1 It’s a Long Climb to the Top Source: Thomson Reuters of September 9, 2011. Summary Trading Multiples 116 Public Internet Companies 6 Public Internet Companies With CY2011 Rev Growth of 30% + and CY2012 Rev Growth of 30% + and CY2012 EBITDA Margin of 30% + 18 Public Internet Companies With CY2011 Rev Growth of 30% + and CY2012 Rev Growth of 30% + 44 Public Internet Companies With CY2011 Rev Growth of 30% + 71 Public Internet Companies With CY2011 Rev Growth of 15% + EV/Revenue EV/EBITDA Price / Earnings Company CY2011 CY2012 CY2011 CY2012 CY2011 CY2012 Baidu 22.5x 14.7x 38.3x 25.2x 49.4x 32.7x Mail.Ru 14.7 11.3 30.9 22.6 43.1 30.7 Mercadolibre 9.7 7.4 27.9 20.6 41.8 30.3 Qihoo 360 15.5 9.4 46.4 27.9 62.0 35.6 Tencent 10.1 7.7 20.5 15.6 26.3 20.3 Yandex 13.4 9.3 29.1 20.2 52.1 34.9 Mean: 14.3x 10.0x 32.2x 22.0x 45.8x 30.8x Median: 14.1 9.4 30.0 21.6 46.3 31.7
Internet pyramid chart (GGV Capital)
May 26, 2015
Public Internet Companies
Source: Cowan and Company as of September 2011
Source: Cowan and Company as of September 2011
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1
It’s a Long Climb to the Top
Source: Thomson Reuters of September 9, 2011.
Summary Trading Multiples
116 Public Internet Companies
6 Public Internet Companies
With CY2011 Rev Growth of 30%+
and CY2012 Rev Growth of 30%+
and CY2012 EBITDA Margin of 30%+
18 Public Internet Companies
With CY2011 Rev Growth of 30%+
and CY2012 Rev Growth of 30%+
44 Public Internet Companies
With CY2011 Rev Growth of 30%+
71 Public Internet Companies
With CY2011 Rev Growth of 15%+
EV/Revenue EV/EBITDA Price / EarningsCompany CY2011 CY2012 CY2011 CY2012 CY2011 CY2012
Baidu 22.5x 14.7x 38.3x 25.2x 49.4x 32.7xMail.Ru 14.7 11.3 30.9 22.6 43.1 30.7Mercadolibre 9.7 7.4 27.9 20.6 41.8 30.3Qihoo 360 15.5 9.4 46.4 27.9 62.0 35.6Tencent 10.1 7.7 20.5 15.6 26.3 20.3Yandex 13.4 9.3 29.1 20.2 52.1 34.9
Mean: 14.3x 10.0x 32.2x 22.0x 45.8x 30.8xMedian: 14.1 9.4 30.0 21.6 46.3 31.7
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