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4-Traders Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Tencent Holdings Ltd    0700   KYG875721634

TENCENT HOLDINGS LTD (0700)
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Spotify price tag rises ahead of filing for NYSE listing: sources

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12/14/2017 | 05:11pm CET
FILE PHOTO: Headphones are seen in front of a logo of online music streaming service Spotify

The value of music streaming service Spotify, which is planning a stock market listing, has grown around 20 percent to at least $19 billion in the past few months, outperforming U.S. and European tech indexes, sources familiar with the matter said.

The most recent private trades in the Swedish company have taken place at above $4,000 per share according to sources.

One of the sources said the recent trades were at a record-high of $4,200, valuing the firm at $19 billion or more. That compares to around $16 billion earlier this autumn.

Spotify is aiming to file its intention to float with U.S. regulators toward the end of this year, sources said.

Also supporting perceptions of Spotify's increasing value, Tencent's (>> Tencent Holdings Ltd) purchase of new Spotify shares implies a valuation of $5,000 per share, one of the sources said.

Spotify and the music arm of China's Tencent Holdings Ltd said last week they would buy minority stakes in each other, but gave no financial details.

Spotify did not immediately respond to inquiries about valuation and listing.

The private market for shares prior to a public listing allows employees and founders of private companies such as Spotify to cash in on some of their paper wealth, while letting other investors get a head start on the listing.

Spotify's valuation when it lists - expected to be within 90 days after filing - is forecast to be a few billion dollars higher than current trades as illiquidity risk tends to depress the value ahead of listing, the sources said.

While several big tech firms have struggled to enter China, Spotify has with the Tencent deal secured an exposure to the growing Chinese music streaming market.

Spotify is the biggest global music streaming company and counts tech giants Apple (>> Apple) and Amazon (>> Amazon.com) as its main rivals.

The timing for its filing with the U.S. Securities and Exchange Commission in December is roughly in line with what has been previously suggested by sources.

Spotify aims to pursuing a so-called direct listing on the New York Stock Exchange, allowing existing investors to sell shares without raising money from new ones, sources have previously told Reuters. The move is also aimed at saving hundreds of millions of dollars in underwriting fees from investment banks.

(Reporting by Olof Swahnberg and Helena Soderpalm, additional reporting by Dasha Afanasieva, editing by Niklas Pollard and Jane Merriman)

Stocks treated in this article : Apple, Tencent Holdings Ltd, Amazon.com
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Financials ( CNY)
Sales 2017 241 B
EBIT 2017 79 696 M
Net income 2017 64 954 M
Finance 2017 61 331 M
Yield 2017 0,20%
P/E ratio 2017 53,94
P/E ratio 2018 42,76
EV / Sales 2017 14,4x
EV / Sales 2018 10,1x
Capitalization 3 528 B
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Mean consensus OUTPERFORM
Number of Analysts 38
Average target price 394  CNY
Spread / Average Target 6,5%
EPS Revisions
Managers
NameTitle
Hua Teng Ma Chairman & Chief Executive Officer
Chi Ping Lau President & Executive Director
Yu Xin Ren COO & President-Interactive Entertainment Group
Shek Hon Lo Chief Financial Officer & Senior Vice President
Zhi Dong Zhang Chief Technology Officer
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