LinkedIn-hinta ei ylittämätön Microsoftille

Microsoftin maksama 26 miljardia dollaria on seitsemän kertaa LinkedInin ennustettu vuosittainen myyntitulo. Facebook maksaa lähes tuplat.

Morningstarin analyytikon Rodney Nelsonin näkemys Microsoftin päätöksestä ostaa LinkedIn. Morningstar pitää yllä arvion Microsoftin osakkeen 61 dollarin arvosta.

Microsoft announced on June 13 that it has entered into a definitive agreement to purchase wide-moat LinkedIn in an all-cash deal that values the company at $26.2 billion (or $196 per LinkedIn share), inclusive of cash acquired. While the purchase price represents a premium to our $155 fair value estimate for LinkedIn, we believe it's a fair price given LinkedIn’s growing user base and large total addressable market, which LinkedIn tabulates at $115 billion. We think the data use case opportunities and fast-growing user base present unique opportunities for Microsoft’s enterprise initiatives, and we ultimately think this deal will unlock further growth for LinkedIn as it is weaved into Microsoft’s productivity suite.

We are maintaining our $61 fair value estimate for Microsoft, and we think the company’s shares remain attractive at current levels. We will also maintain our wide moat and stable moat trend ratings for Microsoft, particularly because we also have a wide moat and stable moat trend ratings for LinkedIn.

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Sijoituskohteen nimiHintaMuutos (%)Morningstar rating
Microsoft Corp216,54 USD5,62

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