sabato 29 gennaio 2011

LinkedIn si quota

Non e' piu' una voce di corridoio...

...dal Wall Street Journal di ieri:

LinkedIn IPO Offers Peek at Social Sites 

LinkedIn Corp. filed for an initial public offering, pulling back the curtain on social networking as a business and becoming the first in what's likely to be a string of high-profile IPOs from Internet companies in the coming months. (...)
LinkedIn's listing documents provide one of the first detailed looks at how profitable the business of social networking can be. (...) In its listing documents, LinkedIn said its revenue reached $161 million in the nine months ended Sept. 30, 2010, with net income of $1.85 million. The company, founded in 2003, became profitable in 2010 following a loss of $3.4 million in the first nine months of 2009.
The company said it doesn't expect to be profitable in 2011 because it is making investments in technology infrastructure and international expansion, among other areas.(...)
LinkedIn is tiny compared with Facebook, which had revenue of about $1.2 billion in the first nine months of 2010, according to documents shown to potential investors in the Goldman offering. The deal is likely to be relatively small, perhaps just 10% or less of the company, because much of the stock being offered will be new shares being issued in part to fund international expansion, said one person familiar with the company. The offering isn't being used as a vehicle for current holders to cash out, the same person said.
LinkedIn stock traded in private-market transactions about a week ago at price levels that implied a company valuation of $2.5 billion to $3 billion, the same person said. Paul Bard, a director of research at Renaissance Capital LLC, an IPO investment firm, estimated the offering may raise $200 million or more.

Dunque...con ricavi intorno ai 220 milioni all'anno una valutazione di 2.5-3 miliardi di dollari vuol dire un rapporto prezzo/ricavi tra 12 e 14...sulle 4266 compagnie quotate negli USA per le quali mette a disposizione il rapporto prezzo/ricavi, solamente 100, quasi tutte high-tech o minerarie, hanno un rapporto prezzo/ricavi superiore a 14. Poche però hanno una capitalizzazione di borsa superiore ai 2 miliardi di dollari.

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