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ARK-Invest-Square-Valuation-Extract

Square Valuation Extract. Published 30/9/2020.

To foster healthy debate, we have published an extract of our Square valuation model. Intentionally, we have not incorporated the potential for Square’s international business, an important call option. Feel free to change variables to battle test our assumptions and share your thoughts with us. We will welcome all questions, feedback, and constructive criticism. Modifiable variables are marked in red.

Read ARK’s corresponding blog with further explanation of our assumptions and thoughts on Square here: https://ark-invest.com/analyst-research/square-valuation

Authors: Maximilian Friedrich


Disclosure: This work is licensed under a Creative Commons Attribution-Non-Commercial 4.0 International License. You may not use the material for commercial purposes without first obtaining written permission.

2020, ARK Investment Management LLC. All content is original and has been researched and produced by ARK Investment Management LLC (“ARK”) unless otherwise stated herein.

This material is for informational purposes only and does not constitute, either explicitly or implicitly, any provision of services or products by ARK. Nothing contained herein constitutes investment, legal, tax or other advice and is not to be relied on in making an investment or other decision. Investors should determine for themselves whether a particular service or product is suitable for their investment needs or should seek such professional advice for their particular situation.

This material is intended only to provide observations and views of the author(s) at the time of writing, both of which are subject to change at any time without prior notice. Certain of the statements contained herein are statements of future expectations and other forward-looking statements that are based on ARK's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Past performance is no guarantee of future results. Equities may decline in value due to both real and perceived general market, economic, and industry conditions.

ARK's statements are not an endorsement of any company or a recommendation to buy,sell, or hold any security. For a list of all purchases and sales made by ARK for client accounts during the past year that could be considered by the SEC as recommendations, please go to https://ark-invest.com/wp-content/trades/ARK_Trades.pdf. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities in this list. For full disclosures, please go to https://ark-invest.com/terms-of-use.

While ARK’s current assessment of the subject company may be positive, please note that it may be necessary for ARK to liquidate or reduce position sizes prior to the company attaining any indicated valuation prices due to a variety of conditions including, but not limited to, client specific guidelines, changing market conditions, investor activity, fundamental changes in the company’s business model and competitive landscape, headline risk, and government/regulatory activity. Additionally, ARK does not have investment banking, consulting, or any type of fee-paying relationship with the subject company.

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