将观众在fuboTV上观看的内容实时提供高度个性化的投注赔率到观众的手机上。他们还没有完全弄清楚如何优化他们的应用程序，但团队现在正在努力。</blockquote></p><p> <b>Valuation - Very Attractively Priced</b></p><p><blockquote><b>估值 - 价格非常有吸引力</b></blockquote></p><p> On the surface, the stock is cheap at approximately 5x its 2022 revenues. But as you know, fuboTV's profitability margins are dismal. There's nobody out there that doesn't already know this.</p><p><blockquote>从表面上看，该股很便宜，约为 2022 年收入的 5 倍。但如您所知，fuboTV的利润率令人沮丧。没有人不知道这一点。</blockquote></p><p> Presently, the bulk of the company's business is its subscription business. This subscription business accounts for about 85% of the business right now, and this is unprofitable. fuboTV aims to get this side of the business to break even. This is similar to Roku's (ROKU) hardware business in the early stages.</p><p><blockquote>目前，该公司的大部分业务是其订阅业务。这个订阅业务现在占了大约85%的业务，这是无利可图的。fuboTV的目标是让这方面的业务实现收支平衡。这与Roku（Roku）早期的硬件业务类似。</blockquote></p><p> Then, the opportunity will be to leverage their huge subscriber base to grow their data-driven advertising metrics. During the call yesterday, Gandler once again reiterated that advertising is likely to perform strongly in Q2 through Q4.</p><p><blockquote>然后，机会将是利用他们庞大的用户群来发展他们的数据驱动广告指标。在昨天的看涨期权上，甘德勒再次重申，广告可能会在Q2到Q4表现强劲。</blockquote></p><p> Last year, Roku's advertising segment gross margins hovered around56% to 60%, although this latest quarter, Q1 2021, it soared to 70% gross margins. This gives investors some idea as to what fuboTV may also strive to. Obviously, Roku is a much bigger business than fuboTV, but it's something that fuboTV could migrate towards in time.</p><p><blockquote>去年，Roku 的广告部门毛利率徘徊在 56% 至 60% 左右，尽管在最近一个季度（2021 年第一季度），毛利率飙升至 70%。这让投资者对 fuboTV 可能还会努力做什么有了一些了解。显然，Roku是一个比fuboTV大得多的业务，但这是fuboTV可以及时迁移的东西。</blockquote></p><p> <b>The Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> After you've read this article, I would like to believe that you have a more nuanced interpretation of what fuboTV is today and where it's headed over the coming twelve months.</p><p><blockquote>读完这篇文章后，我希望你对fuboTV的现状以及未来12个月的发展方向有了更细致入微的理解。</blockquote></p><p> When you think about fuboTV, I would like you to think about its ability to harness its first-party data. With this, you can obviously level advertising and drive profitability, but I suspect that you'll be able to drive some level of betting too.</p><p><blockquote>当你想到fuboTV时，我想让你想想它利用第一方数据的能力。有了这个，你显然可以水平广告和推动盈利，但我怀疑你也将能够推动某种程度的赌博。</blockquote></p><p> I will not deny that this journey has been a challenging one and that this investment has not been for those faint-hearted. Happy investing!</p><p><blockquote>我不否认这段旅程充满挑战，这项投资不适合那些胆小的人。投资愉快!</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>fuboTV: Very Attractive Investment, Here's Why<blockquote>fuboTV：非常有吸引力的投资，原因如下</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\">\nfuboTV: Very Attractive Investment, Here's Why<blockquote>fuboTV：非常有吸引力的投资，原因如下</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-30 22:43</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>fuboTV is better than it appears on the surface.</li> <li>All the good and bad points addressed.</li> <li>Why this stock is worthwhile buying at $5 billion market cap.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c7f2563184ea9ee46114542c54910c35\" tg-width=\"1536\" tg-height=\"1025\" referrerpolicy=\"no-referrer\"><span>mikkelwilliam/E+ via Getty Images</span></p><p><blockquote><ul><li>fuboTV比表面上看起来要好。</li><li>所有的好的和坏的点都解决了。</li><li>为什么这只市值为 50 亿美元的股票值得购买。</li></ul><p class=\"t-img-caption\"><span>mikkelwilliam/E+ 来自盖蒂图片社</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> As I noted to my Marketplace members, fuboTV (FUBO) is a highly misunderstood company. It's much more than an unprofitable streaming platform. It's an all-encompassing data, streaming, advertising, and betting company.</p><p><blockquote>正如我向我的市场成员指出的那样，fuboTV（FUBO）是一家被高度误解的公司。它不仅仅是一个无利可图的流媒体平台。这是一家包罗万象的数据、流媒体、广告和博彩公司。</blockquote></p><p> There's a lot of bad news thrown at fuboTV by those that are intent on misunderstanding the opportunity. Stay with me, as I attempt to, in a balanced manner, note the good and the bad about fuboTV.</p><p><blockquote>那些故意误解机会的人向fuboTV抛出了很多坏消息。请继续关注我，因为我试图以一种平衡的方式，注意到fuboTV的好与坏。