Report
EUR 93.06
For Business Accounts Only
SiteMinder is an open hotel commerce platform that empowers hotels and accommodation providers (customers) to sell, market, manage and grow their business. It is essentially Shopify for hotel and accommodation providers. The company demonstrated its resilience during COVID-19 which is a testament of its value to its customers.
SiteMinder is offered at 6.7x FY24 EV/Revenue and 8.9x FY24 EV/Gross Profit compared to the peer average of 8.8x and 13.9x, which implies a 58% and 51% potential upside. We think it can trade at a premium to OTAs and hotel tech peers as seen from its impressive performance relative to peers during the pandemic.
However, one should keep in mind the lack of lock-up on major existing shareholders.
In this note, we will look at the company’s business model, fundamentals, deal dynamics, assumptions, and share our thoughts on valuation.
SiteMinder IPO - Impressive performance during pandemic
SiteMinder is looking to raise about US$467m in its Australia IPO.SiteMinder is an open hotel commerce platform that empowers hotels and accommodation providers (customers) to sell, market, manage and grow their business. It is essentially Shopify for hotel and accommodation providers. The company demonstrated its resilience during COVID-19 which is a testament of its value to its customers.
SiteMinder is offered at 6.7x FY24 EV/Revenue and 8.9x FY24 EV/Gross Profit compared to the peer average of 8.8x and 13.9x, which implies a 58% and 51% potential upside. We think it can trade at a premium to OTAs and hotel tech peers as seen from its impressive performance relative to peers during the pandemic.
However, one should keep in mind the lack of lock-up on major existing shareholders.
In this note, we will look at the company’s business model, fundamentals, deal dynamics, assumptions, and share our thoughts on valuation.
Underlying
SiteMinder
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Zhen Zhou Toh
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