E2238 - September 21, 2022
Adobe (ADBE) - Figma Acquisition, did they pay too much?
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Adobe - Figma
This week we took a break from discussing chip stocks to cover the recently announced Figma acquisition by Adobe. If you want to get caught up on the details, here are two articles worth reading:
High level deal details, from the WSJ: Adobe to Buy Collaboration-Software Company Figma for About $20 Billion
Deeper strategic analysis from Ben Thompson: Adobe Acquires Figma, Figma’s Disruption, The Figma OS
Listen to the podcast for more details on how we perceive the acquisition. We discussed a bit about relative valuation so I’ve included my cloud software comp table below (this is very similar to the one you will find in the Clouded Judgement newsletter), so you can see how Figma were to stack up against other cloud companies, assuming a 20bn enterprise value.
Next week we will be back to discussing chip stocks. Specifically, AMD.
Supplemental Data
1 SuperCompounders
2 Macro
3 Energy
3.1 Oil & Gas
3.2 Metals Powered
4 Tech
Cloud Multiples - Check out the most recent edition of Clouded Judgement for the latest SaaS multiples.
Semiconductors
Semiconductor Industry Association Global Billings Report
Bureau of Economic Analysis Semiconductor Import / Export
Cryptocurrency
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