</blockquote></p><p> <b>What's fuboTV?</b></p><p><blockquote><b>什么是fuboTV？</b></blockquote></p><p> fuboTV is a 6-year-old company. It's a streaming platform at its core. But it also has some interesting side units being deployed. What attracts subscribers to its platform in the first instance is its streaming for live sports events.</p><p><blockquote>fuboTV是一家有6年历史的公司。它的核心是一个流媒体平台。但它也有一些有趣的附属单位正在部署。首先，吸引订户到其平台的是其直播体育赛事的流媒体。</blockquote></p><p> However, this side of the business will realistically never be profitable. For the foreseeable future, fuboTV has to acquire the rights from ESPN (DIS) and Comcast (CMCSA).</p><p><blockquote>然而，这方面的业务实际上永远不会盈利。在可预见的未来，fuboTV必须从ESPN（DIS）和康卡斯特（CMCSA）手中收购版权。</blockquote></p><p> Simply said, the rights to acquire the sporting content are so high, as obviously ESPN and others don't want to lose any unit economics by having subscribers fleeing away from their own platform. So the price for the content is prohibitively high.</p><p><blockquote>简而言之，获得体育内容的权利如此之高，因为显然ESPN和其他公司不想因为订户逃离他们自己的平台而失去任何单位经济效益。所以内容的价格高得令人望而却步。</blockquote></p><p> So what everyone has come to understand is that fuboTV's streaming business will never be meaningfully profitable,<i>and that's as far as everyone is willing to look.</i></p><p><blockquote>因此，每个人都明白，fuboTV的流媒体业务永远不会有意义地盈利，<i>这是每个人都愿意看的地方。</i></blockquote></p><p> What investors are failing to understand is that fuboTV's streaming operation<i>is a customer acquisition strategy</i>. It offers high-resolution live sporting streaming so that it can not<i>only benefit from the ''cord-cutting''</i>tailwinds as households churn out of pay-TV services but can also show subscribers ads.</p><p><blockquote>投资者不明白的是，fuboTV的流媒体业务<i>是一种客户获取策略</i>.它提供高分辨率的体育直播，因此它不能<i>只受益于“剪线”</i>随着家庭大量减少付费电视服务，但也可以向订户展示广告，这是顺风车。</blockquote></p><p> This side of the operation,<i>the data-driven advertising segment</i>, is the segment that will in time drive fuboTV's profitability. I'm referring to the programmatic advertising platform. This is incredibly profitable compared with direct ad spend.</p><p><blockquote>这边的操作，<i>数据驱动广告细分市场</i>是将随着时间的推移推动富博电视盈利能力的细分市场。我指的是程序化广告平台。与直接广告支出相比，这是令人难以置信的利润。</blockquote></p><p> So many investors miss that. And those that do vaguely understand its advertising segment, and how it compares with Roku (ROKU), go on to proclaim that this is only 12% of the business and that it won't ever be a needle-moving segment for fuboTV.</p><p><blockquote>很多投资者都怀念这一点。那些对其广告部门以及它与Roku（Roku）相比有何模糊了解的人继续宣称，这只是该业务的12%，它永远不会成为fuboTV的一个重要部门。</blockquote></p><p> Again, this misses the fact that fuboTV's advertising segment is growing at such a rapid clip. During its most recent quarter, fuboTV's advertising segment was up 206% y/y. Even as fuboTV dramatically decelerates over time, I suspect that by the end of Q4 2021 (six months), fuboTV's advertising segment will account for about 15% of its business.</p><p><blockquote>同样，这忽略了一个事实，即fuboTV的广告部门正在以如此快的速度增长。在最近一个季度，fuboTV 的广告部门同比增长 206%。尽管fuboTV随着时间的推移急剧减速，但我怀疑到2021年第四季度末（六个月），fuboTV的广告部门将占其业务的15%左右。</blockquote></p><p> What's more, it's entirely possible that by this time next Summer, fuboTV's advertising segment will account for approximately 20% of fuboTV. At which point, investors will start to give fuboTV's advertising opportunity slightly weightier considerations.</p><p><blockquote>更重要的是，完全有可能到明年夏天的这个时候，fuboTV的广告板块将占到fuboTV的20%左右。届时，投资者将开始对 fuboTV 的广告机会给予稍微更多的考虑。</blockquote></p><p> I believe that if this is all there was to fuboTV, the stock right now at $4 billion would probably be fairly valued. But then, we have another opportunity that I've called the wildcard. More on this later.</p><p><blockquote>我相信，如果这就是 fuboTV 的全部，那么目前 40 亿美元的股票可能会被合理估值。但是，我们还有另一个机会，我称之为通配符。稍后会详细介绍。</blockquote></p><p> Revenue Growth Rates Continue to Impress</p><p><blockquote>收入增长率继续令人印象深刻</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/22b839502a218aa047bf4cc6ec6ecd80\" tg-width=\"441\" tg-height=\"480\"><span>Source: Q1 2021ShareholderLetter</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：2021年第一季度股东信</span></p></blockquote></p><p> As you can see above, fuboTV is growing at a very strong clip. It's difficult at this stage to know what 2022 will look like, but given fuboTV's trajectory of beating estimates, I suspect that the company will grow next year by at least 60% y/y to at least $860 million.