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App Economy Insights
$ASML ASML Q4 FY24:
• Net bookings €7.1B (€3.1B beat).
• Net sales +28% Y/Y to €9.3B (€0.2B beat).
• Gross margin 52% (flat Y/Y).
• Operating margin 36% (+3pp Y/Y).
• EPS €6.85 (€0.12 beat).
Q1 FY25 Net sales guidance:
• €7.5-8.0B (€7.2B expected). https://t.co/Sowyso6daH
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$ASML ASML Q4 FY24:
• Net bookings €7.1B (€3.1B beat).
• Net sales +28% Y/Y to €9.3B (€0.2B beat).
• Gross margin 52% (flat Y/Y).
• Operating margin 36% (+3pp Y/Y).
• EPS €6.85 (€0.12 beat).
Q1 FY25 Net sales guidance:
• €7.5-8.0B (€7.2B expected). https://t.co/Sowyso6daH
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Hidden Value Gems
Only 13% of people in this mini survey are worried about the DeepSeek threat to US tech. Quite a bullish sentiment.
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Only 13% of people in this mini survey are worried about the DeepSeek threat to US tech. Quite a bullish sentiment.
What are your thoughts? 🤔👇
Is DeepSeek a game changer for US tech?
#DeepSeek #Stocks #NASDAQ #AI
- No
- Yes - lower capex (good)
- Don't know
- Yes- lower margins/growth tweet
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Stock Analysis Compilation
Fiduciary Management on Edenred SE $EDEN FP
Thesis: Edenred SE is a leading digital payment solutions platform, particularly known for its meal vouchers business, which generates strong returns despite current regulatory challenges, and is expected to achieve significant earnings growth.
(Extract from their Q4 letter)
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Fiduciary Management on Edenred SE $EDEN FP
Thesis: Edenred SE is a leading digital payment solutions platform, particularly known for its meal vouchers business, which generates strong returns despite current regulatory challenges, and is expected to achieve significant earnings growth.
(Extract from their Q4 letter)
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Offshore
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InsideArbitrage
180 Degree Capital $TURN announced that its Board reviewed Source Capital's $SOR non-binding proposal and concluded that it does not qualify as a Superior Proposal.
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180 Degree Capital $TURN announced that its Board reviewed Source Capital's $SOR non-binding proposal and concluded that it does not qualify as a Superior Proposal.
Source Capital $SOR Proposes Merger With 180 Degree Capital $TURN -
💰The proposal involves 180 Degree merging into Source in an all-stock transaction, valuing 180 Degree at 101% of its net asset value per share.
💰Source is being advised by First Pacific Advisors and has assembled a team of advisors, including Akin Gump Strauss Hauer & Feld as legal counsel. tweet
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InsideArbitrage
$HSIC Henry Schein shares rise (+3.15% pre-market) as it announces 👇👇
▪️ Strategic Investment by KKR,
▪️ Board Changes
▪️ Preliminary Unaudited Financial Results and 2025 Financial Guidance 🔹 GAAP Q4 net income: $94M ($0.74/share) 🔹 FY 2024: $390M ($3.05/share)
▪️ Increased share repurchase plan by $500 million (~5% of its current market cap) with $250 million to be executed through accelerated share repurchases
📉 The company has been regularly buying back its shares - reducing shares outstanding by 11%+ over the last 4 yrs as seen from the graph below
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$HSIC Henry Schein shares rise (+3.15% pre-market) as it announces 👇👇
▪️ Strategic Investment by KKR,
▪️ Board Changes
▪️ Preliminary Unaudited Financial Results and 2025 Financial Guidance 🔹 GAAP Q4 net income: $94M ($0.74/share) 🔹 FY 2024: $390M ($3.05/share)
▪️ Increased share repurchase plan by $500 million (~5% of its current market cap) with $250 million to be executed through accelerated share repurchases
📉 The company has been regularly buying back its shares - reducing shares outstanding by 11%+ over the last 4 yrs as seen from the graph below
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Offshore
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InsideArbitrage
Third Point, which owns 9.9% of Soho House’s $SHCO stock, believes that it is undervalued and that the company would generate more value for shareholders as a private business.
🏠@ThirdPointLLC plans to engage with the board to discuss the potential sale and possible alternatives.
🏠Third Point may participate in the take-private offer, that Soho entered with Chairman Ron Burkle, by rolling over its equity stake or providing financing.
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Third Point, which owns 9.9% of Soho House’s $SHCO stock, believes that it is undervalued and that the company would generate more value for shareholders as a private business.
🏠@ThirdPointLLC plans to engage with the board to discuss the potential sale and possible alternatives.
🏠Third Point may participate in the take-private offer, that Soho entered with Chairman Ron Burkle, by rolling over its equity stake or providing financing.
Soho House $SHCO received an offer from a new third-party consortium to acquire the company for $9.00 per share.
✴️The offer is conditioned on certain significant shareholders, including Soho's Executive Chairman, Ron Burkle, and The Yucaipa Companies, rolling over their equity interests as part of the transaction.
✴️ The Board has formed an independent Special Committee to evaluate the offer. tweet
Offshore
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Startup Archive
Rippling founder Parker Conrad on the opportunity in building “compound startups”
Y Combinator CEO Garry Tan points out that the classic startup advice is “do one thing and do it extremely well,” but Parker took a different approach building Rippling that he calls the “compound startup.” He set out to solve multiple problems for their customers simultaneously.
Parker elaborates on this:
“I think it actually resembles a lot of software companies that were built 20+ years ago. If you look at companies like SAP, Oracle, and Microsoft, they actually look like compound software businesses… What happened is I think there was this moment in time where it really was possible to do one narrow thing because there was so much greenfield territory in software as everything shifted from on-prem to the cloud. You could go out and do this really narrow thing and turn it into a SaaS company. Almost all of these things ended up — at least for a period of time — being worth low-single-digit billions of dollars. And it was really easy to find a niche.”
