Coupang Expert Insight Interview (No Paywall)
Coupang Executive on Taiwan, growth opportunities, and risks
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Coupang is down over -35% from peak.
But gross profits are at an all-time high and are growing +20% y/y.
With $32bn in LTM revenues and a mature margin of 8%, they are currently trading at 15x mature margin earnings with a EV of $38bn (This sssumes they hit their 10% adjusted EBITDA target, and we layer in 2% of D&A and SBC. They already have 8.5% EBITDA margins in their Product Commerce Segment).
Coupang has executed quarter after quarter, so what is giving investors trepidation?
We talk to the Former VP of Strategy & Business at Coupang to understand all of the key risks and opportunities facing them. This is the only conversation with a Coupang executive that has touched on broader geographic ambitions (outside of Taiwan) and the detailed economics of the ecommerce business!
We cover:
Coupang’s most important growth initiatives and business levers
How Taiwan is trending—and whether it can ever rival the core South Korea business
The opportunity (and challenges) of further geographic expansion
The role of 1P vs. 3P economics in long-term margin structure
The strategic and competitive risks investors may be underestimating
You can sign-up for this conversation for free in the link below!
The webinar will be at Janaury 20th at 12pm EST/ 9am PST. If you miss this time, you can always watch it later after you sign-up.
Sign Up Here
And for more on CPNG, check out our last recap on them here.
*At the time of this writing, one or more contributors has a position in CPNG. Furthermore, accounts one or more contributors advise on may also have a position in CPNG. This may change without notice.