Weibo’s Operating Leverage Continues to Increase; Increasing FVE to $61
Weibo released strong fourth-quarter earnings, with revenue up 43% year on year and 20% quarter on quarter, and operating income up 147% year on year and 48% quarter on quarter. We increase our fair value estimate to $61 per ADR from $40 to reflect higher revenue growth rates and improved margins in our forecast years. This implies a 2017 price/earnings ratio of 46.7 times. We believe that Weibo deserves a premium P/E valuation, given its strong bottom-line growth of over 30% per year in the nex...
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