{"id":5215,"date":"2022-02-01T16:43:36","date_gmt":"2022-02-01T16:43:36","guid":{"rendered":"https:\/\/www.marignycapital.com\/?p=5215"},"modified":"2022-02-01T16:43:36","modified_gmt":"2022-02-01T16:43:36","slug":"robinhood-a-textbook-case-of-financial-analysis","status":"publish","type":"post","link":"https:\/\/www.marignycapital.com\/en\/robinhood-a-textbook-case-of-financial-analysis\/","title":{"rendered":"Robinhood &#8211; a textbook case of financial analysis"},"content":{"rendered":"<p><a href=\"https:\/\/www.marignycapital.com\/wp-content\/uploads\/2022\/02\/flash-note-EN.png\"><img decoding=\"async\" class=\"wp-image-5216 size-full\" src=\"https:\/\/www.marignycapital.com\/wp-content\/uploads\/2022\/02\/flash-note-EN-e1643733553809.png\" alt=\"Robinhood - a textbook case of financial analysis\" width=\"100%\" height=\"100%\" srcset=\"https:\/\/www.marignycapital.com\/wp-content\/uploads\/2022\/02\/flash-note-EN-e1643733553809.png 798w, https:\/\/www.marignycapital.com\/wp-content\/uploads\/2022\/02\/flash-note-EN-e1643733553809-249x300.png 249w, https:\/\/www.marignycapital.com\/wp-content\/uploads\/2022\/02\/flash-note-EN-e1643733553809-768x925.png 768w\" sizes=\"(max-width: 798px) 100vw, 798px\" \/><\/a><\/p>\n<p>Robinhood was created in 2013 in the San Francisco area, a few miles from Stanford University. It was at this prestigious university that Vlad Tenev and Baiju Bhatt met. Their ambition was strong: to democratize the financial markets by offering easy access to all apprentice traders. Their slogan was quickly found: &#8220;Investing for Everyone&#8221;.<\/p>\n<p>They thus offer a trading platform without brokerage fees. With such an approach, two models are then possible: 1) &#8220;if it&#8217;s free, you&#8217;re the product&#8221; or 2) the model is not viable.<\/p>\n<p>They went public last summer (what a timing!) defending the 1) approach. The idea for them is to capture big order flows and to monetize them by tightening the bid\/ask spread on financial transactions and thus, extracting a profit.<\/p>\n<p>The reality today is summarized with the graphs on the previous page. The client base is no longer growing and this base is made up of small risk-taking investors who mainly trade options.<\/p>\n<p>Because real estate in California is not given, the management has not forgotten to pay themselves. They awarded themselves 1.57 billion USD stock options in 2021, almost as much as the company&#8217;s annual turnover!!!<\/p>\n<p>Analysts are beginning to have doubts about the business model and are no longer expecting growth in 2022. They have revised their expectations downward: sales of 1.8 billion USD and operating loss of 1.1 billion, <i>i.e.<\/i> an operating\u00a0 margin of -61%.<\/p>\n<p>Question for finance students: how much is this company worth? What is the price you are willing to pay for a company that may return to growth in 2023 and meanwhile lose $61 for every $100 of revenue generated?<\/p>\n<p>Answer 1: \u00a0 0<\/p>\n<p>Answer 2: \u00a0 1,8 bn USD (which corresponds to 1 Year of turnover)<\/p>\n<p>Answer 3:\u00a0 &gt; 10 bn USD<\/p>\n<p><a href=\"https:\/\/www.marignycapital.com\/wp-content\/uploads\/2022\/02\/flash-note-EN2.png\"><img decoding=\"async\" class=\"size-full wp-image-5220\" src=\"https:\/\/www.marignycapital.com\/wp-content\/uploads\/2022\/02\/flash-note-EN2.png\" alt=\"Estimated sales for 2022 in ml USD\" width=\"100%\" height=\"100%\" srcset=\"https:\/\/www.marignycapital.com\/wp-content\/uploads\/2022\/02\/flash-note-EN2.png 953w, https:\/\/www.marignycapital.com\/wp-content\/uploads\/2022\/02\/flash-note-EN2-300x131.png 300w, https:\/\/www.marignycapital.com\/wp-content\/uploads\/2022\/02\/flash-note-EN2-768x335.png 768w\" sizes=\"(max-width: 953px) 100vw, 953px\" \/><\/a><\/p>\n<p>Corrected problem:<\/p>\n<p>At $14.1 per share the market valuation of Robinhood exceeds $12 billion, so greater than Commerzbank..<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Robinhood was created in 2013 in the San Francisco area, a few miles from Stanford University. It was at this prestigious university that Vlad Tenev and Baiju Bhatt met. Their ambition was strong: to democratize the financial markets by offering easy access to all apprentice traders. Their slogan was quickly found: &#8220;Investing for Everyone&#8221;. They [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":5202,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13],"tags":[],"class_list":["post-5215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Robinhood - a textbook case of financial analysis | Actualit\u00e9s | Marigny Capital<\/title>\n<meta name=\"description\" content=\"Retrouvez l&#039;actualit\u00e9 Robinhood - a textbook case of financial analysis sur le site Internet Marigny Capital !\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marignycapital.com\/en\/robinhood-a-textbook-case-of-financial-analysis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Robinhood - a textbook case of financial analysis | Actualit\u00e9s | Marigny Capital\" \/>\n<meta property=\"og:description\" content=\"Retrouvez l&#039;actualit\u00e9 Robinhood - a textbook case of financial analysis sur le site Internet Marigny Capital !\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marignycapital.com\/en\/robinhood-a-textbook-case-of-financial-analysis\/\" \/>\n<meta property=\"og:site_name\" content=\"Marigny Capital\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-01T16:43:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.marignycapital.com\/wp-content\/uploads\/2022\/02\/flash-note1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"971\" \/>\n\t<meta property=\"og:image:height\" content=\"631\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Camille Bejean\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@marignycapital\" \/>\n<meta name=\"twitter:site\" content=\"@marignycapital\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Camille Bejean\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marignycapital.com\\\/en\\\/robinhood-a-textbook-case-of-financial-analysis\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marignycapital.com\\\/en\\\/robinhood-a-textbook-case-of-financial-analysis\\\/\"},\"author\":{\"name\":\"Camille Bejean\",\"@id\":\"https:\\\/\\\/www.marignycapital.com\\\/en\\\/#\\\/schema\\\/person\\\/9919c953ee3d96877d57054cd318a359\"},\"headline\":\"Robinhood &#8211; 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