Inspired by Andreas’ (German) and Flavio’s posts about Facebook’s valuation, I want to take a closer (approximated) look at today’s values of Alibaba and PetroChina in Shanghai and Hong Kong. Where possible, I tried to use projected future values.
Please note that the following numbers are rough estimates with lots of potential rounding errors. Just interpret them as a rough indication that might point in the right direction - not more and not less.
Facebook
Andreas stated, that Facebook is worth:
- $50 Mio. per employee
- $217 per unique visitor
- a hundred times it’s revenue
- five hundred times it’s income (Google 52 times, Microsoft 22.5 times)
Alibaba.com
(approximate market cap of $25.7 bio.)
- $66 mio. per employee
(careful: based on figure from 2006)
- $141 per unique visitor
- 20 times it’s 2006 sales (2006 sales growth was 68%)
- 306 times it’s 2007 projected profit (Source: FT asia)
- 55 times it’s 2008 projected profit
Alibaba.com, part of the Alibaba group that also includes auction website Taobao and e-payment system Alipay, raised US$1.5bn in the world’s biggest internet offering since Google’s flotation in 2004.
(Source: FT asia)
PetroChina
Note that the PetroChina stocks are partly listed at the Hong Kong stock exchange and therefore (Mainlanders are not allowed to buy stock in Hong Kong and vice versa) the valuation here is far below the one in Shanghai. I use 1 trillion USD as the approximate cumulative value of PetroChina.
- $2.3 Mio. per employee
(1 trillion divided by the number of employees as of december 31st, 2006)
- $944 per barrel of oil equivalent produced (total crude oil and gas)
- 11.2 times it’s revenue
- 51.5 times it’s 2006 profit
Even though the numbers might not look as odd as Facebook’s, note that it’s worth almost as many times it’s profit as the often “bubbleized” Google and that it’s worth $944 per barrel of oil equivalent produced, which, in my opinion, is quite a lot. Furthermore Facebook still didn’t go public and therefore the valuation is just a rough estimation whereas PetroChina has gone public and these numbers are facts!
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