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Unity Software (U US)

This is not investment advice.


I've taken a long position in Unity Software - a US software company offering a platform for creating and operating real-time 3d content (largely games). It's best thought of as the Adobe of real-time 3D graphics.


I believe the company is substantially under-monetising their user base - indeed ~800 customers account for 80% of their revenue. For a company with 1.5m monthly active users, that's a substantial opportunity. Students are also trained on it (they can access the software for free) making switching costs high when they get into the workforce.


I also believe the company has growth opportunities in AR/VR and in non-gaming applications (e.g. architecture, building information modelling, auto manufacturers etc).


The company reports Q2 numbers later tonight (UK time). I have a view to holding it for ~3 years (unless it hits my price target before then).


If you'd like to hear more about Unity Software, or discuss the name (especially if you think I'm wrong) please get in touch: crombie@crombiegi.com


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