Our Order Pad | CrowdStrike (CRWD:NAS) & PayPal (PYPL:NAS)

Candice: [00:00:03] Hello and welcome to talk money to me. I'm Candice Bourke

Felicity: [00:00:07] And I'm Felicity and this is your native new wealth podcast where we make the complex simple. 

Candice: [00:00:12] So we are back once again with our order pad episode. Let's be honest, it's probably our favourite episode here. It talk money to me because we are talking about making money in the markets. Talking about stocks, investable ideas and exciting companies that have caught our eye. 

Felicity: [00:00:25] Woo hoo. That's exactly what we want. So you're in for another great episode where Candace and I are actually talking about exciting large cap global companies, which we think are no brainers for investors to consider. Now we're going to unpack the reasons why we like these businesses and walk you through their growth outlook for the next 12 months. 

Candice: [00:00:43] Now, as our chat today is not considered personal advice, that's because even though we are registered financial advisors at Shriram Partners, please note the podcast and the content discussed does not constitute as financial advice, nor is it a financial product. So the content on the podcast is genuine nature, and you should seek appropriate professional advice before making your financial decisions. 

Felicity: [00:01:02] That's right. In fact, all companies discussed on our show are offered in good faith based on the facts that we know at the time, which is the 30th, the 11th 2021 and do not contain all relevant information in respect of the financial products to which they relate. OK, that's all done. So I'll start off that would have had this time. Now my stock today is a company within the cybersecurity market. 

Candice: [00:01:25] Oh, interesting. All right. Wait, before you reveal your stock, though, that we're going to add to the order you had. Why don't you tell us why interested in the cyber security market in general as an investment thematic? 

Felicity: [00:01:35] You know what? I've been interested in cyber security for a while now. So if you look at the macro of cyber security, it still remains one of the most urgent issues of our time. You know, businesses, government enterprises, small and large require solutions. The cybersecurity market is 106 billion market forecasted to be over $200 billion growth opportunity in the next five years. You know, working from home, along with political tensions has just accelerated the need for increased security, with more and more sensitive data and critical information needing to be protected in the cloud. You know, here's some fun facts for you is expected to be 75 billion connected devices by 2025 and six billion connected people by 2022. That's only next year. You know, if that's cybercrime, we become increasingly more dominant. It's actually one of the fastest growing crimes globally, with hackers becoming more and more sophisticated. Cybercrime is actually expected to cost the world ten point five trillion by 2025, making it the largest economy after the US and China.

Candice: [00:02:37] That's massive numbers. I'm just going to let that sink in again. So what you're saying is ten point five trillion dollars by 2025 is how much cyber crime is expected to cost the world. That's massive, right? Because when you 

Felicity: [00:02:50] colonel. 

Candice: [00:02:50] Yeah, that's pretty scary. And I think everyone listening is going, you know, that makes sense because nearly every other second day or third day, you're getting a hack on your phone or attempt in your email, right? That's it. All right. So you've got my interest. What's the company? Tell us more about this company that you're interested in. 

Felicity: [00:03:07] Okay, so the company is called CrowdStrike now. The ticker is C R, W D, and it's on the Nasdaq now. This is a company that I've been invested since the end of 2019, and we've been invested for our clients. You know, the company's fairly new on the public market. It's actually only was listed in June 2019 for a price of $34 per share. It's got a market cap now 54 billion. The 52 week high has been $298 and 52 week low is $138. So there's some big swings there right in this large cap tech. You know, it's currently trading around $224. And it's actually returned about five hundred and 84 percent since IPO. Now, if you compare that over the last three years, the S&P 500 has actually returned about 84 percent. So it's outperformed the S&P 500. 

Candice: [00:03:54] Hello, we love that. What did you say? 500. 84 percent since IPO? That's amazing. Pretty good. 

Felicity: [00:04:00] Not bad in three years of two and a half. Sorry. 

Candice: [00:04:03] So we know that you've been invested in this for a while, right? You mentioned that and it's done very well. So tell us more about CrowdStrike as a business. Like what do they do essentially? 

Felicity: [00:04:11] So they're a leader in the fast growing cybersecurity industry. We know that which is producing new threats as a service, which I'll get into in a moment. They're a leader in the endpoint protection and cloud workload protection provided as a service through the cloud. So its platform protects endpoints on laptops, desktops, the Internet of Things and others through several modules which utilise artificial intelligence or AI, to stop breaches. 

Candice: [00:04:34] OK, so I'm a business and I want to engage CrowdStrike as my cybersecurity team and server. So how does it actually do that? 

