Global Internet Valuations Comp Sheet,1-2-25. Thu Jan 02 2025

Key Points 1. Industry: Global Internet Companies 2. Document Type: Valuation and Market Cap Comparison 3. Date: January 2, 2025 4. Source: J.P. Morgan Securities LLC 5. Coverage: Companies across various regions including the U.S., China, Korea, Europe, Latin America, and ASEAN Key Points by Region U.S. 1. Amazon.com Inc (AMZN): Market Cap of $2.355 trillion, GAAP P/E of 42.2x, Non-GAAP P/E of 37.9x, EV/EBITDA of 25%, and EV/FCF of 25%. 2. Alphabet Inc (GOOGL): Market Cap of $2.351 trillion, GAAP P/E of 23.4x, Non-GAAP P/E of 20.9x, EV/EBITDA of 21%, and EV/FCF of 21%. 3. Meta (META): Market Cap of $1.522 trillion, GAAP P/E of 25.9x, Non-GAAP P/E of 22.6x, EV/EBITDA of 21%, and EV/FCF of 21%. China 1. Tencent Holdings Ltd (700 HK): Market Cap of $465.246 billion, GAAP P/E of 19.8x, Non-GAAP P/E of 17.6x, EV/EBITDA of 36%, and EV/FCF of 28%. 2. Alibaba Group Holding Ltd (BABA US): Market Cap of $204.789 billion, GAAP P/E of 14.2x, Non-GAAP P/E of 10.9x, EV/EBITDA of 21%, and EV/FCF of 6%. 3. Pinduoduo Inc (PDD US): Market Cap of $134.697 billion, GAAP P/E of 9.2x, Non-GAAP P/E of 8.5x, EV/EBITDA of 40%, and EV/FCF of 40%. Korea 1. Coupang (CPNG US): Market Cap of $39.539 billion, GAAP P/E of 34.3x, Non-GAAP P/E of 34.3x, EV/EBITDA of 27.1x, and EV/FCF of 15.3x. 2. Naver (035420 KS): Market Cap of $20.766 billion, GAAP P/E of 18.5x, Non-GAAP P/E of 17.1x, EV/EBITDA of 10.9x, and EV/FCF of 9.1x. 3. NCSoft (036570 KS): Market Cap of $2.702 billion, GAAP P/E of 22.6x, Non-GAAP P/E of 18.8x, EV/EBITDA of 15.9x, and EV/FCF of 10.3x. Europe 1. Prosus (PRX NA): Market Cap of €97.158 billion, GAAP P/E of 11.6x, Non-GAAP P/E of 9.8x, EV/EBITDA of 45%, and EV/FCF of 45%. 2. Zalando (ZAL GR): Market Cap of €8.850 billion, GAAP P/E of 35.2x, Non-GAAP P/E of 32.4x, EV/EBITDA of 25.6x, and EV/FCF of 26.5x. 3. Auto Trader (AUTO LN): Market Cap of £793 million, GAAP P/E of 25.8x, Non-GAAP P/E of 23.6x, EV/EBITDA of 18.8x, and EV/FCF of 17.0x. Latin America 1. MercadoLibre, Inc (MELI US): Market Cap of $86.208 billion, GAAP P/E of 50.6x, Non-GAAP P/E of 39.2x, EV/EBITDA of 26.8x, and EV/FCF of 20.0x. 2. Magazine Luiza (MGLU3 BZ): Market Cap of R$8.29 billion, GAAP P/E of 11.8x, Non-GAAP P/E of 10.3x, EV/EBITDA of 1.8x, and EV/FCF of 1.6x. ASEAN 1. Sea Ltd (SE US): Market Cap of $60.725 billion, GAAP P/E of 37.9x, Non-GAAP P/E of 37.9x, EV/EBITDA of 48.9x, and EV/FCF of 25.5x. 2. Grab Holdings Ltd (GRAB US): Market Cap of $19.007 billion, GAAP P/E of 67.4x, Non-GAAP P/E of 67.4x, EV/EBITDA of 94.4x, and EV/FCF of 33.7x. 3. Bukalapak (BUKA IJ): Market Cap of Rp125 billion, GAAP P/E of 23.3x, Non-GAAP P/E of 18.8x, EV/EBITDA of 23.3x, and EV/FCF of 18.8x. Additional Notes 1. Non-GAAP EPS: Excludes the impact of stock-based compensation. 2. Adj. EBITDA: Excludes stock-based compensation except for BKNG & SFIX. 3. Fiscal Year End: Varies by company. 4. Source: Company Reports, Bloomberg Finance L.P., J.P. Morgan estimates