Practical Summary:

  • Online sales (excluding restaurants / gas) will represent over 25% of total US retail sales in 2020 versus 16% in 2019
  • Some of the early winners were the established eCommerce brands, notably Amazon, Walmart, Target and eBay
  • More recently, a next…


Practical Summary:

  • More recent IPOs (post 2016) are at 18x
  • This group of 51 companies ($680B market cap) is growing at a median 34% yoy growth rate
  • This may be the first time ever that…


A Practical Summary

  • For wealthy Americans who are in the top income quartile, and who own significant financial assets, the recession is effectively over: incomes, employment…


A Practical Summary:

  • These companies have generally traded at 5-8x enterprise value / trailing revenues (“EV / LTM”) since 2013…


Summary:

  • This index tracks the EV / LTM multiple of a basket of 80 SaaS companies in five different verticals
  • This multiple has generally been in a range of 5-8x since 2013…


Summary

· The enterprise value of a SaaS company at IPO can be predicted almost entirely with just two metrics: 1) the annual recurring revenue in the most recent quarter, and 2) the yoy growth rate of that ARR from the year-ago period

· The relationship between revenue growth and…


  • That group is now trading above where they were in February,when the broader markets peaked and started their freefall. “Work from home” stocks (like Zoom…


Summary:

  • The fiscal and monetary stimulus has been much more rapid and significant than anything we’ve seen in prior recessions. This is a strong technical rally, and I wouldn’t fight the Fed.
  • Bear market rallies … upticks during periods…


Summary:

· 2019 was a banner year for high-growth SAAS companies going public, with 12 companies listing their shares, including Zoom, Slack, DataDog and Crowdstrike

· These companies IPO’ed at an average EV / LTM multiple of 15x, and as of April 9 … even with the recent market rout…


Summary:

  • The S&P 500 Index hit a low of 2,290 soon after I posted, and is…

Aman Verjee

Former C-suite at PayPal, Sonos, eBay. Now general partner & founder at Practical VC, a secondary venture capital fund.

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