New Street Research - Coupang (CPNG) CPNG 2Q24 Preview: Estimates Remain Intact

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New Street Research

Jin Yoon

CPNG 2Q24 Preview: Estimates Remain Intact

What’s New: We maintain our 2Q24 top-line estimates as overall business could trend in-line with our initial expectations. In this note, we highlight the latest updates to the business.

Analysts:
Jin Yoon

26/06/2024 1 EN

Underlying

Coupang

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US22266T1097 New York Stock Exchange United States

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

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Analysts

Jin Yoon

Other Reports on these Companies

New Street Research

CPNG 3Q24 Results: Margins to Improve YoY in FY24

What’s new: Coupang’s reported 3Q24 results that were above consensus and our expectations. While margins could fluctuate QoQ partly due to seasonality and timing of expenses, adjusted EBITDA margin could further improve on a YoY basis in FY24 partly due to scale and better operating efficiency. We up our PT from USD28 to USD30 as CPNG could continue to grow multiples of the market. Our updated PT of USD30 implies 1.46x FY25E EV/Revs. We maintain our BUY rating. Analysts: Jin Yoon

5h / 39m 5h / 39m 1 EN

New Street Research

CPNG 2Q24 Results: Rev Growth Outlook Remains Intact

What’s new: Coupang’s reported 2Q24 top-line results that were slightly below consensus and our expectations. Margins were above expectations partly driven by faster growth in higher margin categories and better efficiencies across operations. Developing offering losses of US$750mn for FY24 remains intact despite sequential increase losses in 2Q. We maintain our PT at US$28. Analysts: Jin Yoon

August 7, 2024 August 7, 2024 1 EN

CPNG 3Q24 Results: Margins to Improve YoY in FY24

5h / 39m 5h / 39m 1 EN

Jonathan Chaplin

Jonathan Chaplin

LUMN: quick thoughts following the 3Q24 call

We cover two important things in this brief note: first, the valuation of the new PCF contracts; second, the implications of recent transactions for the value of Quantum Fiber and the Mass Markets business. We also touch on trends in Quantum Fiber.

EUR 9281.00

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Jonathan Chaplin

Jonathan Chaplin

FYBR 3Q24 Quick Take: Subscribers beat; EBITDA in line; all eyes on the vote

Fiber deployment and fiber net adds were both exceptional. EBITDA was in-line, despite the strong growth (higher SAC from higher growth will have been a drag on EBITDA). If Frontier remains independent after November 13th, these results will provide strong support for management’s strategy and execution prowess.

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CPNG 2Q24 Preview: Estimates Remain Intact

CPNG 3Q24 Results: Margins to Improve YoY in FY24

CPNG 2Q24 Results: Rev Growth Outlook Remains Intact

CPNG 3Q24 Results: Margins to Improve YoY in FY24

LUMN: quick thoughts following the 3Q24 call

FYBR 3Q24 Quick Take: Subscribers beat; EBITDA in line; all eyes on the vote

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