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In previous articles, we mentioned the impressive growth of Pro Medicus, Datadog, On Holding, Fortnox, Draftkings, InPost, Dino Polska, WiseTech, PDD Holdings, Adyen, E.l.f. Beauty, Monday.com and SentinelOne. This time, we're focusing on these four companies:
Duolingo, listed on the Nasdaq under the mnemonic DUOL, is a technology company specializing in online language learning. It offers a mobile platform and a digital exam to assess language skills. Its freemium model allows free access to the application, with premium options available for a fee. Products include the Duolingo app, Super Duolingo, Duolingo Max, and the Duolingo English Test. The app offers courses in over 40 languages, attracting a broad user base. Duolingo stands out for its strong growth. In 2023, the company recorded sales of USD 531 million, up from USD 369 million in 2022. Forecasts for 2024 and 2025 indicate continued growth, with estimated revenues reaching USD 736 million and USD 950 million respectively. The company has also improved its profitability, posting an EBITDA of USD 93.7 million in 2023, compared with USD 15.5 million in 2022. Duolingo's strategy is based on continuous innovation, notably with the introduction of features based on artificial intelligence. These innovations aim to enrich the user experience and increase engagement. The company recently announced AI-based language learning tools, including video calling and immersive adventures. Duolingo has solid fundamentals, with a robust financial position and significant investment capacity. However, the company's valuation is high, with an expected PER of 154 for the current financial year. Duolingo is a fast-growing and leading player in the online language learning market.
Rocket Lab USA (NASDAQ: RKLB) is a launch services and space systems company, positioning itself as a key player in the aerospace and defense industry. The company designs and manufactures rockets, spacecraft and related components, offering complete solutions for access to space. With a significant market share in the United States (75.53% of sales), Rocket Lab stands out for its ability to deliver fast, reliable launches, as demonstrated by its recent "Changes In Latitudes, Changes In Attitudes" mission. Rocket Lab is showing impressive sales growth, from USD 62.2 million in 2021 to USD 245 million in 2023, with forecasts of USD 886.6 million by 2026. This growth is underpinned by a strategy of continued expansion, illustrated by recent contracts with NASA for studies on the return of Martian samples, and collaborations with Varda Space Industries for manufacturing missions in space. However, the company faces financial challenges, including low profitability and high debt-to-EBITDA ratios. Margins remain fragile, and the current valuation is considered high relative to its size. Despite these challenges, analysts remain optimistic about the company's future growth, mostly recommending a Buy or Overweight rating on the stock. The US company offers significant growth potential in the space sector, supported by technological innovations and strategic partnerships.
Argenx, listed on Euronext Brussels under the mnemonic ARGX, is an international company specializing in the field of immunology. Its main objective is to improve the quality of life of people suffering from serious autoimmune diseases and cancer. The company relies on its Immunology Innovation Program (IIP) to collaborate with leading academic researchers, enabling it to develop a portfolio of innovative antibody-based drugs. Argenx's business model is based on the research and development of bio-therapeutics. Flagship products include efgartigimod, tested for a range of serious autoimmune diseases, and cusatuzumab, developed in partnership with Janssen for the treatment of blood cancer. Argenx is also involved in the development of several early-stage experimental drugs through its therapeutic franchises. Customers are mainly concentrated in the United States, which accounts for 87.79% of revenues. Other markets include EMEA (Europe, Middle East and Africa) with 5.94%, Japan with 4.6%, and China with 1.67%. This geographic breakdown underlines the importance of the US market, while indicating a growing presence in other strategic regions. With a workforce of 1148, the company has offices in Belgium, the United States and Japan, enabling it to maintain a global presence and meet the needs of its customers in different regions. The company distinguishes itself by its ability to innovate and adapt to market developments, giving it a leading position in the biotech sector. The Belgian company is positioned as a key player in the field of immunology, with a solid business model based on innovation and a strategic geographical presence. Its ability to develop innovative treatments for serious diseases sets it apart in a highly competitive sector.
Grab Holdings, listed on the NASDAQ under the symbol GRAB, is a technology company operating as a superapp in Southeast Asia. It offers services in the food delivery, mobility and digital financial services sectors. Present in over 700 cities across eight countries, Grab offers an integrated platform enabling users to order food, hail a cab, make digital payments, and access financial services such as loans and insurance. Grab's sales are mainly generated by deliveries (50.61%) and mobility (36.84%), with a notable presence in Malaysia, Indonesia and Singapore. The company has shown significant sales growth, from USD 675 million in 2021 to USD 2,359 million in 2023. Forecasts for 2024 and beyond indicate a continuation of this trend, with revenue expectations of between 2.7 and 2.75 billion USD for the year. Grab's strategy is based on ecosystem expansion and technological innovation, notably through the integration of artificial intelligence to improve efficiency and user experience. The company has also strengthened its financial services offering, with notable growth in deposits and loans via its digital banks. Despite still low profitability, Grab enjoys a solid financial position, enabling it to invest in new initiatives. However, high valuation and low profitability remain challenges. Recent initiatives, such as the enhancement of delivery and mobility services, as well as the expansion of financial services, position Grab for continued growth. Investors may find it attractive to invest in Grab because of its growth potential in a booming region, and its ability to innovate and adapt to market needs.
