Part 1: Deep dive on AppFolio (APPF)
Paid subscribers to Jonah’s Growth Stock Deep Dives receive 2-3 deep dives per month (8,000+ words), 2-3 mini deep dives per month (2,000+ words) and quarterly earnings analysis (on most of my portfolio companies) plus access to my investment portfolio (up +75% YTD in 2024, up +134.7% in 2023 and up +1,780% since January 2020) with real-time activity and notes/commentary throughout the day (on my investment portfolio spreadsheet).
My investment strategy is to own 20-30 of the best growth stocks with the best fundamentals at the most reasonable valuations — if the fundamentals begin to disappoint or the valuation no longer looks compelling then I’m trimming or selling my position. I don’t own stocks, I rent them, and I keep renting them as long as the fundamentals still look good, the valuation still looks good and my investment thesis still looks good. I want stocks that have at least 50% upside within 1-2 years and at least 100% upside within 3-4 years. If I buy stocks that are too expensive or the fundamentals aren’t good enough or my investment thesis is weak — I’ll never hit my investment targets.
Company: AppFolio
Ticker: (APPF)
Website: AppFolio.com
IPO date: June 26, 2015
IPO price: $12.00
Current stock price: $233.46
Outstanding shares: 35.9 million
52-week high: $242.00 on February 02, 2024
52-week low: $113.58 on March 13, 2023
ATH: $242.00 on February 09, 2024
Market cap: $8.38 billion
Net cash/debt: $211.6 million
Enterprise value: $8.17 billion
Headquarters: Santa Barbara, California, United States
Number of employees: 1,504
Average price target from analysts: $235.00
Investor Relations: https://ir.appfolioinc.com/
Q4 2023 Earnings Report: https://ir.appfolioinc.com/news-releases/news-release-details/appfolio-inc-announces-fourth-quarter-and-fiscal-year-2023
Q4 2024 Earnings Call Webcast: https://edge.media-server.com/mmc/p/s8eddhkz/
2023 Investor Presentation: https://ir.appfolioinc.com/static-files/1cf0ba8e-0b90-4b4e-9398-8e3f6fd0de70
2023 Investor Meeting Webcast: [click here]
Outline
Introduction [part 1]
Company Background [part 1]
Opportunity [part 1]
Business Model [part 1]
Competitive Advantages [part 1]
Risks [part 1]
Valuation [part 2]
Investment Model [part 2]
Analysts [part 2]
Technicals [part 2]
Conclusion [part 2]
Additional Sources [part 2]