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OPEN table valuation discussion: either this OR that

|Includes:, inc. (CRM)

OPEN IPO valuations updated with closing price, + 59%

either the previous OPEN post or it's such a small offering ($60mm) that the trading is/could be about over enthusiastic 'diner-investors' getting nailed by funds who are bailing out of the IPO.
Or perhaps
> It's about defining & leading a growing market in the US at least, and about recurring revenue.  On a comparative basis (CRM) is the best-known recurring revenue high multiple Internet model.  It's a mature company with a trailing 12 months P/E of 113 or so.

but OPEN is defining a group emerging market, has no apparent competitors that are at the same scale at least in the US, and has constructed some formidable entry barriers to competition such as 10,000 restaurant clients & 3mm reservations for the March 09 quarter.

And once the economy levels & and starts to growth, then OPEN's growth rate should pick up.  In climate of very visible restaurant closings, it's surprising that OPEN generated a 5 quarters of sequential growth in top line revenue.

What happened here is they picked up market share and may have emerged as the major leader to whomever is second in their marketplace.