they had net income of $1 million in 2003, but with all
three portals and LTON already in the business, it's
difficult to see it justify a valuation above $300 million
(which would be at 14 times 2003 sales). This space can
hardly accomodating five players, I see the weakest player
shrink and get acquired as soon as investors sense
slower/negative growth. All investors in this company
started 10 years back will be better off putting
money in 30-yr bond all way along. The two founders
who stick around will probably be doing just OK with
I guess $10-15 million pre-tax equity, not too shabby but
not much to boast either for ten years of hard work.
Off course with hypsters like 安普若 who knows how high
it will go
