Pinterest Is Going Public. Here's What You Need to Know. -- Barrons.com
Pinterest Is Going Public. Here's What You Need to Know. -- Barrons.com
DJ Pinterest Is Going Public. Here's What You Need to Know. -- Barrons.com
DJ Pinterest即將上市。以下是你需要知道的。--Barrons.com
By Andrew Bary
安德魯·巴里著
The market for new stocks has lost some of its unicorn fairy dust after a disappointing debut by Lyft. A coming initial public offering could bring back some of the magic -- and it may not be one from Uber Technologies.
在Lyft首次亮相令人失望之後，新股市場已經失去了一些獨角獸仙塵。即將到來的首次公開募股(IPO)可能會重新帶來一些魔力--而可能不是優步技術公司(Uber Technologies)。
It's Pinterest, the operator of a popular bulletin-board website. It has an attractive high-growth business, is close to profitability, and -- most important -- appears willing to price the deal to sell. The talk on Wall Street late last week was that demand was strong for this week's IPO, and the talk looked to be correct, as Pinterest looks set to raise more than $1.4 billion after pricing shares at $19.
這是Pinterest，一個頗受歡迎的公告牌網站的運營商。它擁有極具吸引力的高增長業務，接近盈利，而且--最重要的是--似乎願意為這筆交易定價出售。上週晚些時候，華爾街的傳言稱，本週的IPO需求強勁，而且這種傳言看起來是正確的，因為Pinterest在將股票定價為19美元后，似乎將籌集超過14億美元的資金。
That's below a price of more than $21 a share that Pinterest received in a round of financing from Fidelity Investments in 2017. At $19, Pinterest, which will list under the ticker PINS, would be valued at more than $12 billion, based on a fully diluted share count of about 655 million shares.
這低於Pinterest在2017年從富達投資(Fidelity Investments)獲得的一輪融資中每股超過21美元的價格。以19美元的價格，將以股票代碼上市的Pinterest的估值將超過120億美元，根據約6.55億股的完全稀釋後的股票數量計算。
At a time when unicorns -- private companies valued at more than $1 billion -- feel pressure to price their IPOs aggressively, Pinterest's restraint could pay off.
在獨角獸公司--估值超過10億美元的私營公司--感受到積極為IPO定價的壓力時，Pinterest的剋制可能會得到回報。
Lyft (ticker: LYFT) pushed too hard and priced its IPO at $72 a share, above its pricing range. The stock has since fallen to $59 as investors focus on its heavy losses and await the IPO of Uber, its larger and stronger rival.
Lyft(股票代碼：Lyft)過於用力，將IPO定價為每股72美元，高於定價區間。自那以來，隨着投資者關注其嚴重虧損，並等待其規模更大、實力更強的競爭對手優步(Uber)上市，優步股價已跌至59美元。
Uber's reported goal of a $100 billion market value could prove a stretch after its IPO filing became public on Thursday. It showed core revenue flattening in the past few quarters, suggesting that the global ride-hailing opportunity may not be as large as Uber and Lyft fans believe.
上週四，優步首次公開募股申請公之於眾後，該公司宣佈的市值達到1000億美元的目標可能會被證明是遙不可及的。過去幾個季度，優步的核心收入持平，這表明全球叫車機會可能沒有優步和Lyft的粉絲認為的那麼大。
Uber's core revenue totaled $2.54 billion in the fourth quarter of 2018, almost exactly the same as its second quarter, amid continued operating losses that totaled $3 billion last year, compared with $4.1 billion in 2017.
優步在2018年第四季度的核心收入總計25.4億美元，與第二季度幾乎完全相同，去年持續運營虧損總計30億美元，而2017年為41億美元。
Pinterest could be considered expensive by traditional financial measures, and investors are likely to compare it to richly valued internet companies like Twitter (TWTR) and Snap (SNAP). Pinterest is growing rapidly off a low base, with revenue up 60% last year, to $756 million and rising a projected 45% to about $1.1 billion this year.