Felicity: [00:04:42] So like I said, it leverages AI to proactively search for threats and shut them down before attackers can launch destructive attacks. So CrowdStrike prides itself on being the first cloud native endpoint security platform on the market. So consider this example Run as a business you've given your employees smartphone. One of crowd strikes customers as an endpoint if it's attacked by a virus, Falcon, which is their main programme, not only stops the virus at that endpoint, but it also then uses A.I. to train the entire network, protecting all of CrowdStrike customers. This makes the virus ineffective when it attacks another employee who works for a different customer. Now they've actually got some big names and household names that you may have heard of Goldman Sachs, Credit Suisse and our local Telstra. 

Candice: [00:05:26] Yeah, that's really awesome. So they're not what you're essentially saying as they're not reacting. They're proactive in the cyber crime space, which is really cool because we know that cyber security literally is a threat to everyone. 

Felicity: [00:05:37] It honestly is. And look, recent attacks have made headlines and brought the issue to the forefront of national conversation. With COVID 19, the evolution of work from home, you know, these trends have increased demand for this endpoint protection now. There's also a new threat. It's called ransomware as a service or RaaS ransom. Yeah. And look, what does that mean? We'll I'll tell you. So a customer simply logs into the RaaS portal, so I wanted to send ransomware out, creates an account, pays it. Bitcoin enters details on the type of malware that I wish to create, and then I click a submit button so subscribers may have access to support communities, documentation, feature updates and other benefits identical to those received by subscribers to legitimate SAS products. 

Candice: [00:06:25] That's scary. 

Felicity: [00:06:25] Yeah, the more sophisticated RaaS operators offer portals that actually let their subscribers see the status of infections, total payments, total files encrypted and other information about their targets. So that's crazy. RaaS is what we have to look out for now. 

Candice: [00:06:40] I mean, the world we live in, right? Okay. So that's that's super scary and they obviously addressing that crime. So now we understand the theme and a bit more about what CrowdStrike does to prevent this. You know, why else do you love it and you want to add it to the what happened? 

Felicity: [00:06:54] OK, so number one, CrowdStrike has a powerful strategy of protecting against security breaches rather than a weak strategy of protecting against malware. Like most legacy companies, too, they invest heavily to stay on the forefront of technology through innovation and acquisition. I'll give you a couple of examples. Recent acquisition of Secure Circle to expand the zero trust offerings. 

Candice: [00:07:15] OK, wait, wait, wait, wait. What is a zero trust offering? 

Felicity: [00:07:17] So Zero Trust is a heavy focus of the federal government at the moment, and it's essentially a strategic initiative that helps prevent successful data breaches by eliminating the concept of trust from an organisation's network architecture. 

Candice: [00:07:30] Okay, yeah, that makes sense 

Felicity: [00:07:32] now, too. They also acquired the larger Fumio for 400 million. So as you can see a lot of M&A and it's only been two and a half years listed. 

Candice: [00:07:41] So they obviously have a pretty strong balance sheet like a lot of cash on the sidelines for this M&A activity. So talk to us about the financials.

Felicity: [00:07:50] That's it. So I guess CrowdStrike is on the frontline of the battle for security, and their results are really encouraging. You know, customers are still flocking to CrowdStrike for protection to the tune of 81 per cent year on year increase in total customers. Now, CrowdStrike isn't cheap, right? It's a bit more expensive than other cybersecurity providers, but in this case, it doesn't matter. Sometimes you'd rather pay for quality. If we look at the numbers 1.3 billion in annual recurring revenue, that's 70 percent year on year growth. They've also got 94 percent subscription revenue that is 71 per cent subscription revenue year on year growth. You know, 30000 subscription customers and actually 66 per cent of them have either four modules, you know, and they're always improving on their gross margins. I guess one of the more important things that I want to see an excess company is customer retention and expansion, which many analysts consider amongst the most important SAS metric. Now, a little bit of background for you. The metric that measures both retention and expansion is that dollar based net retention already in our ratio and this number equals the beginning of period revenue plus upgrades minus downgrades minus churn or divided by beginning of period revenue. 

Candice: [00:09:01] Okay, so that's a lot to wrap your head around. Break it down. What does all that mean? 

