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how an IPO works +#+HTML_HEAD: +#+OPTIONS: H:6 + +* Links +- [[./../mba-main.org][TOC | Business]] +- [[https://www.udemy.com/course/an-entire-mba-in-1-courseaward-winning-business-school-prof/learn/lecture/4315046#overview][S12:L64 course video]] + +* notes +** Mary Meeker – Internet Trends Report + +Mary Meeker, formerly a partner at Kleiner Perkins, is known for publishing the Internet Trends Report, one of the most influential annual reports on internet usage, the digital economy, and technology adoption. + +*** Key Facts +- Report Name: Internet Trends Report (also known as Meeker Report) +- Published: Annually, starting in the mid-1990s +- Content includes: + - Global internet usage + - Mobile trends + - Digital advertising + - E-commerce + - Social media growth + - Emerging technologies such as AI, cloud computing, and voice interfaces +- Originally released by: Kleiner Perkins +- Later reports released by: Bond Capital (Meeker's own VC firm, after leaving Kleiner Perkins in 2018) + +** how to value companies without revenue + +- valuation for high tech companies without revenue is based on subscribers + +*** facebook vs instagram + +**** facebooks value for subscribers + +\begin{equation} +\text{value per Subscriber} = \frac{\text{Facebook Market Cap}}{\text{Facebook Users (Subscribers)}} +\end{equation} + +\begin{equation} +\text{value per Subscriber} = \frac{\text{\$231,000,000,000}}{\text{1.4 billion subs}} +\end{equation} + +\begin{equation} +\text{value per Subscriber} = \text{\$165 per subscriber} +\end{equation} + +**** instagram value for subscribers + +\begin{equation} +\text{value per subscriber} = \frac{\text{instagram acquisition price}}{\text{instagram subs}} +\end{equation} + +\begin{equation} +\text{value per Subscriber} = \frac{\text{\$1,000,000,000}}{\text{100,000,000 subs}} +\end{equation} + +\begin{equation} +\text{value per Subscriber} = \text{\$10 per subscriber} +\end{equation} + +*** whatsapp +- facebook is mostly first world companies +- whatsapp has penetration in third world +- facebook messenger sucks ass + +**** change in growth rates +- facebook was losing subscribers +- whatsapp was growing + +**** subscriber value +- number of subscribers :: 700,000,000 +- price bought :: 20bn +- price / subscriber :: 28$ + +** valuation methods depend on the industry +*** short term drivers based on company +| industry | driver | +|--------------------+-------------------| +| consumer tech | subscribers | +| enterprise tech | revenue | +| semiconducter tech | earnings | +| hotels | revpar | +| industrials | earnings & volume | +| telecommnications | arpu | +| retail | earnings & SSS | +| biotech | FDA approval | + +**** definitions +- revpar :: revenue per available room +- arpu :: average revenue per users +- sss :: same store sales +**** notes +- same store sales + - investors want to see that the individual stores grow organically + - e.g. mcdonalods started staying open all day, and profits skyrocketed + +- fda approval is necessary for biotech + - no approval no profit + - once you get it, it's printing money + - stocks go up or down a ton depending on approval + +*** long term drivers +earnings and cash flow diff --git a/mba/finance_terms.org b/mba/finance_terms.org old mode 100644 new mode 100755