按照傳統的財務標準，Pinterest可能被認為是昂貴的，投資者可能會將其與Twitter(Twitter)和Snap(SNAP)等估值豐厚的互聯網公司相提並論。Pinterest在低基數的基礎上迅速增長，去年收入增長60%，至7.56億美元，今年預計增長45%，至約11億美元。
Pinterest had more than 265 million global users at the end of 2018, including 82 million in the U.S., who compile visual bulletin boards using pinned images on such topics as home renovations, wedding planning, fashion, and cooking. Women make up two-thirds of Pinterest's user base, including 80% of U.S. mothers ages 18 to 64 -- an attractive demographic given the role that women play in household financial decisions. Pinterest writes in its prospectus that half of all U.S. millennials are users.
截至2018年底，Pinterest在全球擁有超過2.65億用户，其中包括8200萬美國用户，他們使用固定的圖像編輯視覺公告欄，主題包括房屋翻新、婚禮策劃、時尚和烹飪。女性佔Pinterest用户羣的三分之二，其中80%的美國母親年齡在18歲到64歲之間，考慮到女性在家庭財務決策中扮演的角色，這是一個有吸引力的羣體。Pinterest在招股説明書中寫道，美國千禧一代中有一半是用户。
The company appeals to advertisers, which buy so-called promoted pins that are comparable to sponsored posts on Facebook, because users are often planning to make purchases. Pinterest calls itself "the productivity tool for planning your dreams."
該公司吸引了廣告商，他們購買的所謂促銷PIN相當於Facebook上的贊助帖子，因為用户往往計劃進行購買。Pinterest自稱是“規劃夢想的高效工具”。
Atlantic Equities analyst James Cordwell began coverage of Pinterest with an Overweight rating and a price target of $23 a share, writing that "the company's unique and broadly appealing proposition, offering consumers the ability to view and collate visual recommendations, will enable ongoing robust user growth." He expects "significant monetization upside, given the higher purchasing intent of the user base" and sees 32% compound annual growth in revenues from 2018 through 2022.
大西洋證券公司的分析師詹姆斯·科德韋爾以增持評級和每股23美元的目標價開始了對Pinterest的報道，他寫道：“該公司獨特且具有廣泛吸引力的主張，為消費者提供了查看和整理視覺推薦的能力，這將使用户持續強勁增長。”他預計，“考慮到用户羣更高的購買意願，盈利將大幅上升”，並預計從2018年到2022年，收入的複合年增長率將達到32%。
One of Pinterest's biggest opportunities -- and challenges -- is outside the U.S., where it generates just 8% of its revenue.
Pinterest最大的機遇和挑戰之一是在美國以外，該公司僅有8%的收入來自美國以外。
"Twitter gets almost half of its revenues outside the U.S.," Cordwell tells Barron's. "There is no structural reason that Pinterest can't be as successful as Twitter."
Cordwell告訴Barron‘s：“Twitter近一半的收入來自美國以外的地區。”“沒有結構性原因表明，Pinterest不能像Twitter那樣成功。”
Unlike Lyft, Pinterest is close to profitability on an annual basis and operated in the black in the fourth quarter. The company lost $75 million from operations in 2018 against $911 million for Lyft. Cordwell sees non-GAAP profitability in 2019 when excluding stock-based compensation. Pinterest, like many tech companies, is a generous issuer of restricted stock to employees, compensation that tech investors are often willing to ignore. Cordwell sees GAAP profitability in 2021.
與Lyft不同的是，Pinterest的年度利潤接近盈利，第四季度實現盈利。2018年，該公司的運營虧損了7500萬美元，而Lyft的虧損為9.11億美元。Cordwell預計，如果不包括基於股票的薪酬，2019年將出現非GAAP盈利能力。與許多科技公司一樣，Pinterest也是一家慷慨地向員工發放限制性股票的公司，科技投資者往往願意忽視這一薪酬。Cordwell預計2021年GAAP將實現盈利。
Pinterest will probably be valued based on its revenue. Assuming an IPO price of $16, the company would be valued at eight times projected 2019 sales of $1.1 billion when factoring in its $1.5 billion in cash. Snap is valued at nine times, and Twitter and Facebook (FB), at about seven.
