Was excited by flash today, so I’ve been doing somecomparisons between LVT and previous/current high growth and high value stocksin tech.
Xero comparison creates some compelling reading, their FY10-FY12position is very similar to LVTs last 2 years, only main difference is LVT isgrowing at a much quicker rate.
NB Xero was valued at $429M at same ARR point (LVT currently$190M)… then Xero went to $1.3B market cap, then $4B in the 2 following FYs atgrowth rates of ~90% (well under LVT current growth rates of 200%+).
Xero currently sitting at $6B market cap.
Canva is private, but in their last raise, at ARR of ~$22Mthey had a valuation of over $1B and they’ve been around for twice as long as LVTto get to the same point, ie a valuation multiple of ~50.
Always some subtle differences in every stock and associatedanalysis.
Xero - Growth Summary 1 NZ$m (March y/end) 2 FY08 FY09 FY10 FY11 FY12 FY13 FY14 3 ARR 6 13 25 52 93 4 ARR growth 117% 92% 108% 79% 5 6 Operating Revenue 0 1 3 10 19 39 70 7 Operating Expenses -5 -8 -14 -18 -28 -60 -86 8 9 Capital Raised 15 0 29 4 36 60 180 10 Cash 10 4 21 17 39 78 210 11 12 Employees 50 56 90 ? 194 382 758 13 14 Market Cap 41 55 140 228 429 1,292 4,084 15 Market Cap / ARR multiple N/A N/A 23 18 17 25 44 Does anyone have any other statistical analysis/insights to compliment my analysis? Are they on track like my research shows?
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