(as of 18/10/19)

Ticker | Company | Share price (local) | Market cap (US$MM) | Firm value (US$MM) | 2019E FV/Sales | 2020E FV/Sales | 2019E FV/EBITDA | 2020E FV/EBITDA | 2019E P/E | 2020E P/E |
---|---|---|---|---|---|---|---|---|---|---|

US E-commerce Companies | ||||||||||

AMZN | Amazon.com, Inc. | 1,757.51 | 869,363MM | 899,514MM | 3.2x | 2.7x | 21.4x | 17.5x | 54.1x | 40.6x |

EBAY | eBay Inc. | 38.82 | 32,561MM | 36,294MM | 3.4x | 3.2x | 9.9x | 9.2x | 14.1x | 12.7x |

CHWY | Chewy, Inc. | 27.05 | 10,782MM | 10,848MM | 2.3x | 1.8x | - | - | - | - |

ETSY | Etsy, Inc. | 57.61 | 6,940MM | 6,682MM | 8.3x | 6.6x | 35.5x | 26.3x | 53.3x | 42.6x |

FTCH | Farfetch | 8.04 | 2,411MM | 1,847MM | 1.9x | 1.3x | - | - | - | - |

SFIX | Stitch Fix, Inc. | 23.22 | 2,360MM | 2,046MM | 1.1x | 0.9x | - | 39.0x | - | - |

GRPN | Groupon, Inc. | 2.96 | 1,680MM | 1,434MM | 0.6x | 0.6x | 5.4x | 4.8x | 14.0x | 13.0x |

OSTK | Overstock.com, Inc. | 10.82 | 382MM | 385MM | - | - | - | - | - | - |

Mean | 3.0x | 2.4x | 18.0x | 19.4x | 33.9x | 27.2x | ||||

Median | 2.3x | 1.8x | 15.6x | 17.5x | 33.7x | 26.8x | ||||

China E-commerce Companies | ||||||||||

BABA | Alibaba Group Holding | 169.13 | 440,342MM | 422,005MM | 5.9x | 4.5x | 19.0x | 14.8x | 24.4x | 19.7x |

JD | JD.com, Inc. | 29.93 | 43,517MM | 39,815MM | 0.5x | 0.4x | 21.8x | 14.9x | 34.3x | 25.0x |

PDD | Pinduoduo Inc. | 33.38 | 38,799MM | 34,218MM | 8.2x | 5.0x | - | - | - | 67.8x |

VIPS | Vipshop Holdings | 9.43 | 6,296MM | 5,495MM | 0.4x | 0.4x | 7.3x | 6.1x | 11.5x | 9.9x |

BZUN | Baozun Inc. | 41.00 | 2,554MM | 2,592MM | 2.5x | 1.9x | 28.6x | 18.3x | 34.5x | 23.0x |

YJ | Yunji Inc. | 5.47 | 1,181MM | 801MM | 0.3x | 0.1x | - | 6.2x | - | 10.5x |

1761.HK | BabyTree Group 宝宝树集团 | 2.17 | 470MM | 94MM | 0.9x | 0.6x | - | - | 26.5x | 10.8x |

MOGU | MOGU Inc. | 2.70 | 289MM | 67MM | 0.4x | 0.4x | - | - | - | - |

Mean | 2.4x | 1.7x | 19.2x | 12.1x | 26.2x | 23.8x | ||||

Median | 0.7x | 0.5x | 20.4x | 14.8x | 26.5x | 19.7x |