Pinterest的估值可能會基於其收入。假設IPO價格為16美元，如果考慮到15億美元的現金，該公司的估值將是2019年預計銷售額11億美元的8倍。Snap的估值為9倍，Twitter和Facebook的估值約為7倍。
Susquehanna Financial Group analyst Shyam Patil wrote that Snap's valuation "could set the floor for Pinterest."
Susquehanna金融集團分析師Shyam Patil寫道，Snap的估值“可能為Pinterest設定底線”。
That would be bullish since Snap is valued more highly than Pinterest. He views Pinterest as a "better business" than Snap with a "much cleaner and visible growth story." While Pinterest competes against Facebook, which is using its Instagram to drive e-commerce, Facebook is a more formidable rival for Snap.
這將是樂觀的，因為Snap的估值高於Pinterest。他認為，與Snap相比，Pinterest是一項“更好的業務”，有着“更乾淨、更可見的增長故事”。雖然Pinterest的競爭對手是Facebook，後者正在利用其Instagram推動電子商務，但Facebook是Snap更強大的競爭對手。
Among the knocks against Pinterest is engagement. The company, unlike Facebook, Snap, and Twitter, doesn't report daily active users. It discloses that 57% of its monthly active users go to the site each week. Analysts estimate that the ratio of daily to monthly users at Pinterest is 20% to 25%, below Twitter at about 40% and Facebook, at 65%.
對Pinterest不利的因素之一是參與度。與Facebook、Snap和Twitter不同，該公司不報告每日活躍用户。它透露，其每月活躍用户中的57%每週都會訪問該網站。分析師估計，Pinterest的每日用户與月度用户之比為20%至25%，低於Twitter的約40%和Facebook的65%。
Cordwell agrees that this is an issue, but it's offset by the "high purchasing intent" of Pinterest users.
Cordwell也認為這是個問題，但Pinterest用户的“高購買意願”抵消了這一點。
Yet investors will have no power at the company because Pinterest will issue Class A shares in the deal, while converting all shares outstanding held by earlier-stage investors, including the company's founders, Ben Silbermann and Evan Sharp, into Class B stock with 20 votes each.
然而，投資者對該公司沒有任何權力，因為Pinterest將在這筆交易中發行A類股票，同時將包括公司創始人本·西爾伯曼和埃文·夏普在內的早期投資者持有的所有流通股轉換為B類股票，每人有20票。
The question for Pinterest is whether it can become an important destination for online advertisers in a market dominated by Alphabet's Google (GOOGL) and Facebook. Investors would like to see Pinterest become what Cordwell calls a "second tier" platform like Twitter or Snap, rather than a third-tier one like Yelp (YELP).
Pinterest面臨的問題是，在這個由Alphabet、谷歌和臉書主導的市場中，它能否成為網絡廣告商的重要目的地。投資者希望看到Pinterest成為考德威爾所説的像Twitter或Snap那樣的“二線”平臺，而不是像Yelp那樣的三線平臺。
To get there, Cordwell thinks Pinterest needs $3 billion in annual revenue -- up fourfold from last year. He believes that the company has a good shot at that.
考德威爾認為，要實現這一目標，Pinterest的年收入需要達到30億美元--是去年的四倍。他認為，該公司有很好的機會做到這一點。
Of the many unicorns coming to market this year, this is one you may want to pin in your investing scrapbook.
在今年上市的許多獨角獸公司中，這一家可能是你想要放在投資剪貼簿上的。
Update: This article was updated to reflect the pricing of Pinterest's IPO.
更新：本文已更新，以反映Pinterest的IPO定價。
Write to Andrew Bary at andrew.bary@barrons.com
寫信給安德魯·巴里，電子郵件：andrew.bary@Barrons.com
(END) Dow Jones Newswires
(完)道瓊通訊社
April 18, 2019 08:05 ET (12:05 GMT)
2019年4月18日東部時間08：05(格林尼治標準時間12：05)
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譯文內容由第三人軟體翻譯。