Had a look at DCA and it is very expensive , nothing new.
BUT, a lot cheaper than its peers.
Herewith some information
1. BENCHMARKS USED
American Well , Teladoc and Livongo all listed in USA.
2. PROFITABILITY
Looked at Gross Profit to Revenue and DCA at 47%, others at 40, 63 and 75% respectively. DCA a mid to lower range performer here.
DCA Revenue at $20m versus others at $202m , $716m and $258m respectively.
DCA a tiny player.
DCA has an EBITDA loss to Revenue of 90% versus others at losses of 42, 5 and 21% respectively. DCA at the very low end of this metric.
3. ASSET MANAGEMENT
Could not do this as do not have a pro forma balance sheet for DCA.
4. PRICING METRICS
DCA EV to Revenue is about 9 times versus others at 40, 25 and 54 times.
DCA extremely cheap relative to competitors but significantly smaller.
DCA EV to Gross Profit is about 18 times versus others at 99, 39 and 72 times respectively.
5. SUMMARY
DCA is still really expensive but cheap relative to peers. However, it is much smaller.
It is rare that a company lists so much cheaper than its peers in this hyped up market.
Could probably trade around $1.20 if mid way between IPO price and Teladoc.
Teladoc is three times the size of the other two benchmarks .
If DCA is priced like the other two smaller benchmark companies and trades mid way to their EV multiples then DCA could trade around $1.70.
DCA will have a reasonable CAP around $250m
6. CONCLUSIONCould possibly trade around $1.20 to $1.70 on listing assuming markets hold up.
