$SE - very strong. At first glance: Improved cash with $566 in Q4 Growth in core biz (core marketplace rev + DFS) is 40% and now 58% of revenues 🔥 S&M remain at Q3 level (indicating that SE sees high ROI on marketing) 🔥 Se Q3 ER YT for context 👇 youtube.com/playlist?list=…
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Valuation (disregarding gaming and logistics) Core segments (Core market place revenue + DFS): Rev $2072 EV $27700 mill EV/s 3,3 I estimate GM for core is around 50% When you start putting a price tag on Garena as well, this looks insanely attractive Se video for context