</p><p><blockquote>正如您在上面看到的，fuboTV 正在以非常强劲的速度增长。现阶段很难知道2022年会是什么样子，但鉴于fuboTV超出预期的轨迹，我怀疑该公司明年将同比增长至少60%，达到至少8.6亿美元。</blockquote></p><p> For fuboTV to grow at 60%, that would imply quite a substantial slowdown from the 101% revenue growth rates aimed at in 2021. However, given that fuboTV's betting segment will start in earnest in 2022, I contend that growing at 60% y/y in 2022 will turn out to be an easy feat for fuboTV.</p><p><blockquote>对于 fuboTV 来说，要以 60% 的速度增长，这意味着 2021 年 101% 的收入增长率将大幅放缓。然而，鉴于fuboTV的博彩业务将于2022年正式启动，我认为fuboTV在2022年实现60%的同比增长将是一项轻松的壮举。</blockquote></p><p> <b>The Wildcard Discussed</b></p><p><blockquote><b>讨论的通配符</b></blockquote></p><p> In Q4 2021, in approximately 4 months' time, fuboTV is going to soft launch its Sportsbook. This is the start of its betting segment. And this is what I believe could drive the stock's upside potential.</p><p><blockquote>2021年第四季度，大约4个月后，fuboTV将试运行其体育博彩。这是其博彩业务的开始。我相信这可能会推动该股的上涨潜力。</blockquote></p><p> So far, the details are sketchy. The idea is that when sporting fans are watching their favorite team, rather than having to go elsewhere to bet on the result, they could do it seamlessly via fuboTV.</p><p><blockquote>到目前为止，细节还很粗略。这个想法是，当体育迷在观看他们最喜欢的球队时，他们可以通过fuboTV无缝地进行比赛，而不是去其他地方打赌结果。</blockquote></p><p> I know from experience that this already happens in the UK via adverts in the interval of key TV games, but this way, there's the potential for fuboTV to leverage the data they have on the viewer, and their preferences, to drive further monetizations and engagement.</p><p><blockquote>我从经验中知道，这种情况已经在英国通过关键电视游戏间隙的广告发生，但通过这种方式，fuboTV有可能利用他们掌握的观众数据及其偏好，推动进一步的货币化和参与度。</blockquote></p><p></p><p> If you think about it, viewers watching their favorite team are more likely to bet if it is something that is<i>compelling to them</i>. And that's the advantage of having 1st-party data on the viewer. fuboTV will know what the viewers' preferences are and this will drive down user churn.</p><p><blockquote>如果你仔细想想，观看他们最喜欢的球队的观众更有可能打赌这是否是<i>对他们有吸引力</i>这就是查看器上有第一方数据的好处。fuboTV将知道观众的偏好，这将降低用户流失。</blockquote></p><p> Again, this all circles back to having data on the viewer. During aninterviewyesterday, CEO David Gandler discusses a way of bringing down user friction. That fuboTV wants to find a way to deliver highly personalized betting odds about what the viewer is watching on fuboTV in real-time to viewers' phones. They haven't quite figured out how to optimize their app, but the team is working on this right now.</p><p><blockquote>同样，这一切都回到了查看器上的数据。在昨天的一次采访中，首席执行官大卫·甘德勒讨论了减少用户摩擦的方法。fuboTV希望找到一种方法，将观众在fuboTV上观看的内容实时提供高度个性化的投注赔率到观众的手机上。他们还没有完全弄清楚如何优化他们的应用程序，但团队现在正在努力。</blockquote></p><p> <b>Valuation - Very Attractively Priced</b></p><p><blockquote><b>估值 - 价格非常有吸引力</b></blockquote></p><p> On the surface, the stock is cheap at approximately 5x its 2022 revenues. But as you know, fuboTV's profitability margins are dismal. There's nobody out there that doesn't already know this.</p><p><blockquote>从表面上看，该股很便宜，约为 2022 年收入的 5 倍。但如您所知，fuboTV的利润率令人沮丧。没有人不知道这一点。</blockquote></p><p> Presently, the bulk of the company's business is its subscription business. This subscription business accounts for about 85% of the business right now, and this is unprofitable. fuboTV aims to get this side of the business to break even. This is similar to Roku's (ROKU) hardware business in the early stages.</p><p><blockquote>目前，该公司的大部分业务是其订阅业务。这个订阅业务现在占了大约85%的业务，这是无利可图的。fuboTV的目标是让这方面的业务实现收支平衡。这与Roku（Roku）早期的硬件业务类似。</blockquote></p><p> Then, the opportunity will be to leverage their huge subscriber base to grow their data-driven advertising metrics. During the call yesterday, Gandler once again reiterated that advertising is likely to perform strongly in Q2 through Q4.</p><p><blockquote>然后，机会将是利用他们庞大的用户群来发展他们的数据驱动广告指标。在昨天的看涨期权上，甘德勒再次重申，广告可能会在Q2到Q4表现强劲。</blockquote></p><p> Last year, Roku's advertising segment gross margins hovered around56% to 60%, although this latest quarter, Q1 2021, it soared to 70% gross margins. This gives investors some idea as to what fuboTV may also strive to. Obviously, Roku is a much bigger business than fuboTV, but it's something that fuboTV could migrate towards in time.