Who Am I?....Episode 1 / Applovin (APP)

I'm a large cap, dominant global leader in my niche, and am taking share

My closest comp is levered, unprofitable and undergoing a deep restructuring

I have a good co and bad co… so group numbers hide the shifts under the surface

Bad-Co was in decline but has stabilised and is under strategic review

Good-Co is c.90% of profits, growing 90% and is and has 70%+ EBITDA margins

AI is driving better outcomes for my customers and is fuelling growth

I am about to start leveraging this capability into larger adjacent markets

I’ve guided to sustainable mid-term organic revenue growth of 20-30% in the good-co

But the sellside doesnt bake this it into their forecasts

I’m capital light, c.70% of EBITDA converts to FCF, which I use to buyback stock

So, my FCF / share should grow at a c.30% CAGR

Yet I trade on just c.11x FCF / share in 2025

I’m a growth stock on a value multiple

Who am I?

I’m Applovin (APP)


Uzo Capital