With another technology IPO trading at 100%+ after the 1st day of trading (BigCommerce: $BIGC), it appears that institutional buyside is really having their way with venture capital and investment bankers. Off the back of this continued mispricing by bankers, we have decided to publish our SaaS Commerce Comparable table to help make the valuation picture more clear.
eCom Store Platforms
While BigCommerce trades at a near 6oo% discount to Shopify’s EV/Gross Profit, it is actually trading at a 25% premium to Shopify’s SaaS Growth multiple.
At the same time while Shopify reported very strong merchant sales (up 83% Q/Q), their SaaS metrics saw a deterioration driven byYou must be subscribed to the 'Institutional Equity Research' plan to access the rest of this content.
