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>Wander hit $30M in revenue run rate in 2024, up 200% YoY.</li><li>Wander moved in 2023 from its asset-heavy approach to a fully-managed model.</li><li>The upside case for Wander is that by aggregating the supply of the top 1% of vacation rentals, they can drive predictable high-value bookings through their own channel.</li></ul>

Wander hit $30M in revenue run rate in 2024, up 200% YoY.Wander moved in 2023 from its asset-heavy approach to a fully-managed model.The upside case for Wander is that by aggregating the supply of the top 1% of vacation rentals, they can drive predictable high-value bookings through their own channel.

<ul><li>Sacra estimates Wander hit $30M in revenue run rate revenue in 2024, with a 30% month-over-month GMV growth rate.</li><li>Wander's Eastern region properties generate roughly approximately $129,000 more in annual revenue per property than competitors, achieving 68% higher ADR ($1,028 vs $613).</li><li>While gross margins are estimated between 50-60%, Wander likely operates at a net loss as it invests in growth.</li></ul>

Sacra estimates Wander hit $30M in revenue run rate revenue in 2024, with a 30% month-over-month GMV growth rate.Wander's Eastern region properties generate roughly approximately $129,000 more in annual revenue per property than competitors, achieving 68% higher ADR ($1,028 vs $613).While gross margins are estimated between 50-60%, Wander likely operates at a net loss as it invests in growth.

<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>The $9B enterprise value of WeWork's SPAC is a big markdown to its previous $47B valuation, however, we believe it is still expensive despite improvements to the business and structural tailwinds.</li><li>The WeWork turnaround plan appears to be on track.</li><li>WeWork’s equity value is also highly sensitive to occupancy rate and the cost of capital.</li></ul>

The $9B enterprise value of WeWork's SPAC is a big markdown to its previous $47B valuation, however, we believe it is still expensive despite improvements to the business and structural tailwinds.The WeWork turnaround plan appears to be on track.WeWork’s equity value is also highly sensitive to occupancy rate and the cost of capital.

<ul><li>WeWork managed to stabilize its revenue in 2020 despite global lockdown and work from home.</li><li>Enterprise memberships contribute 50% of the revenue in 2020 as larger corporations embrace a hybrid model.</li><li>2021 total workstations ( ‘000) declines to reflect a more streamlined real estate portfolio.</li></ul>

WeWork managed to stabilize its revenue in 2020 despite global lockdown and work from home.Enterprise memberships contribute 50% of the revenue in 2020 as larger corporations embrace a hybrid model.2021 total workstations ( ‘000) declines to reflect a more streamlined real estate portfolio.

WeWork Revenue, Memberships And Workstations

United States

Marketplace for luxury vacation rentals with hotel-style amenities and direct booking model

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Wander (WANDER US)

Ritz Carlton Of Vacation Rentals

TL;DR: By vertically integrating unique vacation rentals with luxury hotel-like amenities, Wander is betting that it can make the economics of...

Sacra

Primer: Wander - 14 Feb 2025

Marketplace for luxury vacation rentals with hotel-style amenities and direct booking model

Sacra

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: Behind Their Overpriced $9B SPAC

WeWork is a flexible office space provider, competitive with Regus, that is going public via $9B SPAC. Our base DCF model implied a $3.5B valuation...

Sacra

WeWork Revenue, Memberships And Workstations

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...

Sacra

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