But Parker believes this approach is suboptimal because it limits the types of problems you can solve for your customers — especially big customers.
“You can actually just wipe out a lot of work and make things function much better if you can take on a whole host of interrelated applications and build one comprehensive solution.”
Parker argues that if you can solve multiple problems for your customers with parallel applications, your product/market fit becomes much more powerful and harder to displace.
The other argument in favor of the compound startup approach is that sales and marketing has gotten much harder and less efficient for software businesses:
“You see this at every stage, but over the last five years, public companies are spending 50% more on sales and marketing, but they’re adding 10% less in new ARR with that increase in spend. Fundamentally, the business model for a lot of software is just broken. There’s too many businesses.”
Parker also believes AI sales agents will completely destroy outbound as a channel if they do eventually end up working.
Video source: @ycombinator (2025)
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Rippling founder Parker Conrad on the opportunity in building “compound startups”
Y Combinator CEO Garry Tan points out that the classic startup advice is “do one thing and do it extremely well,” but Parker took a different approach building Rippling that he calls the “compound startup.” He set out to solve multiple problems for their customers simultaneously.
Parker elaborates on this:
“I think it actually resembles a lot of software companies that were built 20+ years ago. If you look at companies like SAP, Oracle, and Microsoft, they actually look like compound software businesses… What happened is I think there was this moment in time where it really was possible to do one narrow thing because there was so much greenfield territory in software as everything shifted from on-prem to the cloud. You could go out and do this really narrow thing and turn it into a SaaS company. Almost all of these things ended up — at least for a period of time — being worth low-single-digit billions of dollars. And it was really easy to find a niche.”
But Parker believes this approach is suboptimal because it limits the types of problems you can solve for your customers — especially big customers.
“You can actually just wipe out a lot of work and make things function much better if you can take on a whole host of interrelated applications and build one comprehensive solution.”
Parker argues that if you can solve multiple problems for your customers with parallel applications, your product/market fit becomes much more powerful and harder to displace.
The other argument in favor of the compound startup approach is that sales and marketing has gotten much harder and less efficient for software businesses:
“You see this at every stage, but over the last five years, public companies are spending 50% more on sales and marketing, but they’re adding 10% less in new ARR with that increase in spend. Fundamentally, the business model for a lot of software is just broken. There’s too many businesses.”
Parker also believes AI sales agents will completely destroy outbound as a channel if they do eventually end up working.
Video source: @ycombinator (2025)
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Offshore
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Startup Archive
RT @ArthurMacwaters: Parker gave a great talk about this at a YC reunion recently
He pointed out that building a hyperspecialized company that carefully avoids markets held by large incumbents is actually dumb
You have to kill some giants to become the king.
So take on the incumbents and do the stack better
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RT @ArthurMacwaters: Parker gave a great talk about this at a YC reunion recently
He pointed out that building a hyperspecialized company that carefully avoids markets held by large incumbents is actually dumb
You have to kill some giants to become the king.
So take on the incumbents and do the stack better
Rippling founder Parker Conrad on the opportunity in building “compound startups”
Y Combinator CEO Garry Tan points out that the classic startup advice is “do one thing and do it extremely well,” but Parker took a different approach building Rippling that he calls the “compound startup.” He set out to solve multiple problems for their customers simultaneously.
Parker elaborates on this:
“I think it actually resembles a lot of software companies that were built 20+ years ago. If you look at companies like SAP, Oracle, and Microsoft, they actually look like compound software businesses… What happened is I think there was this moment in time where it really was possible to do one narrow thing because there was so much greenfield territory in software as everything shifted from on-prem to the cloud. You could go out and do this really narrow thing and turn it into a SaaS company. Almost all of these things ended up — at least for a period of time — being worth low-single-digit billions of dollars. And it was really easy to find a niche.”
But Parker believes this approach is suboptimal because it limits the types of problems you can solve for your customers — especially big customers.
“You can actually just wipe out a lot of work and make things function much better if you can take on a whole host of interrelated applications and build one comprehensive solution.”
Parker argues that if you can solve multiple problems for your customers with parallel applications, your product/market fit becomes much more powerful and harder to displace.
The other argument in favor of the compound startup approach is that sales and marketing has gotten much harder and less efficient for software businesses:
“You see this at every stage, but over the last five years, public companies are spending 50% more on sales and marketing, but they’re adding 10% less in new ARR with that increase in spend. Fundamentally, the business model for a lot of software is just broken. There’s too many businesses.”
Parker also believes AI sales agents will completely destroy outbound as a channel if they do eventually end up working.
Video source: @ycombinator (2025) tweet
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Dimitry Nakhla | Babylon Capital®
ASML Holding $ASML Q4 Earnings Report🎯
Rev: €9.26B vs €9.02B est ✅ | +28% YoY
EPS: €6.85 vs €6.73 est ✅ | +31% YoY
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Net bookings: €7.09B vs €3.53B est ✅
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Guidance 📈
Rev Q1 2025: €7.5B-€8.0B vs €7.25B est ✅
Rev FY 2025: €30B-€35B vs $32.02B est ✅ https://t.co/BpEGp9OFEX
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ASML Holding $ASML Q4 Earnings Report🎯
Rev: €9.26B vs €9.02B est ✅ | +28% YoY
EPS: €6.85 vs €6.73 est ✅ | +31% YoY
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Net bookings: €7.09B vs €3.53B est ✅
___
Guidance 📈
Rev Q1 2025: €7.5B-€8.0B vs €7.25B est ✅
Rev FY 2025: €30B-€35B vs $32.02B est ✅ https://t.co/BpEGp9OFEX
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