LiveWire

A low P/B ratio could just be an undervalued stock, but in the case of the largest banks, it’s probably more a question of the value investors put on what the company is selling, or owns. Cloud services and iPhones are just much sexier than car loans, and mortgage-backed securities. In financial jargon, this also translates to low returns on equity and low expectations for growth (but clearly not profitability!). Source: FlowBank

China will prohibit children from gaming for more than three hours most weeks, a huge increase in restrictions that will hit the world's largest mobile gaming business, as Beijing signals it will continue its push to limit the growth of large internet companies. According to a notice from the National Press and Publication Administration, gaming platforms from Tencent Holdings Ltd. to NetEase Inc. can now only sell online gaming to minors from 8 p.m. to 9 p.m. on Fridays, weekends, and public. Source: Bloomberg

Point-of-sale (POS) volume doubled YoY, hitting $26 billion (EUR22.8 billion) in H1 2021 and comprising 11% of total processed volume. Recent growth reflects a strong acceleration from H1 2020, when POS volume growth remained flat—and was likely spurred by global consumers returning to stores post-vaccine. Company revenue jumped 46% YoY, reaching $507 million (EUR445 million), up from the same period last year, when revenue increased 27%. Adyen pointed out that existing partners and regional diversification mostly drove that increase. How it got there? Minimal client churn and addition of new ones, global expansion to support more merchants, and evolving consumer shopping preferences. Source: emarketer.com

TME says, ''1. We estimate Google paid Apple $10bn in 2020 to be the default search on iOS. 2. We think that grows to $15bn this year or 9% of Apple's gross profits; adding 850bps of services growth 3. We think it could be $18-20bn in 2022 This is not chump change, even for Google. We estimate that Google's 2022 EBIT will be $88bn... Of course the reason why Google chooses to pay this is because they generate $50bn+ in search revenues from iOS.''