pre open - nr, page-82

"Stateless Systems, which runs a handful of other web properties from its office in Little Collins Street, sold its coupon website, RetailMeNot, last
year for a reported $90 million to a US buyer."
GCN is capitalised at $50 mil.

GCN/P1 business is potentially huge, but still is no where near valued at what a simple coupon website that no one has heard of.

work that out

what would you think groupon would pay for this business.