Thesis Tracking Q1'24 - Fortinet, CrowdStrike, Veeva, Sea Limited
FTNT's steadiness, CRWD's valuation, VEEV's competition, Sea's execution
Hi, I am Trung. I deep-dive into market leaders. I follow up on their performance with my Thesis Tracker updates, and when the right price comes, I buy them for the Sleep Well Portfolio, which I am building for my daughters to redeem in 2037. I disclose my reasoning for all BUY and SELL (ideally never) transactions (1st, 2nd, 3rd, 4th). Access all content here.
This is an update for the following sleep-well picks:
Fortinet (FTNT) - Q1’24 results - Nearing the trough of the networking cycle?
CrowdStrike (CRWD) - Q1’25 results, FY2025 guidance raise, lofty valuation, full Amazon partnership, expanding Google, and launching Falcon for Microsoft’s Defender.
Veeva (VEEV) - Impact of the Salesforce partnership with IQVIA
Sea Limited (SE) - Analysts’ downgrade; competition and regulation, alternative data indicates progress.
The last Q1’24 thesis update was for Floor and Decor (FND), WillScot (WSC), and Medistim (MEDI).
Before that, it was for Shimano (SMNNY), MIPS (MIPS.AB), Thor (THO), and Dino Polska (DNP.WA).
For all sleep-well writeups, please click this link.
Finchat.io, my personal Bloomberg terminal, sponsors this post; join Finchart.io using this link to get 20% off and support sleep-well investments.
The next writeup will be a new sleep well pick; it will be between