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NetSuite IPO Preview Right Time, Wrong Value Proposition

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NetSuite IPO Preview: Right Time, Wrong Value Proposition?

Description:    After 10 years, NetSuite (N) is finally enjoying some excellent growth as the software as a service
                (SaaS) market continues to rapidly develop. However the near-term momentum may not translate
                into as much long-term growth opportunity as the company presents, and the filing range chosen
                appears to be much too high. There’s not much of a reasonable case for a current share price of
                $12 vs. the increased filing range of $16 to $19. The OpenIPO process will be used for this
                transaction, so perhaps the price discovery advantages of that method will lead to a more attractive
                initial price.

                NetSuite is adding its name to the mix of public companies investors will have to choose from in the
                software as a service (SaaS) space. NetSuite is attempting to position itself as an integrated
                enterprise resource planning (ERP) solution for small- to medium-sized businesses (SMB) vs.
                competition that aims more at a specific application areas such as accounting (Intuit), sales
                (Salesforce.com), marketing (Vocus) or human resources Workday).

                As with any IPO marketing presentation there is a mix of fact and fiction to be sorted out in terms
                of what the company really has done and can be expected to do. By nature the investment case is
                an exercise left to the viewer, and we will fill in some of the gaps there.

                “NetSuite IPO Preview: Right time, wrong value proposition?”

                - Separates the fact from the fiction in terms of what NetSuite has and can reasonably be expected
                to accomplish.
                - Evaluates the challenges and opportunities facing NetSuite.
                - Addresses why the market offering seems high given the factors at play.
                - Summarizes Research 2.0’s view of a fair market offering for this IPO.

                Products covered in this report include:

                -   SuiteFlex
                -   SMB
                -   NetLedger
                -   Oracle SBS
                -   ERP



Contents:       Introduction

                The NetSuite solution
                - Is there a demand for ERP SaaS and is NetSuite positioned for it?
                - NetSuite is in the right place to take advantage if it can deliver on its claims and promises
                - Why NetSuite is a short-term opportunity

                Valuation

                Tables and charts included in this report include:

                - Figure 1: Transition of NetSuite functionality
                - Table 1: Long-term valuation model
                - Table 2: Comparable valuations



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Description: NetSuite IPO Preview Right Time, Wrong Value Proposition