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$APP If you are interested in AppLovin, this overview from Adam Foroughi in September is well worth reading. There are a few eye-openers in here. "We exist for one reason and one reason alone: help an advertiser find a new customer, engage that customer, run an advertising campaign from top of funnel all the way to bottom of funnel, get a conversion, and price it on revenue. That is a really, really hard thing to do. With the modern era of neural nets, you can do it much better than you could have done it years ago. In the world today, the largest platform that does this is Meta. There is not a second. We're the second. We've been able to scale much bigger than I think a lot of people realized when they looked at our stock over the last few years until we put out some disclosures in Q1 around the fact that in Q1 we were over $11 billion of gross ad spend. People always look at our revenue and don't realize that the revenue is the net after we paid publishers. In terms of gross, and obviously we've grown quite substantially since we put out that disclosure, that's the equivalent of Pinterest, Snap, and Twitter total revenues on our platform already. What's also really interesting about it is that we've disclosed that we had hundreds of e-commerce advertisers at the time, and our last disclosure on gaming customers was in the hundreds. You've got a platform that might have 1,500 advertisers with spend at that level. Never happened before. I don't know of another $200 billion almost company that hasn't actually launched their product yet. What gets us really excited internally is that we have this product that's exceptionally high value for the customers that we have. We haven't launched it broadly, so we haven't given most of the companies in the world the opportunity to tap into its excellence, this recommendation model that we built. We're on the cusp of doing that. As we go forward, the way we look at the business in the future is we took 13 years perfecting a product in a niche market, the gaming market. Turned out it was economically a pretty big market. Broadly speaking, in economic terms, the gaming dollar spent versus the total TAM of the economy is not that big. Now we're about to tap into the whole world. If we can help every type of business, top of funnel to bottom of funnel, and price on revenue, not only are we going to be a really great return for our shareholders, we're going to help their economies expand. We're going to create millions of jobs. That gets us really excited internally."

What is $APP fair value? Here is a simple analysis using PE multiples to highlight that $APP is the CHEAPEST in its sector and even if it conservatively trades at a sector multiple, it should be a $700 stock. The analysis adjusts PE multiples for FCF conversion and growth rates.