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2º SEMESTRE 2013
Texto retirado do blog do Aswath Damodaran: http://aswathdamodaran.blogspot.com.br/2012/02/ipo-of-decade-my-valuation- of-facebook.html “THURSDAY, FEBRUARY 16, 2012 The IPO of the decade? My valuation of Facebook The Facebook IPO gets closer and I don’t think I can put off this valuation much longer. While we don’t have an offering price yet, the preliminary estimates are that the company will be valued somewhere between $75 billion and $100 billion. As with my Skype, Linkedin and Groupon valuations, I will present my assumptions and valuation of Facebook, with the admission that I have no crystal ball and know that your estimates will be very different from mine. So, with that disclaimer out of the way, here are my valuation assumptions for Facebook. 1. Where Facebook stands right now: I started with the Facebook S-1 filing which contains their financials from last year. The pdf version is available here, with my highlights and annotations (just ignore my snarky comments... I cannot help them). Looking at the most recent year's numbers, here is what I see: (a) Revenues in 2011 were $3,711 million, up 88% from revenues of $1,974 million in 2010, which, in turn, were up 150% from revenue of $777 million in 2009. (b) The firm's pre-tax operating income increased from $1,032 million in 2010 to $1,756 million in 2011. The firm's net income increased from $ 606 million in 2010 to $ 1 billion in 2011, though a third of that net income was set aside for participating securities (convertible preferred and restricted stock units... More on that later...). Incidentally, Facebook paid 41% of its taxable income as taxes in 2011. FEVEREIRO 2013 Damodaran: Valuation do Facebook 18 MARKETS ST
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Page 5 and 6: EMPRESA SOB AVALIAÇÂO Mas, qual
Page 7 and 8: A FACE MAIS VISÍVEL DO MERCADO FIN
Page 9 and 10: NA LÍNGUA DO MERCADO patamar (7,25
Page 11 and 12: Ações Código As Mais Valorizadas
Page 13 and 14: Análise Técnica Análise Técnica
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