<p><strong>富波电视</strong>(FUBO 0.60%) 股票本月表现强劲。这家专注于体育内容的虚拟有线电视提供商在过去几年里遭遇了一段艰难时期，股价跌幅达到了历史最高点的 97%，但最近收到了一则关于法院裁决的积极消息，该裁决涉及一些内容提供商推出竞争产品的计划。股价在过去 30 天上涨约 20%，达到 1.68 美元。在 2021 年的某个时候，股价一度超过 60 美元。</p>
<p>凭借着微小的市值、不断改善的财务状况和快速增长的营收，现在是时候在富波电视股票爆发前买入股票了吗？让我们深入了解这家流媒体电视颠覆者，并找出答案。</p>
<h2>法院裁决支持</h2>
<p>今年夏天，<strong>迪士尼</strong>、福克斯和 <strong>华纳兄弟探索公司</strong> 试图推出一款名为 Venu 的直接面向消费者（DTC）体育流媒体应用。该应用每月收费 43 美元，让体育粉丝有机会剪掉有线电视，但仍能访问这些媒体公司拥有转播权的体育联赛。</p>
<p>Venu 是富波电视的潜在竞争对手。该公司被称为虚拟有线电视提供商，允许用户订阅有线电视套餐，但通过互联网直接访问。这是有线电视，但是互联网流媒体版本。富波一直专注于获取体育内容，并希望成为寻求转向现代电视解决方案的客户的首选体育套餐。迪士尼、福克斯和华纳兄弟探索公司都向富波出售频道，因此看到它们联手绕过富波可能导致其高管们恐慌。</p>
<p>事实上，它们将这些公司告上法庭，声称 Venu 应用将具有反竞争性，并在体育内容领域构成垄断力量的整合。本月早些时候，法院裁定暂时禁止 Venu 应用上线。这只是一个初步停止，整个案件仍需经过司法程序，但这将帮助富波电视暂时抵御一些潜在竞争对手。投资者将其视为一次胜利。这一消息成为本月股价上涨的催化剂。</p>
<h2>艰难的利润率和强大的竞争对手</h2>
<p>作为视频内容的聚合商，富波电视基本上必须承担像 ESPN 这样的电视频道收取的费用，然后向其客户收取略高的费率。这将反映在公司的毛利率数据中。此前，富波实际上发布了负毛利率，这意味着它以低于从内容提供商获取频道所需成本的价格出售其虚拟有线电视套餐。如今，它已经解决了这个问题，但毛利率仍然低，仅为 9%。</p>
<p>改善的毛利率有助于改善富波的现金燃烧情况。在最低点，该公司每年烧掉 3.6 亿美元的自由现金流。在过去 12 个月里，它的现金流燃烧量低于 1.5 亿美元。在实现正现金流之前仍有很大改善空间，但与几年前相比，富波现在处于一个更好的位置；尽管如此，股价仍然大幅下跌。</p>
<p>富波面临的另一个问题是其直接竞争对手--YouTubeTV。由 <strong>Alphabet</strong> 旗下的 YouTubeTV 拥有几乎无限的资金来尝试扩大订阅规模。这就是为什么它拥有更大的市场份额。Alphabet 可以通过让更多人观看 YouTube 广告并获取广告业务的数据间接赚钱。富波迄今在获取体育转播权方面表现灵活，如地区性体育网络，但从宏观视角来看，与 YouTubeTV 相比，它处于极大的劣势。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/19a16e679c393bcde000ebc1a668d90e.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/19a16e679c393bcde000ebc1a668d90e.png"/></p>
<p>FUBO 由 YCharts 提供的自由现金流数据</p>
<h2>应该购买这支股票吗？</h2>
<p>截至目前，富波股票的市值仅略高于 5 亿美元。过去 12 个月，它创造了 15 亿美元的营收，并且上一季度营收同比增长了 26%。如果毛利率继续改善，公司能够实现正现金流，那么富波股票可能仍然具有一定的价值。其资产负债表上有 1.5 亿美元现金和大约 3 亿美元的可转换债务，到 2026 年或更晚到期，因此如果现金流继续改善，短期流动性并不是一个巨大的问题。</p>
<p>但这并不意味着你应该急于购买股票。我认为富波是一只风险较高的股票，因为存在着像 YouTubeTV 这样的强大竞争对手。目前还不清楚 Venu 是否将被允许运营。尽管公司获得了初步禁令，但法院案件的结果并不是预定的。因此，目前最好将富波电视股票暂时排除在你的投资组合之外。</p>

富波电视

<p>富波电视股票最近因一项有利的法院裁决而大涨超过 20%，该裁决针对一家由主要媒体公司支持的竞争对手流媒体应用 Venu。尽管富波电视股价较高点下跌了 97%，但其不断改善的毛利率和增长的营收表明潜在的复苏。然而，面临着像 YouTubeTV 这样强大的竞争对手，而围绕法院案件的不确定性意味着投资富波电视股票存在重大风险。该股被视为投机性股票，谨慎的投资者可能暂时希望避开</p>

<p><strong>FuboTV</strong>(FUBO 0.60%) stock has been on a tear this month. The virtual cable provider with a focus on sports content has had a rough time in the last few years with its stock down 97% from all-time highs, but it just got positive news about a court ruling regarding the launch of a competing product from some of its content providers. The stock is up around 20% over the past 30 days to $1.68. At one point in 2021, it traded at over $60 a share.</p>
<div class="lb-trans"><p><strong>富波电视</strong>(FUBO 0.60%) 股票本月表现强劲。这家专注于体育内容的虚拟有线电视提供商在过去几年里遭遇了一段艰难时期，股价跌幅达到了历史最高点的 97%，但最近收到了一则关于法院裁决的积极消息，该裁决涉及一些内容提供商推出竞争产品的计划。股价在过去 30 天上涨约 20%，达到 1.68 美元。在 2021 年的某个时候，股价一度超过 60 美元。</p>
</div><p>With a tiny market cap, improving financials, and fast-growing revenue, is now the time to finally buy shares of Fubo stock before it explodes higher? Let's take a deeper look at this streaming TV disruptor and find out.</p>
