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Munster: Groupon value closer to $6B with divestment

Apr. 13, 2015 9:32 AM ETGroupon, Inc. (GRPN) StockGRPNBy: Jason Aycock, SA News Editor2 Comments
  • Unloading (undervalued) businesses in the next four years should push Groupon's (GRPN +0.4%) market value closer to $6B, Gene Munster argues.
  • "What is safe to say is that Groupon has several stealth assets that are generally underappreciated by investors as far as overall value," Munster says.
  • The company's transition into a marketplace akin to Amazon.com or eBay means it may already be looking to divest business like South Korean daily deals site Ticket Monster -- which could bring $500M to Groupon. Smaller units could bring $30M-$100M each, Munster says, including its Breadcrumb point-of-sale unit.
  • Munster figures the assets (including Ideel and a stake in home services bookers ClubLocal) can be spun out or sold to private-equity buyers.
  • Groupon shares are up 24% in the past six months, but at $7.41 are still well below its 2011 IPO price of $20.
  • Previously: Groupon considers selling checkout-software unit (Apr. 07 2015)
  • Previously: KKR eyes stake in Groupon's South Korean unit (Mar. 31 2015)

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