- Sea's business fundamentals point to accelerated sales growth once again; the company shows little sign of slowing down.
- The company is uniquely structured through symbiotic financial and network relationships between the gaming, e-commerce, and fintech divisions. This is why SE has a wide moat.
- The market opportunity is still large. Sea is looking like all consumer internet businesses we know of bundled into one. Multiply that value proposition across half the world's emerging markets.
- At an NTM EV/S of 15.9x, multiples are where they were in mid-late 2020 and forward growth remains on an accelerated trajectory. I'm long SE.
- This article discusses growth, profits, and risks. It ties the three together with valuation multiples and discusses why SE is worth it.
For further details see:
Sea Limited: The Tentacles Keep Growing Longer