<div class="lb-trans"><p>凭借着微小的市值、不断改善的财务状况和快速增长的营收，现在是时候在富波电视股票爆发前买入股票了吗？让我们深入了解这家流媒体电视颠覆者，并找出答案。</p>
</div><h2>A court ruling in its favor</h2>
<div class="lb-trans"><h2>法院裁决支持</h2>
</div><p>This summer, media conglomerates <strong>Disney</strong>, Fox, and <strong>Warner Brothers Discovery</strong> tried to launch a direct-to-consumer (DTC) sports streaming application called Venu. The app would cost $43 a month, and would give sports fans a chance to cut the cord but still have access to the sports leagues that the media companies have rights to.</p>
<div class="lb-trans"><p>今年夏天，<strong>迪士尼</strong>、福克斯和 <strong>华纳兄弟探索公司</strong> 试图推出一款名为 Venu 的直接面向消费者（DTC）体育流媒体应用。该应用每月收费 43 美元，让体育粉丝有机会剪掉有线电视，但仍能访问这些媒体公司拥有转播权的体育联赛。</p>
</div><p>Venu is a potential competitor to FuboTV. The company is what's known as a virtual cable provider, which allows someone to subscribe to a cable TV package but access it directly through an internet connection. It is cable, but the internet-streaming version. Fubo has focused on gaining sports content and wants to be the go-to sports package for customers looking to switch to a modern TV solution. Disney, Fox, and Warner Brothers Discovery all sell channels to Fubo, so seeing them teaming up to circumvent it probably led to panic among its executives.</p>
<div class="lb-trans"><p>Venu 是富波电视的潜在竞争对手。该公司被称为虚拟有线电视提供商，允许用户订阅有线电视套餐，但通过互联网直接访问。这是有线电视，但是互联网流媒体版本。富波一直专注于获取体育内容，并希望成为寻求转向现代电视解决方案的客户的首选体育套餐。迪士尼、福克斯和华纳兄弟探索公司都向富波出售频道，因此看到它们联手绕过富波可能导致其高管们恐慌。</p>
</div><p>In fact, they are taking the companies to court, alleging that the Venu application would be anti-competitive and a consolidation of monopoly power in sports content. Earlier this month, Fubo was awarded a preliminary injunction from the courts to stop the Venu application from launching. This is only an initial stoppage, and the whole case needs to go through the judicial process, but it will help FuboTV fend off some potential competitors for now. Investors took it as a win. The announcement was a catalyst for the stock rising this month.</p>
<div class="lb-trans"><p>事实上，它们将这些公司告上法庭，声称 Venu 应用将具有反竞争性，并在体育内容领域构成垄断力量的整合。本月早些时候，法院裁定暂时禁止 Venu 应用上线。这只是一个初步停止，整个案件仍需经过司法程序，但这将帮助富波电视暂时抵御一些潜在竞争对手。投资者将其视为一次胜利。这一消息成为本月股价上涨的催化剂。</p>
</div><h2>Tough margins and large competitors</h2>
<div class="lb-trans"><h2>艰难的利润率和强大的竞争对手</h2>
</div><p>As an aggregator of video content, FuboTV essentially has to pass on the costs charged by TV channels like ESPN and then charge its customers a slightly higher rate. This will show up in a company's gross margin figure. Previously, Fubo actually posted <em>negative</em> gross margins, meaning it was selling its virtual cable package below the price it cost to get the channels from content providers. Today, it has fixed this, but margins are still low at just 9%.</p>
<div class="lb-trans"><p>作为视频内容的聚合商，富波电视基本上必须承担像 ESPN 这样的电视频道收取的费用，然后向其客户收取略高的费率。这将反映在公司的毛利率数据中。此前，富波实际上发布了负毛利率，这意味着它以低于从内容提供商获取频道所需成本的价格出售其虚拟有线电视套餐。如今，它已经解决了这个问题，但毛利率仍然低，仅为 9%。</p>
