Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>WeWork announced a merger with BowX Acquisition Corp., a SPAC, in March 2021.</li><li>The deal values WeWork at an initial enterprise value of $9 billion.</li><li>WeWork expects $1.5 billion in cash proceeds from the transaction.</li></ul>

WeWork announced a merger with BowX Acquisition Corp., a SPAC, in March 2021.The deal values WeWork at an initial enterprise value of $9 billion.WeWork expects $1.5 billion in cash proceeds from the transaction.

<ul><li>Using our estimated 2021 revenue per member, applying 20% contribution margin and 21% tax rate, the return on capital of a site operating at 90% occupancy is 22% and increases to 27% if occupancy and margin improve.</li><li>To sense check on how much contribution margin can benefit from terminating lower quality sites, here is our illustrative calculation.</li><li>Scenario analysis shows that the business model is highly sensitive to the occupancy rate, a 5% drop in occupancy rate equals a $3B loss of equity value.</li></ul>

Using our estimated 2021 revenue per member, applying 20% contribution margin and 21% tax rate, the return on capital of a site operating at 90% occupancy is 22% and increases to 27% if occupancy and margin improve.To sense check on how much contribution margin can benefit from terminating lower quality sites, here is our illustrative calculation.Scenario analysis shows that the business model is highly sensitive to the occupancy rate, a 5% drop in occupancy rate equals a $3B loss of equity value.

WeWork Scenario Analysis, Risks, And Funding History

<ul><li>WeWork is inarguably one of the most controversial companies in the world.</li><li>In January 2019, WeWork was valued at $47B, making it the second-largest private company at the time, 15x the price of its closest competitor.</li><li>Our DCF model gives WeWork a valuation of $3.5B.</li></ul>

WeWork is inarguably one of the most controversial companies in the world.In January 2019, WeWork was valued at $47B, making it the second-largest private company at the time, 15x the price of its closest competitor.Our DCF model gives WeWork a valuation of $3.5B.

WeWork: How The $3.5B Flex Space Giant Is Engineering A Comeback

<ul><li>Click here for access to our WeWork valuation, revenue model, and full dataset.</li></ul>

Click here for access to our WeWork valuation, revenue model, and full dataset.

United States

Payments and commerce network enabling users to earn rewards on rent and neighborhood spending

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Bilt (BILT US)

WeWork SPAC DCF And Scenario Analysis

Our base DCF model implied a $3.5B valuation for WeWork. Sacra members get access to our full analysis of the $9B WeWork SPAC, including DCF and...

Sacra

WeWork Scenario Analysis, Risks, And Funding History

Our base DCF model implies a 2021 forward equity value of $3.5B for WeWork. Sacra members get access to scenario analysis, unit economics, and 5...

Sacra

WeWork: How The $3.5B Flex Space Giant Is Engineering A Comeback

WeWork is a flexible office space provider that competes with Regus. Our base DCF model implies a 2021 forward equity value of $3.5B for WeWork.

Sacra

WeWork Financials, DCF, And Dataset

Our base DCF model implies a 2021 forward equity value of $3.5B for WeWork. Sacra members get access to full WeWork financials, discounted cash...

Sacra

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