Global Technology Leaders

(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
Platforms
AAPL Apple Inc. 236.41 1,068,379MM 966,187MM 3.7x 3.6x 12.9x 12.4x 20.2x 18.5x
MSFT Microsoft Corporation 137.41 1,057,418MM 1,010,054MM 7.2x 6.5x 16.4x 14.7x 26.2x 23.2x
AMZN Amazon.com, Inc. 1,757.51 869,363MM 899,514MM 3.2x 2.7x 21.4x 17.5x 54.1x 40.6x
GOOGL Alphabet Inc. 1,244.41 863,272MM 756,442MM 5.7x 4.9x 12.8x 11.0x 21.8x 19.8x
FB Facebook, Inc. 185.85 530,221MM 489,435MM 7.0x 5.7x 13.2x 10.8x 21.0x 17.1x
BABA Alibaba Group Holding 169.13 440,342MM 422,005MM 5.9x 4.5x 19.0x 14.8x 24.4x 19.7x
0700.HK Tencent Holdings 腾讯控股 324.80 397,810MM 406,700MM 7.5x 6.0x 21.3x 17.9x 29.6x 24.4x
NFLX Netflix, Inc. 275.30 120,651MM 129,755MM 6.4x 5.3x 41.3x 28.8x 70.0x 44.4x
3690.HK Meituan Dianping 美团点评 96.75 71,951MM 64,216MM 4.9x 3.7x - 48.9x - 75.4x
UBER Uber Technologies, Inc. 32.06 54,502MM 49,006MM 3.8x 2.8x - - - -
PDD Pinduoduo Inc. 33.38 38,799MM 34,218MM 8.2x 5.0x - - - 67.8x
NTES NetEase, Inc. 286.03 36,601MM 31,540MM 3.0x 2.8x 15.1x 13.4x 21.9x 20.4x
TWTR Twitter, Inc. 38.99 30,140MM 26,947MM 7.6x 6.5x 20.5x 17.4x 19.7x 36.5x
SNAP Snap Inc. 13.52 18,648MM 17,822MM 10.5x 7.7x - - - -
LYFT Lyft, Inc. 40.79 11,944MM 9,021MM 2.6x 2.0x - - - -
Mean 5.8x 4.7x 19.4x 18.9x 30.9x 34.0x
Median 5.9x 4.9x 17.7x 14.8x 23.2x 23.8x