Glu Mobile Inc. (NASDAQ: GLUU) - Fundamental Investment Case

Glu Mobile develops and publishes mobile games based on third-party licensed brands along with its own intellectual property. Sales are concentrated among a handful of games and the United States is the largest geography at 74% of sales. Micro-transactions (i.e. in-app purchases) are over 85% of revenue, with the balance comprised of advertisements. 

Vision believes GLUU presents a compelling risk to reward opportunity with estimates calling for financial results to reaccelerate, reversing current trends and implying market share gains. Recently released and upcoming games have had struggles - the key game launching next year has been pushed back several times and is not unique in licensing or gameplay. Yet the company trades in-line with its historical NTM EV/Sales average.