https://abs.twimg.com/emoji/v2/... draggable="false" alt="🫂" title="People hugging" aria-label="Emoji: People hugging">Watchlist: $HEC - Virtual Therapyhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="🫂" title="People hugging" aria-label="Emoji: People hugging">

https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen">Lockdown = mental health tailwinds
https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen">$74M revenue / 63% Gross Margin
https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen">2M members served
https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen">Below NAV
https://abs.twimg.com/emoji/v2/... draggable="false" alt="⚠️" title="Warnsignal" aria-label="Emoji: Warnsignal">No moat

I have a soft spot for $HEC because my own mental health has suffered in 2020; so I want to highlight companies in this sector

https://abs.twimg.com/emoji/v2/... draggable="false" alt="⚖️" title="Waage" aria-label="Emoji: Waage">Disclaimer - against my investing principleshttps://abs.twimg.com/emoji/v2/... draggable="false" alt="⚖️" title="Waage" aria-label="Emoji: Waage">

For one, this is a space that online players like $TDOC can easily enter

There is not much of a moat for $HEC; it is simply a pure-play online therapy platform

That being said, the valuation is not outrageous at 11.2X 2021 sales

https://abs.twimg.com/emoji/v2/... draggable="false" alt="😢" title="Weinendes Gesicht" aria-label="Emoji: Weinendes Gesicht">Mental health tailwinds are stronghttps://abs.twimg.com/emoji/v2/... draggable="false" alt="😢" title="Weinendes Gesicht" aria-label="Emoji: Weinendes Gesicht">

Covid-19 has brought with it isolation, anxiety, depression. These statistics are rising as the Pandemic lengthens

More frighteningly, the Pandemic has disrupted mental health services globally

See below worrying attachments..

https://abs.twimg.com/emoji/v2/... draggable="false" alt="📱" title="Mobiltelefon" aria-label="Emoji: Mobiltelefon">We need more virtual mental health serviceshttps://abs.twimg.com/emoji/v2/... draggable="false" alt="📱" title="Mobiltelefon" aria-label="Emoji: Mobiltelefon">

It might be a crowded space, but these growth companies are nowhere near servicing their TAMs. Especially for areas that need them

$HEC tackles this:
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🫂" title="People hugging" aria-label="Emoji: People hugging">>2M total members
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🫂" title="People hugging" aria-label="Emoji: People hugging">31K active members
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🫂" title="People hugging" aria-label="Emoji: People hugging">68% of members saw improvements

https://abs.twimg.com/emoji/v2/... draggable="false" alt="📶" title="Antenne mit Balken" aria-label="Emoji: Antenne mit Balken"> $HEC & #39;s performance is decenthttps://abs.twimg.com/emoji/v2/... draggable="false" alt="📶" title="Antenne mit Balken" aria-label="Emoji: Antenne mit Balken">

https://abs.twimg.com/emoji/v2/... draggable="false" alt="📈" title="Tabelle mit Aufwärtstrend" aria-label="Emoji: Tabelle mit Aufwärtstrend">60% CAGR
https://abs.twimg.com/emoji/v2/... draggable="false" alt="📈" title="Tabelle mit Aufwärtstrend" aria-label="Emoji: Tabelle mit Aufwärtstrend">63% Gross Margins in 2020

2023 estimates:

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🟢" title="Grüner Kreis" aria-label="Emoji: Grüner Kreis">Revenue: $285M
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🟢" title="Grüner Kreis" aria-label="Emoji: Grüner Kreis">Active members: 85K
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🟢" title="Grüner Kreis" aria-label="Emoji: Grüner Kreis">B2B covered lives: 175K
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🟢" title="Grüner Kreis" aria-label="Emoji: Grüner Kreis">EBITDA: (Positive) $42M

https://abs.twimg.com/emoji/v2/... draggable="false" alt="👨‍⚕️" title="Medizinischer Angestellter" aria-label="Emoji: Medizinischer Angestellter">Key driver: B2B expansionhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="👨‍⚕️" title="Medizinischer Angestellter" aria-label="Emoji: Medizinischer Angestellter">

The B2B segment is crucial for lowering cost barriers for individuals to access $HEC .This will drive overall customer metrics https://abs.twimg.com/emoji/v2/... draggable="false" alt="🔼" title="Nach oben zeigendes Dreieck" aria-label="Emoji: Nach oben zeigendes Dreieck">

A key B2B client segment is colleges/universities. Gen Zs are among the hardest hit in terms of mental health

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🫂" title="People hugging" aria-label="Emoji: People hugging"> $HEC Conclusionhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="🫂" title="People hugging" aria-label="Emoji: People hugging">

https://abs.twimg.com/emoji/v2/... draggable="false" alt="❤️" title="Rotes Herz" aria-label="Emoji: Rotes Herz">Remember to check in with your loved ones in this period

Also, a company with no moat can still succeed if they:

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🔒" title="Schloss" aria-label="Emoji: Schloss">Capitalise on early mover advantage
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🔒" title="Schloss" aria-label="Emoji: Schloss">Rapidly build penetrate rate in key markets
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🔒" title="Schloss" aria-label="Emoji: Schloss">Provide stellar value (i.e make switching costs high)

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