![]() Box (NASDAQ: BOX), its more enterprise-focused cousin which was founded before Dropbox and went public in 2014, has lagged in the public markets since its debut and is only valued at about ~5x EV/FTM revenues, with its stock only recently enjoying a sustained rally.īox enjoyed 50% gains in 2017, as shown in the chart below, but still sits at a polite $3 billion market cap on ~$570 million of forward-twelve months revenue. This means the company's $10 billion valuation sits at a pricey 10x multiple of its reported top-line figure. ![]() Dropbox has repeatedly reported revenue of $1 billion - though granted, this is also rather vague, as this figure could be a last-year figure, a forward-looking figure, or a run rate. I do think Dropbox is a fantastic service, but I'm a bit conflicted as to its implied valuation (though the company hasn't officially announced its pricing intentions yet - market observers are simply going off history). As reported by Bloomberg, the company has filed its offering documents confidentially with the intention of going public sometime early this year - and as we've seen with prior confidential filings, things tend to move rather quickly once the veil is lifted. ![]() ![]() We haven't had a landmark technology IPO since Snap's (NYSE: SNAP) in early 2017, so many market watchers have been salivating after Dropbox's (NASDAQ: DROPB) impending IPO.
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