Global E-commerce Comps

(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