2021.09.26 20:45 atom644 The Pitcairn Island(s). A British overseas territory.
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2021.09.26 20:45 Cameron_Brow Overstock ($OSTK) - Retail Meets Blockchain
This is a DD I tried to post on regular WSB a while ago, though it had too much blockchain stuff to be accepted. It is a couple months old but still entirely relevant. Regarding technicals, I have also made a recent post regarding the technicals specifically of the retail portion.
Overview - Retail Business Overstock.com, Inc. ($OSTK) has two separate business sectors that are of interest to investors. Firstly, and foremost, it is an online retailer of home decor items and furniture such as rugs, couches, beds, blankets, curtains, and etc, as well as a jewelry dealer. It operates in a similar fashion to Amazon, with suppliers able to sell their home decor products and jewelry directly on the Overstock site while taking advantage of the Overstock shipping network. Advertising services are also optionally provided by Overstock to its partners within the site. To the extent that it operates in this industry, it is a consumer discretionary stock in the internet retail and direct marketing business. Its most similar competitor seems to be Wayfair ($W), another online furniture retailer.
Overview - Blockchain Subsidiaries, tZero However, Overstock also has a private subsidiary, Medici Ventures, which is in quite a different business. Medici focuses on the application of blockchain technologies (NOT the supposed currencies derived therefrom, but the technology itself) to the world of finance, and the subsidiary in turn owns several different companies (19 by my count) each of which deals with a different financial application of blockchain. Chief among these is tZero, which aims to create an online exchange of tokenized securities (i.e, stocks, options, futures, bonds, etc. represented in the form of blockchain tokens that are legally classified as securities) to facilitate instant settlement of trades, rather than the present system of t+2 days (hence tZero). This "instant settlement" is appealing to regulators who would like to resolve inefficiencies and clerical errors of the t+2 system, but also allows for e.g continuous access to markets 24/7, the ability to sell "private" equity as tokens to the public, etc.
Overview - Other Subsidiaries One could do a DD into each blockchain subsidiary independently if they so chose. I will list the remaining companies and provide a short description of the focus of each. It should be noted that most of these to my understanding are insignificant in terms of performance and resources, and some are something closer to "ideas" than actual businesses. Furthermore, Medici may own a varying percent of each that I do not care to dig into due to the aforementioned fact. tZero and perhaps Bitt are really the most important subsidiaries, and are largely owned by Overstock.
Bitt - Central bank digital currencies (CBDCs)
Medici Land Governance - Blockchain data storage systems relating to land governance, land titles, etc.
GrainChain - Various farming software, including blockchain smart contracts, but also non-blockchain software applications such as farm logistics applications.
Voatz - Voting system with blockchain verifiable publicly accessible paper trail.
PeerNova - Management data services, idk.
FinClusive - Digital blockchain based banking system focused on regions underserved by banking.
Netki - Business compliance software, ID validation software, biometric data storage.
Minds - Monetized anti-censorship social media outlet.
Vincent - Blockchain based wine futures and wine sales direct from wineries.
Symbiont - Idk, seems like tZero but for institutions, I might not be smart enough or it may be nonsense.
Factom - Blockchain data storage.
Votem - Seems to be the same as Voatz, but perhaps different marketing.
Vital Chain - Blockchain data storage focused on birth and death records.
Chainstone Labs - Seems kind of like Symbiont if it were made on a shitty Wordpress site and did not have a marketing team.
Profitability & Solvency Overstock, including subsidiaries and minority interest, had been operating at a net loss since 2017 up until a year ago, at an average of (122.7)m per quarter, previously having net income of around 10m per quarter going back several years, though I don't care to trace this all the way back to its inception in 1999. As of recently, in Q3 2020, net income was 16.4m, rising to 56m, and 88.4m in the respective following quarters. This is possibly as a result of pandemic induced online retail purchases, and the development of the company therefrom. EPS has risen consistently since Q3 2018, from then (8.98) to now 1.96. Gross profit is up 124% YoY.
