Quote:
Originally Posted by JoshMN
Yes, 1.3 billion was total valuation for Topps according to the press. And that was with the MLB license through 2025.
Lots of ways for doing a valuation of a company, but people often cite value as some multiple of the annual revenue (the multiple itself would vary by industry).
Topps' 2020 revenue was 567 MM USD, so the acquisition multiple would be less than 1 (way less than 1 if you look at expected 2021 final numbers). So by that metric, the pennies on the dollar view might be valid. The lack of the MLB license after 2025 could be the reason for that discount. Fanatics was clearly negotiating from a position of strength after they picked up the license.
|
We're talking different things. Fanatics didn't buy 100% of Topps.