Electricity supplier intensive PO valuation gap reflects Wall Street double standard

Beijing, May 11, last week, domestic electricity intensive in the United States to submit IPO application, Ali, jumei.com, Jingdong has submitted to the U.S. Securities and Exchange Commission SEC (Updated) IPO prospectus. So far, the United States listed in the mainstream B2C electricity supplier will reach 5.

5 in stocks listed on the mainstream B2C business, except Ali exceeded 100 billion U.S. dollars valuation, valuation of other 4 companies (market capitalization) from $800 million to $24 billion. The gap between the very poor, and in-depth analysis, the key indicators for the scale of household business enterprise valuation and business volume, serious deviation.

electricity supplier intensive in the United States IPO valuation gap

May 7th, Ali to the United States Securities and Exchange Commission submitted the prospectus, is expected to issue a final amount or in the $15 billion to $20 billion, Wall Street analysts on Ali expected valuation of $136 billion to $245 billion.

May 9th, the media reported jumei.com submitted to the IPO prospectus to determine listed on the NYSE, the issue price range of $19.5-21.5, the proposed maximum financing $385 million, plans to issue this interval calculation poly America valuation between 3 billion 120 million -32.5 million.

May 10th, Jingdong update IPO prospectus, to be listed on Nasdaq, determine the IPO price range of $16 to $18, financing of up to $1 billion 690 million, according to the calculation of the valuation of the Jingdong $24 billion 600 million.

at this point, coupled with the listing of Dangdang, vip.com, the United States listed in the domestic mainstream B2C electricity supplier companies have reached 5, valuation (market capitalization) ranging from $800 million to $100 billion.

it is worth noting that, compared with the $24 billion Jingdong, jumei.com and vip.com $3 billion valuation of $7 billion 600 million, the market value of dangdang.com was only $800 million, the valuation gap between the very poor, but the public data show that last year dangdang.com (including the third party platform) total sales of 11 billion 80 million yuan, is 3 times more than the annual sales of jumei.com. Sales of 9 billion 600 million yuan higher than vip.com in 2013, this reflects the valuation and the enterprise scale deviation.

and, from the number of users and orders, dangdang.com and 3 appliance business valuation gap is more difficult to explain, the dangdang.com number of users and orders are more than jumei.com and vip.com, the Jingdong is the number of users and orders of nearly 1/3.

from the new customer cost and profitability, 4 in the B2C business, dangdang.com of new customers for the lowest cost of 20 yuan, the highest Jingdong new customer cost is 70-80 yuan; dangdang.com gross margin of 17%, lower than the vip.com 24%, jumei.com 25% gross margin, gross margin of 9% higher than the Jingdong.

and 4 companies with profits starting line, in addition to IPO 2 sprint operators have crossed the threshold of profitability, the fourth quarter of last year, dangdang.com has been officially return to profitability, and expected a year.

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