</p><p><blockquote>去年，Roku 的广告部门毛利率徘徊在 56% 至 60% 左右，尽管在最近一个季度（2021 年第一季度），毛利率飙升至 70%。这让投资者对 fuboTV 可能还会努力做什么有了一些了解。显然，Roku是一个比fuboTV大得多的业务，但这是fuboTV可以及时迁移的东西。</blockquote></p><p> <b>The Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> After you've read this article, I would like to believe that you have a more nuanced interpretation of what fuboTV is today and where it's headed over the coming twelve months.</p><p><blockquote>读完这篇文章后，我希望你对fuboTV的现状以及未来12个月的发展方向有了更细致入微的理解。</blockquote></p><p> When you think about fuboTV, I would like you to think about its ability to harness its first-party data. With this, you can obviously level advertising and drive profitability, but I suspect that you'll be able to drive some level of betting too.</p><p><blockquote>当你想到fuboTV时，我想让你想想它利用第一方数据的能力。有了这个，你显然可以水平广告和推动盈利，但我怀疑你也将能够推动某种程度的赌博。</blockquote></p><p> I will not deny that this journey has been a challenging one and that this investment has not been for those faint-hearted. Happy investing!</p><p><blockquote>我不否认这段旅程充满挑战，这项投资不适合那些胆小的人。投资愉快!</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4437237-fubotv-very-attractive-investment-heres-why\">seekingalpha</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":{"FUBO":"fuboTV Inc."},"source_url":"https://seekingalpha.com/article/4437237-fubotv-very-attractive-investment-heres-why","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1134150963","content_text":"Summary\n\nfuboTV is better than it appears on the surface.\nAll the good and bad points addressed.\nWhy this stock is worthwhile buying at $5 billion market cap.\n\nmikkelwilliam/E+ via Getty Images\nInvestment Thesis\nAs I noted to my Marketplace members, fuboTV (FUBO) is a highly misunderstood company. It's much more than an unprofitable streaming platform. It's an all-encompassing data, streaming, advertising, and betting company.\nThere's a lot of bad news thrown at fuboTV by those that are intent on misunderstanding the opportunity. Stay with me, as I attempt to, in a balanced manner, note the good and the bad about fuboTV.\nWhat's fuboTV?\nfuboTV is a 6-year-old company. It's a streaming platform at its core. But it also has some interesting side units being deployed. What attracts subscribers to its platform in the first instance is its streaming for live sports events.\nHowever, this side of the business will realistically never be profitable. For the foreseeable future, fuboTV has to acquire the rights from ESPN (DIS) and Comcast (CMCSA).\nSimply said, the rights to acquire the sporting content are so high, as obviously ESPN and others don't want to lose any unit economics by having subscribers fleeing away from their own platform. So the price for the content is prohibitively high.\nSo what everyone has come to understand is that fuboTV's streaming business will never be meaningfully profitable,and that's as far as everyone is willing to look.\nWhat investors are failing to understand is that fuboTV's streaming operationis a customer acquisition strategy. It offers high-resolution live sporting streaming so that it can notonly benefit from the ''cord-cutting''tailwinds as households churn out of pay-TV services but can also show subscribers ads.\nThis side of the operation,the data-driven advertising segment, is the segment that will in time drive fuboTV's profitability. I'm referring to the programmatic advertising platform. This is incredibly profitable compared with direct ad spend.\nSo many investors miss that. And those that do vaguely understand its advertising segment, and how it compares with Roku (ROKU), go on to proclaim that this is only 12% of the business and that it won't ever be a needle-moving segment for fuboTV.\nAgain, this misses the fact that fuboTV's advertising segment is growing at such a rapid clip. During its most recent quarter, fuboTV's advertising segment was up 206% y/y. Even as fuboTV dramatically decelerates over time, I suspect that by the end of Q4 2021 (six months), fuboTV's advertising segment will account for about 15% of its business.