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Cartoon of the Day: Unicorns Worth Buying? - z2 20190409 PINS

A brief excerpt from a note written by our Communications analyst Andrew Freedman:

PINTEREST (PINS) IPO CALL 4/15 AT 12:30 PM ET

Pinterest (PINS) kicked off their IPO roadshow on Monday after filing an amended S-1 that set a price range of $15 - $17/share. The $16/share mid-point implies an enterprise value of ~$10.5 billion and PINS is expected to begin trading on the NYSE next week. The valuation is likely to the disappointment of late-stage, private investors who bought in at $12 billion in 2017.

However, we believe it is a better decision to err on the side of conservatism, especially given the negative sentiment surrounding the Lyft (LYFT) IPO. Still, even at $10.5 billion, PINS would trade at a generous TTM and NTM EV/Sales multiple of 14x and 9x, respectively. 

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