The analysts who follow Amazon rationalize its stock price at a multiple of revenues.
Today you have a letter from CEOs urging that spending cuts, entitlement adjustments and so forth be a multiple -- a greater multiple than revenues.
If you take those fees and give a five multiple to the revenues or 10 or 12 multiple to the EBITDA, then we had the price of the stock.
FORBES: Why Billionaire Investor Ron Baron Likes Commercial Real Estate And Private Equity Stocks
According to Schinman, catalogs tend to sell for a 6x-10x multiple of annual revenues.
We believe that a secondary market would enable Amazon to generate revenues multiple times from a product sale instead of one-time.
Thus we used a multiple of only three times revenues to value the Lions.
It values Go.com at a multiple of 15 times its revenues, compared to around 70 for similar companies.
For Warhols, Lichtensteins and Jeff Koons' work, the sales matched the Internet bubble in 1999 when tech houses with no visible earning power sold north of 10 times revenues or even a multiple of paid clicks.
So one of these businesses, the commodities one, is priced at less than the value of its annual revenues and a modest multiple of profits - and the internet one is priced at a huge multiple of turnover and profits.
In assigning values to teams, we look first at revenues and then assign a multiple that ranges from 3.0 to 1.8.
"When multiple cities bid, each has a different view of what the revenues will be, and the one with the brightest economic forecast usually wins, " says Evan Osborne, an economist at Wright State University.
Cohen notes that there are multiple risks for the companies she covers in a recession scenario: weaker revenues from advertising, themes parks and travel, consumer products and live entertainment.
FORBES: Fearing Recession, Merrill Wary On DIS, DISH, DTV, DWA
Assuming other revenues remain constant, the increased rights fee from the new television deal would only lower the multiple to 4 times 2012 revenue.
The analyst notes that Western Europe and North America together account for about 70% of revenues But he adds that for revenus to grow fast enough to justify a 15x 2014 consensus EBITDA multiple likely requires 20% growth in those markets.
FORBES: Feeling Asocial? Bernstein Cuts Facebook To Market Perform
应用推荐