“Early stage valuations aren’t really valuations. They are the exhaust fumes of a negotiation about two things – the amount raised and the amount of dilution.” – Fred Wilson; source.
“Those guys are morons,” says Palihapitiya of many value investors. The historic way of determining value by looking at balance sheets and discounted cash flow no longer works, he asserts. “Today, when money has no value, because we’ve essentially …
I first met Kashyap Deorah sometime late ’08 in Gloria Jeans Coffee in Bandra. We were introduced by Sudhir Sitapati, a junior of mine from IIMA, and a then-advisor to Kashyap’s Chaupaati Bazaar. I was then in the Brand Capital division of Times Group, and the conversation likely revolved around our funding model and whether it made sense for Chaupaati to access it (It didn’t).
We lost touch subsequently, though …
An open letter to John Fallon, Chief Executive of Pearson Plc
Dear John
For the nth time, congratulations on the sale of FT to Nikkei for £825m ($1,288m).
Everybody says £844m, but you and I know that with FT Group’s £19m in the bank, the funds you have got from Japan are a tad lower at £825m. Still that is a bucketload of money. And with The Economist Group’s 50% …
This post originally appeared on LinkedIn.
As you would all know by now, Pearson sold the FT Group yesterday to Nikkei for US$1.3b. The FT Group includes FT, some magazines such as Banker, Investor’s Chronicle, a 50% stake in Russian Biz Paper Vedomosti, an-EIU type co called Medley Global Advisors etc.
The valuation, at ~35X the adjusted operating income of $37m (on rev of $559m for 2014) is amongst …
On 2 April, Jagran Prakashan (JPL), the publishers of Dainik Jagran announced the acquisition of Nai Dunia.
The deal was concluded at an effective price of 150crs (thanks to a tax shield due to accumulated losses of 250crs in the books of Nai Dunia) for a brand that had revenues of 100crs and EBITDA of -25crs (FY11).
ICICI Securities in its report on 3 Apr 12 calls …