coupang ipo valuation
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Coupang ipo valuation

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Among the comps, Pinduoduo had the highest sales growth of In , Pinduoduo had the highest sales growth of In , the comps had an average sales growth of Coupang's strong sales growth is a testament to its ability to take away market share in Korea from other e-commerce providers and brick-and-mortar retail shops combined with once in a lifetime opportunity created by the COVID pandemic.

In general, investors will give a lot of credit to Coupang for its ability to generate significant sales growth in the past several years, much faster than its peers. Coupang ranks low in this category. Coupang had a gross margin of In comparison, the comps had an average TTM gross margin of The comps had average and median operating margins of 1.

Pinduoduo had negative operating margin in but its operating margin improved significantly from Coupang's operating margin improved from With regards to this metric, we would give slightly higher points to Coupang since it was able to generate higher improvement in operating margins versus its peers, although it still generated negative operating margins in The last months have been a very bullish market environment for high quality tech IPOs globally.

This will also likely have a major positive impact on the Coupang IPO. In our view, the sooner it is able to complete the IPO, the better it will be since this bullish IPO environment is not likely to last for an extended period of time.

In addition, we believe many investors who will be able to get in at or lower prices than the IPO price of Coupang may try to sell some of their shares if indeed there is a big pop on the Coupang shares on the first day of trading. Furthermore, we need to consider the way Coupang has suggested what the value of its own company should be in this IPO.

However, for the investors that currently do NOT currently own any shares in Coupang and want to own some shares , there will be a lot of resistance to raising the IPO valuation of the company so much in a short period of time. Rakuten and Mercari are two of the largest e-commerce companies in Japan. Although Coupang's sales growth in was much higher at In addition, although Coupang's market share is likely to increase further in the years ahead, it remains uncertain if it could eventually become a dominant player in Korea like Amazon in the US.

However, it remains uncertain if Coupang could dominate the market taking nearly half of the total B2C e-commerce market in Korea over the next years. This also means that the Korean e-commerce market may gradually evolve to look more like Japan having more players carving out the market shares and a bit more fragmented , rather than the US with Amazon capturing about half of the market.

Amazon's gross profit was 12x higher than eBay's in Amazon's market cap is 38x eBay's. Coupang has clearly beaten eBay Korea in terms of market share gains and higher sales growth. However, eBay Korea has successfully generated positive operating margins in the past decade. Overall, despite Coupang's much higher sales growth rate versus eBay Korea, does it make sense that Coupang's valuation is nearly 11x higher than eBay Korea's, especially considering that the total transaction values of these two companies may not differ materially?

The company's gross margins improved materially from 4. Its gross margin remained steady at The table below provides our income statement forecast from to From to , we have assumed the company's sales to increase by We estimate the company's average Active Customers to be Curiously, the company provides Active Customers and net revenue per active customer on a quarterly basis for the last quarter of the year from to We used this data to get estimates of the Active Customers.

For example, we estimate the Active Customers to be We then used the The average monthly consumption expenditure per household in Korea was 2. Coupang offers free next-day delivery on items purchased before midnight. Customers leave reusable containers outside their doors, so most packages are delivered without an additional cardboard box. And customers can make returns just by leaving items outside their homes and notifying Coupang via mobile app. Coupang has leveraged its vast ecommerce business to expand into related sectors including meal delivery, online grocery fulfillment, payment processing and digital advertising.

Coupang only serves the Korean market, which is on track to become the world's third-largest ecommerce market before the end of the year. Coupang had Notably, in the growth strategies section of its S-1, Coupang lists growth initiatives within Korea but doesn't mention the possibility of international expansion. Coupang isn't yet profitable, though it has managed to lessen losses over time. Three factors stand out from Coupang's risk section: competition, operating costs and labor conflicts.

Coupang has invested so much in its logistics network that it would be difficult for a new entrant to offer comparable services. But unfortunately for Coupang, its overseas competitors have extremely deep pockets. Coupang is unique in the ecommerce space in that it operates an end-to-end logistics network. This strategy transformed Coupang into one of the top three private sector employers in Korea — the company's workforce doubled to 50, employees over the span of , and it plans to double again by And much like Amazon , Coupang has drawn scrutiny for the working conditions in its warehouses.

Coupang didn't disclose the ownership stakes of its shareholders in the S-1, but Greenoaks Capital Management, Sequoia Capital and BlackRock were all early investors. To give you the best possible experience, this site uses cookies.

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Coupang offers free next-day delivery on items purchased before midnight. Customers leave reusable containers outside their doors, so most packages are delivered without an additional cardboard box. And customers can make returns just by leaving items outside their homes and notifying Coupang via mobile app.

Coupang has leveraged its vast ecommerce business to expand into related sectors including meal delivery, online grocery fulfillment, payment processing and digital advertising. Coupang only serves the Korean market, which is on track to become the world's third-largest ecommerce market before the end of the year.

Coupang had Notably, in the growth strategies section of its S-1, Coupang lists growth initiatives within Korea but doesn't mention the possibility of international expansion. Coupang isn't yet profitable, though it has managed to lessen losses over time. Three factors stand out from Coupang's risk section: competition, operating costs and labor conflicts.

Coupang has invested so much in its logistics network that it would be difficult for a new entrant to offer comparable services. But unfortunately for Coupang, its overseas competitors have extremely deep pockets. Coupang is unique in the ecommerce space in that it operates an end-to-end logistics network.

This strategy transformed Coupang into one of the top three private sector employers in Korea — the company's workforce doubled to 50, employees over the span of , and it plans to double again by And much like Amazon , Coupang has drawn scrutiny for the working conditions in its warehouses. Coupang didn't disclose the ownership stakes of its shareholders in the S-1, but Greenoaks Capital Management, Sequoia Capital and BlackRock were all early investors.

To give you the best possible experience, this site uses cookies. If you continue browsing. You can review our privacy policy to find out more about the cookies we use. Source Code. Cloud Computing. The New Database.

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