JFrog Ltd.
ショート

$FROG overvalued as F

185
- FROG is an artifact management solution which has immense competition from all cloud providers.

- There's zero moat and Zero switching cost. You can dump all artifacts and simply change your artifactory and lose almost 0 benefits.

- Vibe coding increases pushing frequency but that doesn't mean FROG will be able to defend their stickiness.
ノート
- Artifactory is one the most commoditized thing in SDLC. Every cloud provider already provides it in AWS, GCP and Microsoft.

- Secondly, Git providers like github and GTLB provides it as part of add ons.
ノート
- Lastly, people only care about their latest docker image or package in most of the cases therefore migrating from one artifactory to another is just one line of code basically your CI/CD can start pushing to another artifactory without developers losing anything.
ノート
- $8 Billion for FROG is nuts. Given this is trading at p/s of 15.
- On top of that, EPS is quite low for FROG
- My fair estimate is $20 bucks give or take

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