l*******u
发帖数: 12906 | 1 SAN FRANCISCO (MarketWatch) — Facebook is widely believed to be readying
its first initial-public-offering papers this week, with its prospective IPO
looming as one of the biggest market debuts in history.
Reuters Facebook CEO Mark Zuckerberg co-founded the company as an undergrad
at Harvard.
The documents to be filed with the U.S. Securities and Exchange Commission
will provide investors with their first significant glimpse into the social-
networking giant’s business performance, as well as at such other matters
as its spending, hiring and executive pay. The Wall Street Journal reported
over the weekend that the company was selecting its bankers and could make
the filing as early as Wednesday.
Whether the filing occurs this week or later, here are some of the key
points to look for in the documents:
• Revenue growth: The size of Facebook’s current business has been
the source of great speculation. Documents leaked back in 2009, when the
company was putting together an investment deal with Goldman Sachs (XNYS:GS
- News), showed revenue of $1.24 billion for the nine-month period ending in
September 2010 — up nearly 180% from the same period of the previous year.
Has that growth rate been maintained, or has it slowed or accelerated?
• Sales mix: Facebook is thought to generate most of its revenue from
online advertising, but the company also gets a cut of transactions executed
over the site, such as purchases of games. Social-game maker Zynga (XNAS:
ZNGA - News), whose titles include CityVille and FarmVille, reported revenue
of $828.9 million for the nine-month period ended Sept. 30, 2011, and the
company keeps 70% of the sales its games generate over Facebook, which
implies a maximum revenue cut of about $350 million to Facebook for this
period from Zynga alone. What percentage of Facebook’s revenue base is
composed of ads, compared to transactions, and are there other significant
revenue sources?
• The bottom line: The leaked Goldman documents showed net income of $
355 million for the nine-month period ended Sept. 30, 2010, compared with $
43.6 million in the previous year. But Facebook has also likely had to spend
heavily on network infrastructure, new technology and talent between 2009
and now. Have the company’s costs outpaced its revenue growth rate, and
will this moderate over time?
• Float and market cap: The most oft-cited number thrown around of
late has Facebook going public at a $100 billion valuation. But like Groupon
’s (XNAS:GRPN - News) debut last year, Facebook may choose to make a
relatively small portion of its shares available in the offering. This
allows the company to preserve a larger proportion of ownership for future
offerings and to safeguard demand for the stock in the event that would-be
investors grow skittish ahead of the offering.
• Risk factors: This section of an SEC filing is often filled with
boilerplate language, but it could in this case provide some insights into
how Facebook sees its position in the market vis-a-vis the positions of its
competitors — most notably Google (XNAS:GOOG - News), which has launched
its own social network and is gunning to become a major force on the same
mobile devices that Facebook needs for future growth. Does Facebook see any
other companies as significant threats?
• Who gets what: Some early investors take advantage of IPOs to cash
out some shares. Early Facebook investors include Peter Thiel and the
venture-capital firms Accel Partners, Greylock Partners and Meritech Capital
. Software giant Microsoft (XNAS:MSFT - News) put $240 million into the
company back in 2007. Will any executives, such as co-founder and CEO Mark
Zuckerberg, Chief Operating Officer Cheryl Sandberg or Chief Financial
Officer David Ebersman sell shares in the deal?
• Bankers: The Wall Street Journal report indicated that banking
titans Morgan Stanley (XNYS:MS - News) and Goldman Sachs (XNYS:GS - News)
were vying for the coveted lead spot underwriting the deal. Which wins, and
what other firms get a piece of the lucrative deal, will be a focus of great
interest on Wall Street. Read related Wall Street Journal report (external
link). |
l*******u
发帖数: 12906 | 2 对狗狗是什么影响呢？
IPO
undergrad
social-
reported
【在 l*******u 的大作中提到】
: SAN FRANCISCO (MarketWatch) — Facebook is widely believed to be readying
: its first initial-public-offering papers this week, with its prospective IPO
: looming as one of the biggest market debuts in history.
: Reuters Facebook CEO Mark Zuckerberg co-founded the company as an undergrad
: at Harvard.
: The documents to be filed with the U.S. Securities and Exchange Commission
: will provide investors with their first significant glimpse into the social-
: networking giant’s business performance, as well as at such other matters
: as its spending, hiring and executive pay. The Wall Street Journal reported
: over the weekend that the company was selecting its bankers and could make
|
G***o
发帖数: 5158 | 3 微软当年的240M现在至少值15亿了吧？
IPO
undergrad
social-
reported
【在 l*******u 的大作中提到】
: SAN FRANCISCO (MarketWatch) — Facebook is widely believed to be readying
: its first initial-public-offering papers this week, with its prospective IPO
: looming as one of the biggest market debuts in history.
: Reuters Facebook CEO Mark Zuckerberg co-founded the company as an undergrad
: at Harvard.
: The documents to be filed with the U.S. Securities and Exchange Commission
: will provide investors with their first significant glimpse into the social-
: networking giant’s business performance, as well as at such other matters
: as its spending, hiring and executive pay. The Wall Street Journal reported
: over the weekend that the company was selecting its bankers and could make
|
l*******u
发帖数: 12906 | 4 微软大概要被非死不可超过了
【在 G***o 的大作中提到】
: 微软当年的240M现在至少值15亿了吧？
:
: IPO
: undergrad
: social-
: reported
|
G***o
发帖数: 5158 | 5 盘后亚麻跌10%，肯定要被非死不可超过了。
【在 l*******u 的大作中提到】
: 微软大概要被非死不可超过了
|
l*******u
发帖数: 12906 | 6 对亚麻是爱恨交织
【在 G***o 的大作中提到】
: 盘后亚麻跌10%，肯定要被非死不可超过了。
|
G***o
发帖数: 5158 | 7 等跌结实了再上点。幸亏我老知道自己没有发横财的命，
不贪，170买的上周在190卖了。
【在 l*******u 的大作中提到】
: 对亚麻是爱恨交织
|
l*******u
发帖数: 12906 | 8 我从来不碰亚麻
【在 G***o 的大作中提到】
: 等跌结实了再上点。幸亏我老知道自己没有发横财的命，
: 不贪，170买的上周在190卖了。
|
G***o
发帖数: 5158 | 9 亚麻是美国经济的晴雨表。比较好买卖的一只。
【在 l*******u 的大作中提到】
: 我从来不碰亚麻
|
l*******u
发帖数: 12906 | 10 问题是你咋知道米国的经济？
【在 G***o 的大作中提到】
: 亚麻是美国经济的晴雨表。比较好买卖的一只。
|
|
|
G***o
发帖数: 5158 | 11 关于米国的经济有很多数据可以读取。
统计局的不要。
【在 l*******u 的大作中提到】
: 问题是你咋知道米国的经济？
|
l*******u
发帖数: 12906 | 12 比如说
求指点
【在 G***o 的大作中提到】
: 关于米国的经济有很多数据可以读取。
: 统计局的不要。
|
G***o
发帖数: 5158 | 13 譬如，www.businesscycle.com
【在 l*******u 的大作中提到】
: 比如说
: 求指点
|
l*******u
发帖数: 12906 | 14 为啥这个就可信？
【在 G***o 的大作中提到】
: 譬如，www.businesscycle.com
|
l*******u
发帖数: 12906 | 15 对中国经济的分析靠谱不？
【在 l*******u 的大作中提到】
: 为啥这个就可信？
|