Felicity: [00:09:05] A debate on number greater than 100 percent means that growth from that existing customer base more than offset any losses from that customer base. So ideally, you want to see in a company's expansion to vastly exceed the amount of revenue lost through churn. Now, a SAS company producing a debut and number of over 120 per cent is considered an above average company and number of 125 percent. It's considered a best in class and any number over 130 per cent is considered a company, putting up truly elite numbers. Now, CrowdStrike has reached above 140 percent twice before in its 

Candice: [00:09:40] history in a short time, right? Two and a half years, three years. So. Exactly. That's pretty impressive. Okay. And the balance sheet isn't looking strong in your opinion. 

Felicity: [00:09:48] It is. So CrowdStrike ended the second quarter with a strong balance sheet. Cash and cash equivalents increased to approximately one point seventy nine billion. Their current liabilities minus deferred revenues, was two hundred. 5.3 million long term debt with 758 million and cash flow from operations in the second quarter was 108 million. With free cash flow of 73 million or 22 per cent of revenue. So CrowdStrike really has a balance sheet able to fully support future growth initiatives 

Candice: [00:10:15] and probably also more M&A, right? Well, I think that's going to be one thing that they'll look out for so that see, this is really where we get excited. This is the part where you're going to reveal, where do you see the share price going in the next 12 months, you know, hopefully upwards skyrocketing. 

Felicity: [00:10:28] That's it. And look, analysts really take a short term view 12 months. I really think this is a five year play five 10 plus years. So current prices 2:24 You know, Uber's price target is 325, so that's about 45 percent upside. Now, consensus price target is about $310, with the most bullish being $360. And remember, this is a really short term view. So to summarise, I believe it's undervalued and really good long term buy for growth investors. One, It has a large and expanding TAM 106 billion by 2025, fuelled by powerful secular trends. Two. It's got first mover advantage derived from creating the very first cloud native security platform focussed on protecting against breaches. Three. There are category defining SaaS company insecurity. So similar to how Salesforce is a category defining SaaS company in CRM four, they've got several moats that protect against competition encroaching on their business, which is a network effect moat, economic moat and switching costs might and five new products getting introduced to distance themselves from their competitors. Last but not least six, the company's Q2 FY22 fundamentals are really strong, and it's actually the second consecutive guidance raised in its latest quarter. I think that really justifies the current valuation. You know, CrowdStrike is actually going to be reporting their Q3 FY22 numbers the first December. So that actually should be out before these episodes release, and let's hope they're positive. 

Candice: [00:11:55] Yeah, definitely keep an eye out for those, especially because the market's come off a little bit. You know, it was a quick rebound, so it might be a good bye to pick up. 

Felicity: [00:12:03] Yeah, exactly. Now I'm really excited to hear about your stock idea Candace. But before we do, I'm going to take a quick break to hear from our sponsors. All right, so what stock are you keen on and want to bring to that? 

Candice: [00:12:17] What happened? All right. So I'm pitching like you, a US company, which is also a large cap and it's in the payments platform business, and I'm sure you've probably heard of it or maybe even use it in the past to purchase goods online. So I'm going to reveal my stock a little bit differently this time and mix it up a bit. So firstly, let me tell you about the history of the business and then the story of its success to date. And then I'm going to reveal the stock. So play along at home.

Felicity: [00:12:42] All right. Have fun. So do you want to start from the beginning? 

Candice: [00:12:44] Then let's mix it up. So the company was founded back in 1998 by US tech entrepreneurs Peter Thiel and Max Levchin. Back then, the company was known as confetti, and the founders idea back then was simple and efficient, and it was to convince customers to share their emails, banking and credit card information in return for fast, low cost payments. So as a result, in the U.S. small businesses, online merchants and consumers, they quickly signed onto this platform, and the company was soon then handling more than three billion dollars in payments from over 10 million individual customers and 2.6 million commercial customers in the first three years of operation. Wow. 

Felicity: [00:13:25] Talk about going from zero to here at warp speed. 

Candice: [00:13:28] Definitely warp speed. And if you fast forward to Fab 2002, the company then goes public on the Nasdaq. And the IPO was a massive hit as the stock price soared over 50 percent on the first day of trading closed around 20 bucks per share when the IPO was valued at 13 dollars per share. And I think back then, the market valuation was around 61 million USD, so very different to what it is now. Yes. 

Felicity: [00:13:53] So what is the share price today? 

Candice: [00:13:54] It's sitting around $187 us per share with a market cap of drumroll, $220 billion. 

Felicity: [00:14:02] Imagine getting in at IPO prices. That's like over 1000 percent return. Not bad. 

