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eBay Inc (NASDAQ:EBAY) announced Tuesday a deal to buy Giosis' Japanese business, including the Qoo10.jp platform.
The Analyst
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Credit Suisse analyst Paul Bieber maintained his Outperform rating and $51 price target for eBay, his favorite large-cap idea.
The Thesis
The deal expands eBay's Japanese footprint and bolsters its cross-border trade capabilities with the Japanese market, Beiber said in a note.
eBay provided the seed capital to launch e-commerce platform Qoo10 in 2010, and participated in its Series A funding in 2015, with the purchase price reportedly $700 million, the analyst said.
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Beiber said Giosis generated $800 million in gross merchandise volume, or GMV, including 40 percent from Japan, for eBay, although it's not clear whether the data pertains to 2016 or 2017.
Meanwhile, Credit Suisse's designation of eBay as its favorite large-cap idea is based on:
- Potential Marketplace GMV acceleration
- Payment intermediation option value
- Potential monetization of classified and/or Stubhub businesses, estimated at $10 billion
- Improved transaction revenue growth
The Price Action
EBay shares are up about 26 percent over the past year.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.