Life360 Inc Chess Depository Interest

360: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$84.50	Wxslw	Yqqkptxws

Life 360 Earnings: Continuing Improvements in User Acquisition Efficiency

Roy Van Keulen

Aug 9, 2024

We raise our fair value estimate for no-moat Life360 by 13% to AUD 17.50, following its second-quarter results. The company continues to demonstrate decreasing cost per-incremental monthly active user, which we view as a key metric for growth and efficiency. We estimate Life360 spent less than $3 per-incremental MAU during the quarter, which is less than half of what it spent two years ago. We think Life360 is in a strong position to continue to grow rapidly and build its competitive advantage. But it’s priced accordingly and shares screen as fairly valued.

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