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Date: 3 April 2019, Wednesday
Time: 6.30pm to 9pm (Registration and Dinner starts at 6.30pm; Talk begins at 7pm)
Venue: 160 Robinson Road, #06-01, SBF Centre, Singapore 068914
Speaker: Prof. Vidhan K Goyal
On March 2, 2017, Snap Inc. went public at an initial offering price of $17.00 per share. Over the next three weeks, several unaffiliated analysts (i.e., not serving as underwriters for the IPO) made investment recommendations on Snap. When the IPO quiet period ended on March 27, many more analysts – including analysts from the IPO’s lead underwriters – issued recommendations.
In this talk, we will explore the challenges of valuing young, rapidly growing technology firms and the role analysts play in conveying value-relevant information. We use “Valuing Snap After the IPO Quiet Period” (HBS Case #218095) to:
a. Illustrate the mechanics of discounted cash flow valuation of Snap
b. Assess the reasonableness of the key inputs in analysts' valuation analysis
c. Hightlight the potential conflicts of interest facing affiliated sell-side analysts
d. Analyze how research analysts actually value firms.
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