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Richard Chu Profile picture
Richard Chu
@richard_chu97
Tech Investor | Former LO and Family Office Analyst | Tweets about Tech and Investing | Not Investment Advice
24 subscribers
Jan 4, 2025 • 22 tweets • 6 min read
Added to CVNA yesterday. The Hindenburg report rehashes the same issues brought up in old short pieces without presenting a smoking gun

I believe it misconstrues several data points and blows others out of proportion to come to a provocative but unsubstantiated conclusion

(1/x) On valuation:

-CVNA is growing by far the fastest of its peer group and is demonstrating mature-level unit economics despite operating at 1/3 of capacity and with 1% market share
-CVNA is trading at 18x NTM EV/EBITDA according to my estimates; reasonable for its growth rate

(2/x)Image