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  "docSlug": "1f439f74ab67",
  "documentTitle": "Snap Inc. (SNAP)",
  "authorId": "52_Citron_Research",
  "authorName": "Citron Research",
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  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-05-31 00:00:00",
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  "notes": "The slide uses a 'mosaic' argument to justify a bullish outlook on SNAP despite historical underperformance.",
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      "kind": "callout",
      "text": "Despite this disparity in metrics, SNAP short interest is 21% of float compared to 4.7% for Twitter and 1.2% for Facebook.",
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      "text": "On CY2021 EV/Sales, TWTR trades at 6x revenue, FB at 5x revenue, while SNAP is at a measly 3x revenue. SNAP currently has half the market cap of TWTR despite having more users. In 2018 TWTR is growing revenues at 18% while SNAP is growing at 43%",
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      "kind": "paragraph",
      "text": "Ad Impressions Up Up and Away: Snap transitioned ~90% of its Snap Ad business to a self-serve ad platform in 2017. Prices dropped 70% YoY (which have now stabilized), masking a 575% growth in ad impressions.",
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      "text": "FB has 1.45 billion DAU globally and an enterprise value of $500 billion vs. SNAP with 191 million DAU and an EV of $12 billion. In other words, FB is valued at $345 per DAU vs. SNAP at $63 per DAU.",
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      "kind": "title",
      "text": "A Compelling Case for Snapchat",
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