Candice: [00:14:07] Not bad, indeed. And that's the name of the game, right? Find these incredible future thinking, forward looking businesses that are essentially solving an issue within their own market segment. Find them early and hold on for the ride 

Felicity: [00:14:19] 100 percent early. 

Candice: [00:14:20] So then 10 years on for this business, we're now talking December 2008. These companies hitting massive milestones for an online tech payments business, and it's boasting at that time to have over 150 million users or accounts worldwide today. If you read their reports, the company is now having 33 million merchants on the platform, and they're selling to over 383 million customers across 200 different markets. So if you haven't already guessed it, I'm talking about today PayPal and the ticket being P IPO on the Nasdaq, which is a pure e-commerce payments business, which essentially enables digital and mobile payments on behalf of merchants and consumers, thus operating a two sided network connexion. 

Felicity: [00:15:05] Great. I love PayPal and I actually use it, so that's always a good thing.

Candice: [00:15:10] So do I. Essentially, PayPal generates revenue really simply firstly, transaction fees charged to consumers and merchants based on the volume of activity. So simply clipping the transaction fee and then secondly, through the other value added services, such as the interest earned, you know, through their PayPal credit and other products out there. So the PayPal Payment Gateway offering. And so one aspect which I really like about PayPal is their history of reinvesting profits back into the business via M&A, and they've essentially bought up competitors in the space that they thought would help them dominate the online payments market, even more 

Felicity: [00:15:48] so similar to CrowdStrike, right? That merger acquisition?

Candice: [00:15:51] Yeah, it's about growth, guys, guys, guys growth get a lot of volume and customers on the platform use your profits to then buy at the market to then be a cap, right? And it's done that over the history. So it's actually made over 25 acquisitions to date. The latest talk is their interest around acquiring Pinterest for $70 per share. Side note I'm obsessed with Pinterest. You know you are so many, so many people. So if you look up at pins, pins is the ticker for Pinterest. It's currently trading around $42, so they really valuing that business a lot more than what the market is at the moment. So definitely interesting M&A talk, and I'll be watching that closely. 

Felicity: [00:16:29] So apart from the M&A investments, why else do you like PayPal?

Candice: [00:16:33] So there's a few reasons I could go on for days, but I won't. And I want to really break it down to looking historically first and then secondly, the future growth that I can see. So if we look back at history, the company has a killer killer track record of smashing their growth targets. So quick stats for you. EPS growth has been over 28 percent consistently for the last five years. And secondly, sales growth rate of eighteen point five percent also consistently for the past five years. So these are successful, sustainable trends that I like to see. And more recently, right, PayPal generated record growth rates during the pandemic. It grew their volume size. Sales up 31 percent in 2020 as lockdown orders, you know, forced consumers and merchants to transact digitally and through the online channels, more so than ever. Thanks, Covid. It was a really great boost for PayPal, and I believe the pandemic has caused a structural change, in fact in the consumer and merchant behaviour, and it's actually led to an accelerated shift to the e-commerce and digital payments. You know, the concept of open wallet, it's here to stay, right? 

Felicity: [00:17:41] Yeah, I mean, what's that saying? It takes 90 days to make or break a trend. 

Candice: [00:17:45] That's it. And I think I first saw that saying, you know, on how to create a smoking ad or quitting sugar, right? So once you train your brain, that's just the new norm. Essentially, the data is speaking for itself here for PayPal. So according to a couple of studies, but the most prominent one is Euromonitor. The share of e-commerce as a percentage of the total global retail volume expanded by 300 basis points to 16 per cent in 2020 during the pandemic and for 2021 to 2025, it's predicted that the e-commerce sales Kaga is going to grow by another 12 percent, so that's reaching 21 percent of global retail sales volume by 2025. So we're just not going into bricks and mortar retail shops anymore. That's just done and dusted. So I mentioned the second part of why I like PayPal is looking forward now. So let's look between, you know, 2020 to 2025, which is their major growth target that they're announcing to the market. PayPal are expecting to grow their top line revenue by 27 percent Kaga during this time period, which is ahead of the medium term target that the market has for them of 25 percent. And this translates to revenue growth of 21 percent through to 2025. So when a company sets a benchmark and beats it, what what normally happens, it gets rewarded in the share market, right? 

Felicity: [00:19:02] That's it. And we do love double digits. 

Candice: [00:19:05] Who doesn't? And finally, this long one little quick point here. You also can't ignore that the massively investing into the new growth investments of products to the business. So firstly, it's a buy now, pay later space, as I say, to be interesting for them. And the Vimeo ecosystem? [00:19:20][14.9]

Felicity: [00:19:21] OK, cool. So do you want to explain for our listeners what is Venmo? 

