Concerning the voting share issue, often we mention it. In this case the pre-IPO owners own so much it doesn't make a difference, at least in the short term.
When pre-IPO owners do that, it can indicate they have a concern about the business down the road, and they don't want to be accountable to shareholders.
Here's our LITB & VIPS annualized P/E methodology (1) LITB earned $2.6mm for the March quarter (2) To get an annualized earnings rate we multiplied $2.6mm by 4 to get $10.4mm (3) Which we divided into the price range-mid-point valuation of $446mm (4) To get an annualized P/E of 44.8
For VIPS (1) 1st quarter net income was $5.8mm http://yhoo.it/15LHo9h (2) Multiplied by 4 gets $23.2 million (3) We used a market cap of $1.52 billion (last Friday) (4) Dividing (3) by (2) to get an annualized P/E of 65.5
IPO Preview: Coty [View article]
http://1.usa.gov/11aIBXl
Concerning the voting share issue, often we mention it. In this case the pre-IPO owners own so much it doesn't make a difference, at least in the short term.
When pre-IPO owners do that, it can indicate they have a concern about the business down the road, and they don't want to be accountable to shareholders.
IPO Preview: Aratana Therapeutics [View article]
IPO Preview: LightInTheBox Holding [View article]
Here's our LITB & VIPS annualized P/E methodology
(1) LITB earned $2.6mm for the March quarter
(2) To get an annualized earnings rate we multiplied $2.6mm by 4 to get $10.4mm
(3) Which we divided into the price range-mid-point valuation of $446mm
(4) To get an annualized P/E of 44.8
For VIPS
(1) 1st quarter net income was $5.8mm
http://yhoo.it/15LHo9h
(2) Multiplied by 4 gets $23.2 million
(3) We used a market cap of $1.52 billion (last Friday)
(4) Dividing (3) by (2) to get an annualized P/E of 65.5
IPO Preview: LightInTheBox Holding [View article]
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IPO Preview: ING U.S. [View article]
IPO Preview: ING U.S. [View article]
http://bit.ly/wYiSpG
IPO Preview: QIWI Plc [View article]
I read your article, which by the way seems to be mostly 'excerpts from Qiwi's prospectus' without much 'compare & contrast' analysis.
You might want to consider adding more valuation analysis in your future articles.
IPO Preview: ING U.S. [View article]
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