Despite its years of losses, the current solvency of the company is alright. As of this quarter:
Altman Score (Non-Manufacturing) 6.34
Financial Comparison to Wayfair Wayfair ($W) is the most similar entity that I can identify to Overstock, selling furniture and home decor items online since 2002, though it does not have any exposure to blockchain or tech in general. It is similarly well known and indeed more popular and much larger than Overstock as a place to buy home furnishing goods. Here I will compare various financials of Overstock to Wayfair in the format $OSTK - $W. I will also provide a judgement of (betteworse) for each from the point of view of Overstock, for the low IQ apes.
Net Income: 88.4m - 489.1m (worse)
Net Profit Margin: 3.08% - 3.20% (worse)
Shares Outstanding: 41.9m - 98m (better I guess)
Basic EPS: 1.96 - 4.99 (worse)
Quick Ratio - 1.5 - 1.3 (better)
Price (as of today): 97.54 - 308.40 (N/A)
Price YTD: 103.3% - 36.7% (better)
P/E: 45.8 - 66.7 (better)
EV/Sales: 1.3 - 2.2 (possibly better)
Total Assets: 893.7m - 4.8b (N/A)
Total Liabilities: 444.8m - 6.2b (N/A)
Total Liabilities/Assets: 49% - 130% (much better)
Net Debt/EBITDA: (4.2) - 1.3 (much better, already more than enough to pay off net debt)
It is also important to note the overall trend in income of each company. Both $W and $OSTK underwent the same period of continued losses during approximately the same time period. However, $W started taking losses about a year earlier on than $OSTK, and in larger amounts in proportion to the fact that it is a larger company with more expenses. Both companies have experienced a high level of growth in gross profit YoY, with $OSTK at 124% and $W at 101%.
Overall it appears that Wayfair is a much larger company and perhaps for now a better value strictly in EPS terms, but otherwise Overstock is in a much better position in terms of solvency and its ability to finance itself going forward, has made greater increases in revenue, better P/E, etc, that suggest it has great potential relative to Wayfair in the future.
Performance of Medici & tZero The performance/advancements of the blockchain companies as a whole are not to be considered at length, since there are so many of them and most of them do not seem to be making much progress, or if they are it is not much publicized and thus outside of the scope of my DD writing effort threshold. However, there is something to be said for Medici as a whole and tZero in particular.
As it relatives to Medici: Overstock has recently converted Medici into a limited partnership with a venture capital firm Pelion Venture Partners, who will act as general partner in the arrangement, while Overstock provided the vast majority of the financing. Aside from increasing funding to the Medici partnership, the idea is that this will allow Overstock to focus more on retail while Medici is managed by Pelion, which has more experience in investing in and managing the technology sector.
And as for tZero: tZero as of very recently had been something closer to a "concept". It had a website where you could trade like 3 tokenized securities, but of course next to nobody used it. However, it has since then taken some tangible steps to advancing itself, perhaps as a result of the advantages of the aforementioned partnership. It is launching a new app on which such trades can be made More importantly it has partnered with Wazuzu, Inc, which creates the sort of tokenized securities tZero has aspired to create. Wazuzu has agreed to make tZero the exclusive exchange of its securities from now on, thus we should see the amount of tradable securities on tZero increase soon.
Conclusion Overstock is a solid retail business that has grown much in both revenues and valuation as of recently, yet is still undervalued relative to its competitor. Along with the retail business, one gets the chance of either substantial growth or continued useless exposure to the attendant blockchain enterprises. Most of these will probably come to nothing, or at least are worth nothing at present, but some of them and tZero in particular show some promise. The investors of Overstock are not fickle, and it has a sort of cult following among certain people who see great potential in it.
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2021.09.26 20:45 squallly So yummy!
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2021.09.26 20:45 SpectralVoodoo Shows based in frozen, snowy, isolated places?
Similar in setting and environmental feel to Fortitude/Terror Season 1.
Need not be horror, mystery/thrilleaction/drama, etc are all welcome.
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2021.09.26 20:45 Klipsgoboom Henry ik man
So there is a famous game called henry stick man and ive just been making 1-2 day games on youtube. I was thinking about just remaking henry stickman without being intrusive to the original devs. Good idea or nah?
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2021.09.26 20:45 Savings_Caregiver_43 iyi geceler..
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2021.09.26 20:45 pukewhenimsad Anybody’s Frankenstein have uneven legs?
2021.09.26 20:45 Frosty-Net9303 How much does it (usually) cost to spay/neuter a kitten?
