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Subject:  Re: Slack IPO - A First Look Date:  5/14/2019  4:11 PM
Author:  BenDubya Number:  55721 of 76775

Some stuff here:

Just to summarise:

Moat - Half a million registered developers with 450,000 third party apps created

They have a moat as much as Shopify has a moat. Their ecosystem of integrated aps is a very high hurdle for any new upstarts. I believe their only competitor that's worthy of discussion is Microsoft Teams. Slack is an extremely popular ap with a fantastic word-of-mouth following. You just need one fanatical advocate in an office to slowly but surely get their colleagues moved onto it.

They also released preliminary Q1 2019 results. On the topic of growth slowing's not good. 110% in 2017, 81% 2018, and now this latest quarter is at 65%

From private market selling, it looks like they'll open anywhere from 16-20 billion. That's a very high P/S.

I think the real question we need to be looking into is how big their market it. They say 28 billion. Is there any way to validate this? We really can't be expecting long-term 100+% growth for our stocks - that's unrealistic. But growth settling into the 40-60% range is, so long as there is enough market opportunity left.
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