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"Compared to any other candy or soft drink company in the world, it trades at a much lower valuation," he said.
"The situation is so bad that going on with the initial public offering would have resulted in a much lower valuation of the company than forecast," said Armando Branchini, president of InterCorporate, a Milan fashion consulting company.
"Investors may have reservations about the company's decision to pursue acquisitions in a new part of the world, particularly at such high multiples and when Wal-Mart's own stock is trading at a much lower valuation," he said in a note to clients.
An investor who has put in money at a high valuation and protected it with a liquidation preference may be less inclined to accept a good takeover offer than earlier investors, including the founders, who may have received shares at a much lower valuation.
That amount nearly matches the $258 million that Uber raised last summer, although Lyft's funding came at a much lower valuation.
We see this in the public markets: companies that serve as aggregators and merchants of data, such as Nielsen and Acxiom, sustain much lower valuation multiples than companies that build products powered by data in combination with algorithms and ML, such as Netflix or Facebook.
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But a continuation of the recent rise in yields would bring much lower valuations by then.
He believes that the recent financial shock has given investors such a bad taste for stocks that it will take much lower valuations to whet their appetites again.
Mr. Hickey, who has followed technology stocks for more than 20 years, pointed out that in previous periods when Micron's operations were losing money, or barely making any, its stock traded at much lower valuations.
And Andrew Coombs, an analyst with Citigroup, said in a research note to investors on Monday: "Even if alternative bids do materialize for the business, which remains uncertain, we expect they would be at much lower valuations than the original deal".
The volatile investment-banking bits of UBS and Credit Suisse command much lower valuations than the steadier private-banking businesses.They certainly conjure up separate worlds, one of wood-panelled discretion and the other testosterone-rich aggression.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com