Earlier this week, the Information reported (and a company spokesperson confirmed) that on January 26th, SHOP will begin making merchants’ products widely available for purchase through checkout features in OpenAI’s ChatGPT, GOOGL’s AI Mode and Gemini, and MSFT Copilot. SHOP merchants will begin being surfaced on Gemini, AI Mode and Copilot by default, whereas they will be required to opt into selling on ChatGPT, and OpenAI will receive a 4% take rate on any ChatGPT sales. In this brief note, w...
We think AI commerce is likely now a new driver of GMV, alongside Enterprise, B2B, offline and International. But how SHOP fits into the pareto optimal monetization of consumer AI long-term remains to be seen. Is it an affiliate link or ad? Is it a product listing? A payments provider? All three?
In this first take following this morning’s results we focus on: 1. 1st stock upside driver is 3Q25 revenue guidance, the second 2nd leg is AI enthusiasm 2. GMV and revenue strength are the star of today’s show 3. Latest AI innovations target a future of agentic commerce 4. Gross profit lags revenue as absolute dollar growth remains the focus 5. FCF margin outlook unchanged as reinvestment remains the focus
What’s New: In this first take we focus on: 1. 2QTD GMV trends solid. Key question: how much of it is being pulled forward? 2. 2Q gross margin guidance should bring FCF margin consensus back to reality 3. Enterprise pipeline continues to show strength
We raise our price target to $120 from $115 on slightly higher estimates following the 4Q beat. Investment Thesis: We remain Neutral rated and expect the shares to be range-bound in the near-term. We continue to expect shares to be driven largely by GMV growth relative to expectations in 2025. Positive catalysts could include increased Enterprise contribution in 2025, while downside catalysts could include any consumer-driven macro weakness in the SMB base.
The most common questions we’ve received following our SHOP initiation have focused on the level of conservatism (or not) in management’s FCF margin guidance, how Enterprise GMV growth will translate to revenue growth, and potential upside for SHOP’s attach rate. Below we review our views on each of these subjects.
We're excited to share some news about Delivra Health Brands Inc. (NASDAQ: DHBUF | TSX: DHB.V). Since our last research report in February, DHB has seen a remarkable 29% increase in its stock price, and an impressive 80% rise since our initial report in September 2023. Recent Performance: DHB is up 29% since our previous report in February 2024 and 80% since our initial report in September 2023. Q3-FY2024 revenue increased by 31% YoY, driven by robust sales growth across all brands. Financial P...
What's New: It was a busier than typical last week of the summer, and in our latest edition, we share our views on an extended mix of recent headlines: 1. SHOP + AMZN partner for Buy with Prime on Shopify stores 2. WMT hosts first third-party seller event 3. DIS and CHTR at programming impasse; once again, YouTube benefits 4. AMZN expands interactive ads on TNF + Fire TV 5. Insta testing 10-minute Reels, now allows Stories to be promoted as ads via API 6. DASH rolls out AI-enabled voice orderi...
In our latest edition, we share our views on: 1. Conflicting reports on NFLX’s ad deal with MSFT 2. Generative AI announcements at the AWS NY Summit 3. META offering subscriptions to more creators on Instagram 4. SHOP rolling out new AI tools 5. BMBL transforming BFF mode into a standalone app
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
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