\nWhat's more, it's entirely possible that by this time next Summer, fuboTV's advertising segment will account for approximately 20% of fuboTV. At which point, investors will start to give fuboTV's advertising opportunity slightly weightier considerations.\nI believe that if this is all there was to fuboTV, the stock right now at $4 billion would probably be fairly valued. But then, we have another opportunity that I've called the wildcard. More on this later.\nRevenue Growth Rates Continue to Impress\nSource: Q1 2021ShareholderLetter\nAs you can see above, fuboTV is growing at a very strong clip. It's difficult at this stage to know what 2022 will look like, but given fuboTV's trajectory of beating estimates, I suspect that the company will grow next year by at least 60% y/y to at least $860 million.\nFor fuboTV to grow at 60%, that would imply quite a substantial slowdown from the 101% revenue growth rates aimed at in 2021. However, given that fuboTV's betting segment will start in earnest in 2022, I contend that growing at 60% y/y in 2022 will turn out to be an easy feat for fuboTV.\nThe Wildcard Discussed\nIn Q4 2021, in approximately 4 months' time, fuboTV is going to soft launch its Sportsbook. This is the start of its betting segment. And this is what I believe could drive the stock's upside potential.\nSo far, the details are sketchy. The idea is that when sporting fans are watching their favorite team, rather than having to go elsewhere to bet on the result, they could do it seamlessly via fuboTV.\nI know from experience that this already happens in the UK via adverts in the interval of key TV games, but this way, there's the potential for fuboTV to leverage the data they have on the viewer, and their preferences, to drive further monetizations and engagement.\nIf you think about it, viewers watching their favorite team are more likely to bet if it is something that iscompelling to them. And that's the advantage of having 1st-party data on the viewer. fuboTV will know what the viewers' preferences are and this will drive down user churn.\nAgain, this all circles back to having data on the viewer. During aninterviewyesterday, CEO David Gandler discusses a way of bringing down user friction. That fuboTV wants to find a way to deliver highly personalized betting odds about what the viewer is watching on fuboTV in real-time to viewers' phones. They haven't quite figured out how to optimize their app, but the team is working on this right now.\nValuation - Very Attractively Priced\nOn the surface, the stock is cheap at approximately 5x its 2022 revenues. But as you know, fuboTV's profitability margins are dismal. There's nobody out there that doesn't already know this.\nPresently, the bulk of the company's business is its subscription business. This subscription business accounts for about 85% of the business right now, and this is unprofitable. fuboTV aims to get this side of the business to break even. This is similar to Roku's (ROKU) hardware business in the early stages.\nThen, the opportunity will be to leverage their huge subscriber base to grow their data-driven advertising metrics. During the call yesterday, Gandler once again reiterated that advertising is likely to perform strongly in Q2 through Q4.\nLast year, Roku's advertising segment gross margins hovered around56% to 60%, although this latest quarter, Q1 2021, it soared to 70% gross margins. This gives investors some idea as to what fuboTV may also strive to. Obviously, Roku is a much bigger business than fuboTV, but it's something that fuboTV could migrate towards in time.\nThe Bottom Line\nAfter you've read this article, I would like to believe that you have a more nuanced interpretation of what fuboTV is today and where it's headed over the coming twelve months.\nWhen you think about fuboTV, I would like you to think about its ability to harness its first-party data. With this, you can obviously level advertising and drive profitability, but I suspect that you'll be able to drive some level of betting too.\nI will not deny that this journey has been a challenging one and that this investment has not been for those faint-hearted. Happy investing!","news_type":1,"symbols_score_info":{"FUBO":0.9}},"isVote":1,"tweetType":1,"viewCount":1377,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
