Pinterest Analysis Skeleton
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This is a draft / deck skeleton for Pinterest. It lacks core part as an investment analysis but it might be enough for some participants.
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Pinterest Analysis Skeleton
- 1. Pinterest (PINS.US) - Initial Analysis Skeleton - James Yeh August 21, 2019 @yuinausicaa | yuinausicaa.com/posts jamesckyeh@mail2000.com.tw
- 2. Products / Features Download App or visit pinterest.com Social graph not a major friction for adoption @yuinausicaa | yuinausicaa.com/posts
- 3. Products / Features (1/3) @yuinausicaa | yuinausicaa.com/posts 3 Home feed Search
- 4. Products / Features (2/3) @yuinausicaa | yuinausicaa.com/posts 4 Lens Visual search
- 5. Products / Features (3/3) @yuinausicaa | yuinausicaa.com/posts 5 Promoted Pins Browser button
- 6. Competitors Identified by Pinterest @yuinausicaa | yuinausicaa.com/posts 6 Established Companies Vertical-Focused Companies … …
- 7. Monetization Ads are native / organic on Pinterest @yuinausicaa | yuinausicaa.com/posts
- 8. Ads Format (1/2) @yuinausicaa | yuinausicaa.com/posts 8 Promoted Pins Promoted Video Pins
- 9. Ads Format (2/2) @yuinausicaa | yuinausicaa.com/posts 9 Promoted App Pins Promoted Carousels
- 10. Business Model An illustration @yuinausicaa | yuinausicaa.com/posts
- 11. @yuinausicaa | yuinausicaa.com/posts 11 [Business Model]
- 12. What is the underlying we’re betting on? Searching for reference model @yuinausicaa | yuinausicaa.com/posts
- 13. Social Network Service? @yuinausicaa | yuinausicaa.com/posts 13 0 50 100 150 200 250 300 350 400 450 500 1Q10 3Q10 1Q11 3Q11 1Q12 3Q12 1Q13 3Q13 1Q14 3Q14 1Q15 3Q15 1Q16 3Q16 1Q17 3Q17 1Q18 3Q18 1Q19 Pinterest Snapchat Baidu App* Kakao Talk Line Weibo Twitter 0 500 1,000 1,500 2,000 2,500 1Q09 3Q09 1Q10 3Q10 1Q11 3Q11 1Q12 3Q12 1Q13 3Q13 1Q14 3Q14 1Q15 3Q15 1Q16 3Q16 1Q17 3Q17 1Q18 3Q18 1Q19 User Base (M) WeChat Facebook Note: twitter now discloses mDAU.
- 14. Internet Content? @yuinausicaa | yuinausicaa.com/posts 14 16 36 70 147 248 361 513 587 719 817 1,024 1,147 1,367 1,547 1,729 1,991 2,184 2,424 2,631 2,880 3,170 3,417 3,650 3,896 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 No. of Internet Users (M) 0 0 1 2 3 17 29 39 41 52 65 86 122 172 238 207 346 697 673 969 863 1,046 1,767 1,630 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 No. of Website (M) 30,000,000 130,000,000 Mar-13 Nov-16 Google Indexed Pages (M)
- 15. Investment Thesis & Approach Long-term development rather than short-term catalyst @yuinausicaa | yuinausicaa.com/posts
- 16. @yuinausicaa | yuinausicaa.com/posts 16 [Write-up?]