</div><p>Improving margins have helped improve Fubo's cash burn. At its lowest level, the company was burning $360 million in free cash flow a year. Over the last 12 months, it burned less than $150 million. There is still a lot of improvement left before it can reach positive cash flow, but Fubo is in a much better spot than it was a few years ago; still, the stock is much lower.</p>
<div class="lb-trans"><p>改善的毛利率有助于改善富波的现金燃烧情况。在最低点，该公司每年烧掉 3.6 亿美元的自由现金流。在过去 12 个月里，它的现金流燃烧量低于 1.5 亿美元。在实现正现金流之前仍有很大改善空间，但与几年前相比，富波现在处于一个更好的位置；尽管如此，股价仍然大幅下跌。</p>
</div><p>Another concern for Fubo is its direct competitor -- YouTubeTV. Owned by <strong>Alphabet</strong>, YouTubeTV has a near-infinite war chest to try and get to scale with subscribers. This is why it has a much larger market share. Alphabet can make money indirectly by getting more people to watch YouTube ads and acquiring data for its advertising business. Fubo has been nimble so far in acquiring sports rights, such as regional sports networks, but from a thousand-foot view, it is disadvantaged mightily compared to YouTubeTV.</p>
<div class="lb-trans"><p>富波面临的另一个问题是其直接竞争对手--YouTubeTV。由 <strong>Alphabet</strong> 旗下的 YouTubeTV 拥有几乎无限的资金来尝试扩大订阅规模。这就是为什么它拥有更大的市场份额。Alphabet 可以通过让更多人观看 YouTube 广告并获取广告业务的数据间接赚钱。富波迄今在获取体育转播权方面表现灵活，如地区性体育网络，但从宏观视角来看，与 YouTubeTV 相比，它处于极大的劣势。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/19a16e679c393bcde000ebc1a668d90e.png" alt="" original-src="https://media.ycharts.com/charts/19a16e679c393bcde000ebc1a668d90e.png"/></p>
<p>FUBO Free Cash Flow data by YCharts</p>
<div class="lb-trans"><p>FUBO 由 YCharts 提供的自由现金流数据</p>
</div><h2>Should you buy the stock?</h2>
<div class="lb-trans"><h2>应该购买这支股票吗？</h2>
</div><p>As of this writing, Fubo stock has a market cap of barely over $500 million. It generated $1.5 billion in revenue over the last 12 months and grew revenue 26% year over year last quarter. If gross margins keep improving and the company can reach positive cash flow, there may still be some value yet in Fubo's stock. It has $150 million in cash on the balance sheet and around $300 million in convertible debt not due until 2026 or later, so near-term liquidity is not a huge concern if cash flow keeps improving.</p>
<div class="lb-trans"><p>截至目前，富波股票的市值仅略高于 5 亿美元。过去 12 个月，它创造了 15 亿美元的营收，并且上一季度营收同比增长了 26%。如果毛利率继续改善，公司能够实现正现金流，那么富波股票可能仍然具有一定的价值。其资产负债表上有 1.5 亿美元现金和大约 3 亿美元的可转换债务，到 2026 年或更晚到期，因此如果现金流继续改善，短期流动性并不是一个巨大的问题。</p>
</div><p>This does not mean you should rush in to buy shares, though. I think Fubo is a risky stock because of the huge competitors like YouTubeTV. It is also unclear whether Venu will be allowed to operate. The outcome of the court case is not predetermined, even though the company got an initial injunction. For these reasons, FuboTV stock is best left <em>outside</em> of your portfolio for the time being.</p>
<div class="lb-trans"><p>但这并不意味着你应该急于购买股票。我认为富波是一只风险较高的股票，因为存在着像 YouTubeTV 这样的强大竞争对手。目前还不清楚 Venu 是否将被允许运营。尽管公司获得了初步禁令，但法院案件的结果并不是预定的。因此，目前最好将富波电视股票暂时排除在你的投资组合之外。</p>
</div>

富波电视的股票正在飙升：你应该购买吗？