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 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

<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 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.

Japanese news, equities, and trends, Teddy Letter

Teddy Okuyama

Japanese news, equities, and trends

Teddy Letter

We aim to fill the information gap on the Japan market, especially on small cap companies with little or no analyst coverage. While brokerages and sponsored research provide useful information, there is still an information divide between domestic and foreign investors. We aim to fill that gap by providing access to insights that are lost in translation.

Equity Bottom-Up

<p>This is installment #7 of my 200-day challenge to do write-ups on 200 Japanese small caps, at the end of which I plan to publish a book (tentative title: Japan Small Caps Handbook). I’m writing these unedited versions in a stream of consciousness style, and they will be refined before being finalized later on.</p>

This is installment #7 of my 200-day challenge to do write-ups on 200 Japanese small caps, at the end of which I plan to publish a book (tentative title: Japan Small Caps Handbook). I’m writing these unedited versions in a stream of consciousness style, and they will be refined before being finalized later on.

Telco/Internet specialist

Kirk Boodry

Redex Research

<p>WeWork and Bow Capital SPAC (BOWX US) announced agreement on a SPAC merger that would allow WeWork to reach public markets in Q3 21 at a suggested post-money enterprise value of $9bn. Expectations for a deal of this magnitude have been well-telegraphed so the announcement is not a surprise whilst, since it is a SPAC deal, a lack of financial statements/history isn’t either. We do know how the $9bn value is being justified and it is a bit of a stretch: markets need to believe WeWork can double its in-office user base and triple overall users, even as ARPUs rise and the absolute level of operating costs declines. Meanwhile, the only public comparable <a href="https://www.smartkarma.com/entities/iwg-plc" target="_blank" data-smartkarma-citation="entities:28219:1" rel="noopener">IWG PLC (IWG LN)</a>  is roughly the same size with the same resources but has yet to recover value lost to the pandemic.</p>

WeWork and Bow Capital SPAC (BOWX US) announced agreement on a SPAC merger that would allow WeWork to reach public markets in Q3 21 at a suggested post-money enterprise value of $9bn. Expectations for a deal of this magnitude have been well-telegraphed so the announcement is not a surprise whilst, since it is a SPAC deal, a lack of financial statements/history isn’t either. We do know how the $9bn value is being justified and it is a bit of a stretch: markets need to believe WeWork can double its in-office user base and triple overall users, even as ARPUs rise and the absolute level of operating costs declines. Meanwhile, the only public comparable IWG PLC (IWG LN)  is roughly the same size with the same resources but has yet to recover value lost to the pandemic.

WeWork - Still Asking for Way More than They Are Worth

United States

WeWork Inc. provides co-working spaces for individuals and entrepreneurs. The Company offers private offices, office suites, headquarters, and custom build out options to fit a variety of office needs, as well as desk spaces and conference rooms. WeWork serves customers worldwide.

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WeWork (WEWKQ US)

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

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 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

Day 7: TKP Corporation (3479)

This is installment #7 of my 200-day challenge to do write-ups on 200 Japanese small caps, at the end of which I plan to publish a book (tentative...

Teddy Okuyama

WeWork - Still Asking for Way More than They Are Worth

WeWork's SPAC deal values it at $9bn but predictably that is too high. We look at fundamental reasons why although as a SPAC merger, values depend...

Kirk Boodry

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