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Exploring Kwai Fu valuation method From Comparison of domestic and foreign media

The following is the Exploring Kwai Fu valuation method From Comparison of domestic and foreign media recommended by And this article belongs to the classification: Venture capital, Securities report, Investment & Economy.

As soon as the fast hand is on the market, as the second major short video platforms in China, the Kwai Tat community’s unique tonality is built through product building and recommendation algorithm logic. And Kwai’s commercial exploration is accelerating. The current live broadcast is stable, and advertising and e-commerce are expected to create new growth curve. How to evaluate Kwai Fu is also one of the most concerned issues in the market. In this report, we compare Kwai Kwai’s current media valuation methods and current business valuation methods, summarize the current valuation methods of streaming media companies, and explore the current commercialization of the fast hand, hoping to provide a reference for investors to evaluate the fast track.

Research on the valuation method of domestic and foreign media companies. 1) Station B is a video platform with the same community tonality. At present, its diversified business models include games, live broadcasting, advertising, e-commerce, etc., and it has not yet realized profits. At present, PS valuation or single user value valuation is mainly used in the market. 2) Snap has a stronger social attribute. At present, its main content is video + photos, and it has not realized profit. The market mainly adopts PS valuation, EV / sales valuation and single user value valuation. 3) As a giant company in streaming media industry, Nafi has been listed for many years and is relatively mature. Due to the global business, business is usually divided from the perspective of the market. The main market valuation methods include PE valuation and sotp valuation, that is, EV / EBITDA valuation in North America market and PS valuation in overseas market.

First, understand the community adjustment of Kwai Tsing from the perspective of products and algorithms. Enrich the product matrix, the main station app has three main functions, including discovering and finding content, social interaction with others, creating content and expressing oneself. Driven by the values of equality and inclusion, the concept is implemented through the decentralization of medium and long tail traffic distribution and social network structure, and the decentralized inclusive ecological community is built through exclusive algorithms and technologies.

From the current commercial model, live broadcast reward is the primary source of revenue, and advertising and e-commerce create a new growth curve. 1) The live broadcast reward business is basically stable. 2) large flow pool + diversified interest groups create multi platform advertising scenarios, which can increase the loading rate, enrich user tagging, enhance the efficiency of delivery, and promote the growth of the recommended website and the Kwai speed version of single row flow. The scale of advertising revenue is expected to grow rapidly and create a second growth curve. 3) At present, live e-commerce is a high prosperity track. At present, the monetization rate of expansion futures is relatively low. In the future, we should establish a healthy ecosystem of anchor with goods, improve the supply chain infrastructure, supplement the supply chain links, improve the connection efficiency of goods and traffic, and create the third growth curve.

Kwai Kwai’s valuation is a fast development of the industry and the future of Kwai’s own business. Kwai is currently in the growth stage, and the company pays more attention to the expansion of scale and the improvement of user numbers. Considering the Kwai Kwai’s current development stage, business mode and performance, the PS reference value of the whole PS is estimated by the segment’s valuation of 7x~12x. According to Peng Bo’s unanimous expectation, the expected income of Kwai’s in 2021 is about 88 billion 300 million, corresponding to the market value reference interval is 618 billion 300 million ~10599 billion yuan, and the expected income in 2022 is about 127 billion 900 million, corresponding to the market value reference range is 8950~15342 billion yuan. There is a large space for growth and market value flexibility.

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