I’m getting a 6 week old kitten today, and I was curious how much it’s costs to spay/neuter them (I don’t know the sex yet). So, how much did it cost for y’all to get you kitten fixed? Also, how much does a first check up (shots, etc.) usually cost?
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2021.09.26 20:45 GaijoGram Doctor ReKleiner
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2021.09.26 20:45 VaushlsAPerv Smh you Trump-supporting, anti-socialist tankies
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2021.09.26 20:45 ToosikGaming Is this load bearing? I would like to remove it
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2021.09.26 20:45 Ludmael Rolling Stone - Top 10 Argentine rock music videos, voting by users (1988-2006)
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2021.09.26 20:45 Blueberryboy88 Overnight At Chain O' Lakes Indiana State Park (Part 2) - Bass Fishing & Kayak Adventure!
2021.09.26 20:45 GwenaelGirard_ Photos Golf Mk1
Bonjour, j'ai 17 ans, je vis dans le canton du Jura et j'aime beaucoup la photographie. J'aurais aimé avoir votre avis sur ces photos d'une vieille VW Golf 1 abandonnée que j'ai trouvée dans la forêt, près de chez moi. Je vous ai mis les photos "quasiment brutes" (quelques retouches au niveau de la lumière et des couleurs) et les photos "modifiées" (ajout de quelques effets qui la vieillissent). J'ai hâte de savoir ce que vous en pensez ! Merci d'avance
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2021.09.26 20:45 engmonir Some deportations
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2021.09.26 20:45 KaiKanderson Brandi Lauren
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2021.09.26 20:45 POKECHU020 The Newest Agent is either 8 or 9 IMO
I feel like rather than filling in the gap, they would either keep the escalation of numbers or all the others would slide back, rather than someone new sliding into the agent three slot. Just makes more sense to me. So they would either be 9, immediately following 8, or they would be 8 after everyone slides back to fill the gaps.
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2021.09.26 20:45 Annillu Pico's School Characters & Their Theme Songs.
This is what I think the Pico's School Characters (And some FNF & Tankmen Characters.) Theme Songs would be!
Pico: Angel With A Shotgun - The Cab Nene: SugarCrash - ElyOtto Darnell: Just Like Fire - P!nk Cassandra: Blow - Ke$ha Aulcard: Roses - Meg & Dia Cyclops: Savin Me - Nickelback Hanzou: I Want To Be Neenja - Jennifer Murphy Go Girl Boyfriend: Rude - MAGIC! Girlfriend: Cheep Thrills - Sia Sarvente: Beautiful For Me - Nichole Nordeman Captain (Tankman) & Steve: Rock N Roll - Avril Lavigne/ This Is How We Roll - Florida Georgia Line
That's all! Have any song suggestions or corrections? Comment below & I might make a Part Two!
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2021.09.26 20:45 atlshawty88 333 tour (Minneapolis) 🍑
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2021.09.26 20:45 thebidof [US-CA] [H] J-02, Prophet PCB, Artisans (PhangKey, KapCave) [W] PayPal, Zelle, Trades
International buyers subject to additional shipping fees
⬇️Prefilled PM Hyperlinks⬇️ Description Price shipped J-02 (A stock, Silver WKL) 7305 mill-maxed PCB, lubed Durock stabilizers, tape modded, KBDfans module plate foam, thinsulate foam, original packaging & misc. (keycaps and switches NOT included) $950 Zelle, $1000 PayPal, Trades Prophet PCB 3305 mill-maxed $75 Zelle, $85 PayPal PhangKey Fukubo - OG Red Ranger 3305 mill-maxed $70 Zelle, $75 PayPal KapCave NerdChick - Variance 3305 mill-maxed $65 Zelle, $70 PayPal
2021.09.26 20:45 RedLegopiece (Offline) Switch Games to recommend
Can you recommend some (offline) Switch games for when I travel & there's either low or no internet connection available. Games I've got include Doom, Mario Maker 2 which both don'twork when travelling, also Mario Kart 8 which does work. Thanks.
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2021.09.26 20:45 Anime449 Where's the music
2021.09.26 20:45 Mitzinelli Chalk Prince | Deltarune Part 1
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2021.09.26 20:45 Venusmaritzah Las mascotas y su hogar. Fábula.
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2021.09.26 20:45 jys6612 TOS poster.
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