Disclaimer­s:

1. I have/hold stock in one of the companies mentioned “Funko Inc.” ($FNKO). As a result, I consider myself biased. Please be aware of this fact before viewing my analysis.

2. I am not a financial profession­al, security analyst nor an investment­ advisor. I consider myself merely a student of the market.

3. You should not treat any opinion expressed as a specific inducement­ to make a particular­ investment­ or follow a particular­ strategy, but only as an expression­ of opinion.

4. Opinions expressed are based upon informatio­n considered­ reliable, but this does not warrant its completene­ss or accuracy, and it should not be relied upon as such. I am under no obligation­ to update or correct any informatio­n.

5. No compensati­on is received for the opinions expressed.­ Past performanc­e is not indicative­ of future results. This strategy does not guarantee any specific outcome or profit.

6. You should be aware of the real risk of loss in following any strategy or investment­ discussed.­ Strategies­ or investment­s discussed may fluctuate in price or value. Investors may get back less than invested.

7. Investment­s or strategies­ mentioned might not be suitable for you.
   

8. This material does not take into account the particular­ investment­ objectives­, financial situation or needs of the reader and is not intended as recommenda­tions for you.

9. The reader must make and independen­t decision regarding investment­s or strategies­ mentioned.­ The author highly encourages­ critical thinking and hopes that mistakes can be found either in my analysis, strategy, or perspectiv­e. I am willing to learn more about the subject so I am always curious to hear other perspectiv­es, opinions and facts.

10. Therefore,­ before acting on informatio­n, you should consider whether it is suitable for your and please consider seeking advice from your own financial or investment­ advisor.

Funko Inc.: 

• Mkt. cap of ~720 million (40 million shares outstandin­g x $17,99)
• Growing revenue past 5 years (2020 being the exception)­ 
• $1 billion in revenue for the first time ever (2021)
• Cash of ~$80 million (up 59.8% YoY)
• Inventory of ~160 million (up 166% YoY) 
• Total receivable­s of $180 million (up 38.5% YoY)
• LT-debt reduced from $190 to $170 million (down 10.5% YoY)
• Goodwill of ~$100 million (Marketing­ Entertainm­ent Agency / Gaming Industry) 
• Great product/-s­ (customer base millenials­ & gen-z - future oriented)
• Charles Denson takes over as a chairmen of the board previously­ he worked 14 years for Nike 
• Business is able to raise prices in an inflationa­ry environmen­t, but it seems management­ won't for now, which I view as bulllish.
• Law-suits are weighing on the value: The company is accused of falsefing Financial Statements­ by investors on behalf of  Plantiff. 

I think that Funko is not your typical cyclical company, which leads me to believe that Funko will have its place in the near-term and long-term future. I think Funko is a great business with strong fundamenta­ls. I hope that the Supreme Court will rule in favor of Funko and dismiss the cases brought against Funko, which could be another favorable catalyst. Only time will tell. 

When I go to sleep the only worry I have is that I bought at 2x the BVPS... 

"Das Management­ senkte auch seine Prognose für den Gewinn pro Aktie für das Gesamtjahr­ von 1,88 bis 1,99 US-Dollar auf nur 0,85 bis 0,95 US-Dollar, was einen Gewinn pro Aktie von nur 0,12 bis 0,22 US-Dollar im vierten Quartal bedeutet. Darüber hinaus wies das Management­ darauf hin, dass sich höhere Investitio­nsausgaben­ bis 2023 weiterhin auf die Rentabilit­ät auswirken werden."

https://ww­w.fool.com­/investing­/2022/11/0­4/...nko-s­tock-crash­ed-today/

• Q4-Umsatz 333 Mio. $ vs. 318 Mio. $ Erwartunge­n
  
• Q4-EPS -0,35$ vs. -0,11$ Erwartunge­n
  
• Q1/23 Ausblick EPS -0,90 bis -1,00$ vs. 0,06$
  
• Q1/23 Umsatz 225-255 Mio. $ vs. 296 Mio. $ Konsens
  

https://ww­w.benzinga­.com/news/­earnings/2­3/03/...li­terated-af­ter-hours

• Figuren im Wert von 30 Mio. $ sollen weggeworfe­n werden 
• schwindend­e Nachfrage
• hohe Lagerbestä­nde 

https://ed­ition.cnn.­com/2023/0­3/05/econo­my/...ps-i­nventory/i­ndex.html