2025-06-10-Jefferies-罗布乐思（RBLX）_新首席财务官宣布_RBLX发展其业务_7页_100kb

News

New CFO Announced

Roblox has appointed Naveen Chopra, former CFO of Paramount and Amazon, as CFO. His background in scaling entertainment brands and managing complex teams is viewed positively.

Stronger Financial Position

Outgoing CFO Mike Guthrie stepped down over a year ago; since then:

• Stock price increased by 125%.
• Bookings grew 30% year-over-year.
• EBITDA margins improved by 700 basis points.
  The company now focuses on operational discipline while investing further in the developer ecosystem.

Grow A Garden Performance

The hit game "Grow A Garden" has strong user growth:

• Weekly peak players exceed 2.3 million, tracking steady quarter-over-quarter.
• It has not cannibalized Roblox's player base but contributed to overall player growth.

Analysis

Positive Aspects

• Successful CFO search outcome with experienced leadership.
• Improved operational footing with stronger bookings and margins.

Neutral/Ongoing Scrutiny

• Face risks related to user engagement, international growth, and content aging.

Risks to Price Target

• Engagement and DAU drop-offs may undermine valuation.
• International growth may slow, affecting overall performance.

Valuation

• Rating: Hold (expected 15% to -10% total return in 12 months).
• Price Target: $70.00 (based on 32× 2026 EBITDA).
• Current Price: $93.42, trading 25% below target.

Note: Prior 52-week high was $96.28, low was $34.41.