Sep. 13 at 8:19 AM
$U The risks remain: bad reputation from past royalty fiascos, thin margins under scaling pressure, & exposure to the fickle ad-spend cycle. For all the enthusiasm, Unity is still hostage to execution discipline & industry mood. At this valuation, investors are effectively betting the narrative sticks.
#RKT Notes: The Redfin purchase. Fifty million monthly visitors now feed into a mortgage machine already chained to rate cycles. A funnel. Falling rates. Rates down, volumes up. This is the entire “thesis.” It was true yesterday, it will be true after FOMC. Mr. Cooper synergies. They promise
$500 million in “synergies.” Redfin synergies. Over
$200 million projected. Allegedly from cost cuts & cross-selling. EPS boost. Analysts raised 2026 EPS forecasts by 11%. The uptick relies on rate declines & synergies.