Agora: Benchmarking the F1 Data
This article analyzes Agora's F1 filing for its US IPO, benchmarking its financial metrics against comparable cloud/SaaS IPOs and projecting a $2.9B valuation based on 120% forward growth and a 15x revenue multiple. The analysis highlights Agora's superior unit economics including exceptional net revenue retention, CAC payback, and gross margins despite the uncertainty created by COVID-19 demand spikes.
Metrics in this report
191millions USD
Agora projection at 120% growth assumption
1.7billions USD
Agora company-indicated range at $16-$18 per share
10000count
Agora in March 2020; defined as using video or voice product for >= 1 minute in given month
2.9billions USD
Agora at 15x multiple on $191M NTM revenue
166percent
Agora Q1 2020 (March quarter) pre-COVID normalized baseline
50percent
Agora pre-COVID normalized quarterly growth rate
17multiple
peer benchmark
Twilio trading multiple at IPO comparison point
15multiple
Agora assigned valuation multiple
87millions USD
Agora at pre-IPO; as of filing date