Why Does No. 1 Store Price And Valuation Seem Inappropriate?

About 9 billion 500 million sold.

The group, rather than the 40 billion valuation before rumours.

How do these 9 billion 500 million valuations come to be? A partner of a well-known investment institution may have judged that it was probably based on the 2015 GMV of shop No. 1.

"The 5% stake should be estimated in accordance with GMV. It is very likely that the number 1 store in 2015 was 5% of Jingdong's GMV in 2015, so the owner of shop 1 was 5%.

Only about 5% of Jingdong group's shares were acquired.

Who is more profitable between Jingdong and WAL-MART?

Unanimous interpretation of the media, the Jingdong 9 billion 500 million yuan to buy WAL-MART's 1 shop is a win win situation.

Aside from all kinds of strategies, no matter what the price of this paction is, Jingdong or WAL-MART will make more money.

From the conventional M & a valuation method, the partners of the above investment institutions have analyzed that if the number 1 stores in 2015 exceeded the Jingdong group's 5% GMV in the year, then the sale of Jingdong would be more cost-effective than WAL-MART's GMV.

On the contrary, WAL-MART is more cost-effective.

Another senior retail executive also expressed a similar view that the No. 1 store's GMV is the most important reference standard for its valuation.

"Similar to shop 1 such a company, in general, the GMV was his valuation, but 1 shop has been in a big loss, so the valuation has a discount."

Public information shows that Jingdong group's total paction volume of 2015 (GMV) reached 462 billion 700 million yuan, and core GMV (excluding pat platform) was 446 billion 500 million.

And the number 1 shop announced the paction volume after 2013 is 11 billion 540 million yuan, after that has not disclosed the new year sales scale again.

Why does stock price and valuation seem inappropriate?

It is learned that the Jingdong Group acquired the brand, website and APP of shop No. 1 and paid WAL-MART's 144952250 shares of class a common stock.

Jingdong's stock price rose 4.62% in the US market on Monday morning, and the price was 21.06 USD at the close.

At the same time, the total market value of Jingdong group is about $28 billion 800 million. The Jingdong bought 1 shop by selling 5% shares, so the 1 shop is valued at about 1 billion 440 million US dollars (about 9 billion 500 million RMB).

Then the question arises. According to the 144952250 shares and 21.06 dollars per share, does WAL-MART hold 144952250 shares of class a common stock not about 3 billion dollars? Why is it calculated at 1 billion 440 million dollars according to the 5% valuation of Jingdong? After the announcement of the official announcement of the Jingdong group's purchase of 1 shop, many hundred million power network members asked about this.

In response, the partners of the above investment institutions answer that according to the relevant securities laws of the United States, the enterprises registered in the United States must be registered in the United States, such as Jingdong, and the enterprises registered in China can only enter the capital market of the United States by depository receipts (ADR).

Therefore, the Chinese Listed Companies in the United States are depository receipts in the capital market instead of direct stocks. Each ADR of JD contains two shares, that is, the number of shares divided by 2 equals to ADR and multiplied by about 21 dollars is the market value of Jingdong.

"WAL-MART holds 144952250 shares of class a common stock of Jingdong, so it has 72476125 ARD numbers, and the closing price of Jingdong is US $21.06, referring to the price of a single ARD.

Therefore, no matter which algorithm is used by shop No. 1, it is valued at 9 billion 500 million yuan.

What is the valuation of store No. 1?

From the beginning of shop No. 1, it continued to pay attention to and report on it. Its founder just abandoned the career path of large company executives at the age of 50, and chose to establish shop 1 with Liu Junling, who had the same entrepreneurial idea.

Before and after 2012, the 1 store and the Coba network, Yi soon network and new egg net were once defined as Jingdong competitors.

Seven or eight years later, after the closure of the Cobb network, the new egg net was forgotten by the market, and soon after the Tencent was packaged and sold to Jingdong, it was silent. Only the 1 store insisted on the camp.

In 2015, the two founders both left, and for a while, they began to sigh in the business circle.

Shopping malls don't believe in tears, just about strength. This is the last self originated electronic business platform that originated with Jingdong PK. Now, how does it work in the electricity business circle?

According to the valuation, Jingdong's total market capitalization is 28 billion 800 million dollars at present, the total market value of vip.com is about 6 billion 580 million dollars, jumei.com's total market value is about 650 million dollars, and Dangdang's total market value is about 500 million dollars.

According to the valuation of US $1 billion 440 million in shop No. 1, the number of B2C that rose before and after 2006 ranked third.

Even though the volume of shop No. 1 is still large, the brand is more valuable than the Internet.

However, the future of shop No. 1 is still confusing, and even many senior practitioners in the industry are pessimistic.

"Now, Jingdong should think that shop No. 1 is a brand of its own value and will continue to do so.

But I don't think how long this idea will last, just like the time when Amazon bought the best, think that there are more users who know Bea Ma Xun, and want to continue to be bigger and stronger.

But after a few years, excellence has shrunk.

So when Jingdong sucks the nutrition of shop No. 1, I think I will throw the 1 store aside.

After all, only the big Hengda on the Internet, the second is finally forced to be disabled.

Huang, as the former general manager of COO and Tmall, is the judge.