- 17. Traction, Metrics & Monitor Prepare for long-term bet @yuinausicaa | yuinausicaa.com/posts
- 18. Traction – Monthly Active Users (MAU) @yuinausicaa | yuinausicaa.com/posts 18 65 65 69 70 71 71 74 76 80 75 80 82 85 85 63 70 81 90 104 114 129 139 160 156 171 184 206 215 128 135 150 160 175 185 203 215 240 231 251 266 291 300 37% 37% 35% 34% 37% 25% 24% 24% 21% 30% 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 Monthly Active Users (M) US International Y/Y growth -10 -5 0 5 10 15 20 25 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 Monthly Active Users Net Addition (M) US International
- 19. Traction – Revenue @yuinausicaa | yuinausicaa.com/posts 19 $47 $62 $72 $111 $79 $96 $110 $163 $124 $153 $181 $257 $187 $238 $10 $7 $8 $9 $17 $15 $24 $47 $63 $74 $115 $82 $101 $116 $173 $131 $161 $190 $274 $202 $262 74% 60% 57% 50% 60% 59% 64% 58% 54% 63% 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 Revenue (M)US International $47 $82 $131 $202 $63 $101 $161 $262 $74 $116 $190 $115 $173 $274 74% 60% 54% 60% 59% 63% 57% 64% 50% 58% 1Q16 1Q17 1Q18 1Q19 2Q16 2Q17 2Q18 2Q19 3Q16 3Q17 3Q18 3Q19E 4Q16 4Q17 4Q18 4Q19E US International Y/Y growth $47 $63 $74 $115 $82 $101 $116 $173 $131 $161 $190 $274 $202 $262 1Q 2Q 3Q 4Q 2016 2017 2018 2019 +59% + +63%
- 20. Metric – US Average Revenue per User (ARPU) @yuinausicaa | yuinausicaa.com/posts 20 $0.74 $0.96 $1.07 $1.60 $1.13 $1.36 $1.52 $2.17 $1.59 $1.98 $2.33 $3.16 $2.25 $2.80 53% 42% 42% 36% 41% 46% 53% 46% 42% 41% 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 US ARPU US ARPU Y/Y growth $0.74 $1.13 $1.59 $2.25 $0.96 $1.36 $1.98 $2.80 $1.07 $1.52 $2.33 $1.60 $2.17 $3.16 53% 41% 42% 42% 46% 41% 42% 53% 36% 46% 1Q16 1Q17 1Q18 1Q19 2Q16 2Q17 2Q18 2Q19 3Q16 3Q17 3Q18 3Q19E 4Q16 4Q17 4Q18 4Q19E US ARPU Y/Y growth
- 21. Metric – International Average Revenue per User (ARPU) @yuinausicaa | yuinausicaa.com/posts 21 0.01 0.03 0.04 0.03 0.04 0.05 0.07 0.05 0.05 0.06 0.09 0.08 0.11 300% 67% 75% 67% 25% 20% 29% 60% 120% 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 International ARPU International ARPU Y/Y growth $0.03 $0.05 $0.08 $0.01 $0.04$0.05 $0.11 $0.03 $0.05$0.06 $0.04 $0.07 $0.09 67% 60% 300% 25% 120% 67% 20% 75% 29% 1Q16 1Q17 1Q18 1Q19 2Q16 2Q17 2Q18 2Q19 3Q16 3Q17 3Q18 3Q19E 4Q16 4Q17 4Q18 4Q19E International ARPU Y/Y growth
- 22. Metric – Global Average Revenue per User (ARPU) @yuinausicaa | yuinausicaa.com/posts 22 $0.39 $0.48 $0.52 $0.74 $0.49 $0.56 $0.60 $0.83 $0.58 $0.69 $0.79 $1.06 $0.73 $0.88 26% 17% 15% 12% 18% 23% 32% 28% 26% 28% 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 Global ARPU Global ARPU Y/Y growth $0.39 $0.49 $0.58 $0.73 $0.48 $0.56 $0.69 $0.88 $0.52 $0.60 $0.79 $0.74 $0.83 $1.06 26% 18% 26% 17% 23% 28% 15% 32% 12% 28% 1Q16 1Q17 1Q18 1Q19 2Q16 2Q17 2Q18 2Q19 3Q16 3Q17 3Q18 3Q19E 4Q16 4Q17 4Q18 4Q19E Global ARPU Y/Y growth
- 23. Metric – Engagement @yuinausicaa | yuinausicaa.com/posts 23 [DAU/MAU WAU/MAU]
- 24. Monitor – Human Capital, Sales & Marketing and Engineering @yuinausicaa | yuinausicaa.com/posts 24 6 7 13 19 2Q18 4Q18 1Q19 2Q19 No. of International Markets w/ Ads Product 1,797 1,904 2,005 4Q18 1Q19 2Q19 Headcount 0 3 6 9 12 15 18 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 No. of Posts @Pinterest_Engineering
- 25. Monitor – Employee Review and Talent Acquisition @yuinausicaa | yuinausicaa.com/posts 25 1 1 1 1 1 2 2 2 4 18 121 JP GB ES IT BR FR DE CA AU IE US
- 26. Financials & Valuation Check with your favorite analyst… @yuinausicaa | yuinausicaa.com/posts