Candice: [00:19:26] So Venmo is a mobile P2P app that allows users to transfer funds between each other. So let's say we're sitting down for a city for dinner. This app enables users to pay at selected merchants. We can split the cost between ourselves and then walk out the door with a yummy tie in hand. 

Felicity: [00:19:42] That's great makes it easier than just transferring it right? 

Candice: [00:19:45] Exactly right. And so now through to 2026, the estimates that these two initiatives is actually going to contribute anywhere from three to five points or basis points to the overall revenue growth that results in a total revenue Kaga of 21 per cent that I keep going back to. So Venmo is estimated to actually add one to two basis points to the revenue bottom dollar. And in our view, I think the street or the markets actually under appreciating this contribution that Venmo and the buy now, pay later space can add to PayPal out through to 2026. So I say that because in fact, over the next several years, the market and the business is expecting pay with Venmo will be one of the largest contributors to the Venmo monetisation and revenue stream. And since the launch of Pay with Venmo in 2016, you know it was a bit of a shambles. Back then, it experienced a lot of functionality, issues and difficulties, including stuff like it had a lot of consumer browser cookie settings and failures, and there was a lack of desktop checkout functionality. Well, since then they've revamped the product and they've ironed out all those issues. And it's so successful now from a consumer experience perspective that early this year, PayPal kind of shocked the market with an unexpected win and their partnership with Amazon. So starting next year in the new year of 2020, to pay with Venmo can actually be used by customers to make purchases on Amazon. So while we believe this deal will have, you know, kind of minimal impact to revenue over the medium term, it should actually drive upside to our estimates and the market expectation. One little point more about them know that the market may have not fully interpreted yet, in my opinion, is that it offers a platform to buy, sell and hold cryptocurrencies, which they're clipping every time, right? As a minimum fee of 50 cents per us, and they charge a brokerage margin anywhere from one and a half per cent up to two point three percent of the fee each sale or purchase of a cryptocurrency. So essentially, PayPal a really smart here, they just clipping every transaction pretty much that we make on online payments on our open wallet system. 

Felicity: [00:21:55] Yeah, right? So will this deal with Amazon be a game changer or a deal breaker for PayPal? What do you think? 

Candice: [00:22:01] Yeah, very good question. And I guess based on estimates of what the market's kind of signalling, no. Initially, we don't believe that Amazon will materially be impacted this deal with, you know, Amazon A. It's not really going to impact the growth outlook, let's assume, right, just, for example, 20 per cent growth in the Amazon U.S. online sales market in 2022. So that means a total addressable market of about 460 billion in the U.S., but we know that the majority of spend on Amazon is actually generated by their Prime members. It makes up about 80 percent of the U.S. Amazon platform. So it's kind of unlikely for Prime members to use pay with them. No write a paper product to make a purchase on Amazon, given these consumers are already in the default payment options in the Amazon ecosystem. So as a result, this actually leaves only $92 million for Venmo to penetrate. And really, you know, get into that market, which is not significant revenue. It's actually materially low, about less than one percent. Okay. So that being said, the Amazon partnership showcases that PayPal's ability to win these key marketplaces post the eBay transaction a few years ago. Now this opens up the potential for new marketplaces wins and look when a big mega caps like Amazon and PayPal team up. I think it's a win win, in my opinion. 

Felicity: [00:23:21] And so you touched on the buy now, pay later investment PayPal's made. Now every investor obviously knows Afterpay story, but how exactly is PayPal in this space? 

Candice: [00:23:29] So PayPal got into this space in 2020. So it's six years after the launch of Afterpay, and they offer two products it's paying for and then paying three, which are the PayPal's buy now, pay later products paying for is actually available here in Australia, the U.S., France and Germany, and paying three's offered in the UK. Now, earlier this year, PayPal announced the market that they're also looking at, expanding to new international markets. They flagged Spain and Italy as well as Japan, and they brought up the acquisition of Patey. So good signs of more expansion into more markets. And what do you know? Only recently, in around September 2021, PayPal announced its intention to acquire Patey through M&A for 2.7 billion, which is a Japanese buy now, pay later provider with over 1.5 billion in a run rate volume transaction, right? It's got six million users on this platform and over 700000 merchants. So it's a massive boost to the PayPal scale game. And per PayPal, the deal is expected to close probably by the end of this year. So we're definitely going to be keeping our eyes and ears open for that deal in June to see what happens to PayPal's EPS growth in 2022. 

