Japan's second largest SNS, Gree, has IPOed, at 4800 yen for a total market cap of $1.2 billion with a b dollars (on annual profits of $10 million?!?!)
I have a gree account, have had one for a while. I'm an AU user too (AU's mobile SNS is gree.) Maybe I'm blind but I just don't see the $1 billion in value here.
So the PER is 100 and it does seem too high.
Free mobile games?
Wicked racket. Gotta start me a mobile SNS...
PE for 2009 estimated earnings is 30x, 2010 PE is 19.8x - which versus Mixi on 38x and 30x respectively looks cheap for better growth..