For your IPO grokking pleasure, CNBC correspondent Cory Johnson has sent along an updated Excel-based model of Google’s financials. (Cory also interviewed me for his ongoing coverage of Google, rumor has it he even used some of it….) He’s uploaded the income statement and balance sheet, and added some valuation, share count, TAC, and revenue growth metrics as well. Yahoo is used as a comp. The TAC metrics/gross revenues are new since the last amended S1. Change forward revenues and margins and see for yourself what happens to the stock price!
Click here to download it.
I think it’s fine to base a comp on Yahoo as long as it’s understood that a not insignificant discount should be applied (i.e., for the higher risk, less maturity, no voting rights, etc.).
I’m bidding under $108. If I don’t get my allotment, so be it.