i guesstimate the value of tvl's put for lastminut What is the...

i guesstimate the value of tvl's put for lastminut What is the put value of LMCau to TVL?

I get $8.6 million, but might range anywhere between $5m (based on a multiple like JUMs) and $19m (based on a multiple like webs).

The last announcement provides a fair bit of information on what LMCau might be worth if TVL decided to put the business to LMC.

This is the formula described in the last TVL announcement.

74.9% (tvl ownership) X LMCau gross revenue (reported to have been 34% of TVL’s total TTV, ie. ~$8.6m x 34% ~=2.9m) X per revenue dollar valuation of ASX listed e-commerce companies

What e-commerce companies will be used as proxies for the above valuation. They need to be listed on the ASX and must have > 50% gross revenues from online transactions. Any ideas???

I grabbed a few companies that I thought would qualify and my rough calcs (and it is late so please do your own DD) turns up the following numbers:

- Web : $5m revenue and $44m cap (>8Xrevenue)
- Jum : $8.5m revenue (2x rev reported for Dec half) and $20m cap (>2xrevenue)
- rea : approx 33m revenue and 166m cap (5Xrevenue)

The simple average of total capitalisation to revenue ratio for all three companies is approx. 4.9 times, or 5.4 times if you weight each company equally. Lets say it's 4.

That will make the above valuation equation equal to 74.9% of $2.9m X 4 is approximately $8.6 million. TVL has a current cap of $12m, nil debt and around $3m cash. ---- could be an interesting play.

Quite a few assumption made here so take care - it's late and I've been drinking too so don't trust my math.

Indirect interest.