Felicity: [00:24:41] Yeah. And I guess unlike other buy now, pay later providers, PayPal doesn't actually charge the merchant incremental fees. 

Candice: [00:24:47] Correct. So instead, it only charges its payment processing merchants through the take rate, which I think is a competitive advantage. You know, given that traditional buy now, pay later providers generally charge three to seven per cent of the transaction amount from the merchant. So additionally, you know, kind of earlier this year, I think it was October 2021, PayPal actually stopped charging consumer late fees, which I just think is is a massive mover, and it's increasing their attractiveness, in my opinion, to the buy now, pay later space. 

Felicity: [00:25:16] Okay, so buy now, pay later. With PayPal, you're seeing a lot of potential there. 

Candice: [00:25:20] Pretty much, yes. In a nutshell, I think it's because it's exciting to see their top line growth rate, you know, grow and expand. And that's because both with the greater consumer and merchant adoption in the buy now, pay later space, you know, it's just a trend that's here to stay. It's not a fad. And as well as the expansion into the new markets like the Japanese market, for example, the PayPal buy now, pay later products are expected to grow at 110 percent. Kaga, you know, making up eight percent of the top line revenue growth, or 11 percent of total revenue by 2026. So this is really kind of like CrowdStrike. It's a five to 10 year play. It's it's just a kind of a no brainer, in my opinion, that they're just totally capturing more market share in the online payment space. Not a game changer. Earlier this year, it was sort of a little bit missed by the markets, in my opinion. But it wasn't a surprise to me when PayPal became the first foreign operator with 100 percent control of a payments platform in China. So that's a bit of a game changer, I think, because anyone that can crack that market. Wow. 

Felicity: [00:26:23] Yeah, right? Whichever foreign payments platform can successfully crack the Chinese consumer market 100 percent, I agree that is a game changer. Now let's get down to the exciting part what everyone's here to listen to. You know, what do you see the stock price moving to? 

Candice: [00:26:38] All right. So with the share price, we have coverage through UBS and they have a 12 month price target of $263, which is about 40 per cent upside to the current levels. Consensus places a 12 month price target of $276 and 50 cents. But the most bullish, you know, biggest call that we can see out there for PayPal is $345 per share, so that's nearly 85 per cent upside. Wow. Yeah, happy days right at that analyst's prediction comes off in the next 12 months. 

Felicity: [00:27:09] I hope that happens. I mean, I'm in PayPal. Yeah. 

Candice: [00:27:12] So go, go, go, go and share price. So really, in a nutshell, I think in my opinion, PayPal's a unique positioning payments platform, ecosystem business because it's really adapted throughout the generations and the history of its life because it's got now a breadth of services. And it's not just stuck in the old ways, right? It's become these open wallet which is driving sustainable market share and gaining more market share in new markets that are exciting, like the Asian markets. Yeah, which all translates to 25 per cent top line growth rate and 20 per cent revenue growth rate on average out through to 2025. So, you know, you talked about it as well with CrowdStrike, they're just still in that aggressive growth mode, I can say with PayPal, because they're still adding more consumer accounts on average of 17 per cent each year out to 2025. 

Felicity: [00:28:02] Yeah. But I guess with PayPal, you know, what's really exciting and interesting is they're more of a mature business. But you know, they've been listed a lot longer than CrowdStrike, but they seem to be having these really exciting growth milestones and really expanding, you know, innovating. And I guess we kind of saw that with Amazon. We saw with Apple, Microsoft, you know, this could be, you know, a huge game changer. So to summarise, we both pitched global large cap technology based businesses that we think are fantastic, innovative businesses to add to your long term growth investment portfolios. You know, if that's the investment objective that you're chasing, so you can check out these stocks on your Bloomberg app or just look on your watchlist. So it's crowd see W.T. and PayPal, which is why people both on the Nasdaq

Candice: [00:28:47] and remember guys, every stock we add to the order pad is also getting captured on the Equity Mates website, so you can go there and check it out and see how they're tracking. And just to wrap with everything that we've spoken about today, it was a great conversation. I had a lot of fun talking about these businesses. But please remember, although for senior financial advisors of showroom partners, our conversation today does not constitute as personal financial advice. As always, before you make any decisions on your investments, you should seek professional, appropriate advice 

Felicity: [00:29:17] and feel free to reach out to us on our social media channels or send us an email which is displayed in our show notes below. Make sure you follow us on Act Talk Money to Me podcast, the daily market updates and to next time.