1 Valuation of Priceline.com Professor Joshua Livnat, Ph.D., CPA 311 Tisch Hall New York University 40 W. 4th St. NY NY 10012 Tel. (212) 998-0022 Fax (212)

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Presentation transcript:

1 Valuation of Priceline.com Professor Joshua Livnat, Ph.D., CPA 311 Tisch Hall New York University 40 W. 4th St. NY NY Tel. (212) Fax (212) Web page:

2 Financial Data

3 Income Statement Ratios

4 Visitors

5 Gross Margin (Revenues - CGS)

6 Regression of Gross Margin on Visitors

7

8 Regression of Sell&Mrktg on Visitors

9

10 Regression of General&Admin. on Visitors

11

12 Regression of R&D on Visitors

13 Volume Analysis Assumptions: 1.Selling & marketing expenses flat after $40MM. 2.G&A expenses flat after $12 MM.

14 Forecasted Cash Flows

15 Valuation

16

17 Summary A unique concept in the Internet space. Ideal for perishable goods. Narrow market segment, but not an insignificant one. Has potential if it can control costs better.