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ALPHABET INC.

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Real-time Estimate Quote. Real-time Estimate Cboe BZX - 10/29 04:34:13 pm
1640.755 USD   +8.60%
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Paytm executive says India's secondary listing plan would be undue burden

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09/23/2020 | 12:30am EDT
A worker adjusts a hoarding of Paytm, a digital payments firm, in Ahmedabad

India's potential plan to compel companies to do a secondary listing on an Indian stock exchange if they opt to first list on an overseas bourse would unfairly penalise Indian firms, according to a senior executive at fin-tech company Paytm.

"Companies should be allowed to list wherever they want. I think that would be good not just for the companies, but for the digital ecosystem," Madhur Deora, a president of SoftBank-backed Paytm, told Reuters in an interview on Tuesday.

Deora's comments come as India works on forging rules that would open the doors for Indian startups to list overseas and access deeper capital pools.

Earlier this month however, Reuters reported that New Delhi is also considering mandating an Indian secondary listing for any Indian company that opts to first list abroad, a move investors fear will harm valuations.

"I would have preferred for that (decision) to be left to companies and their boards," said Deora. "This (idea) would complicate our lives."

Companies like Google that vie against Paytm in the digital payments space have no such obligation, noted Deora.

"The fact that we are Indian and we are domiciled in India - that should not create additional obligation for us," he said.

Paytm, which also counts Chinese tech giant Alibaba and Berkshire Hathaway among its backers, expects to become profitable within 12 to 18 months, said Deora, a former investment banker who joined the startup in 2016.

One of India's most valuable startups, Paytm began a decade ago as a platform for mobile recharges but it now sells things ranging from flight tickets to mutual funds. It competes with Google Pay, Walmart's PhonePe and Amazon Pay in India's digital payments market, which is set to more than double in value to $135 billion by 2023 from 2019.

"We want to go public only as a profitable company," Deora said without specifying a timeline for a listing.

By Sankalp Phartiyal and Nupur Anand


Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING LIMITED 1.50% 312.56 Delayed Quote.45.19%
ALPHABET INC. 3.05% 1556.88 Delayed Quote.12.80%
BERKSHIRE HATHAWAY INC. 0.42% 303000 Delayed Quote.-11.15%
SOFTBANK GROUP CORP. -1.37% 6907 End-of-day quote.45.23%
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Financials (USD)
Sales 2020 174 B - -
Net income 2020 30 993 M - -
Net cash 2020 120 B - -
P/E ratio 2020 33,5x
Yield 2020 -
Capitalization 1 030 B 1 030 B -
EV / Sales 2020 5,24x
EV / Sales 2021 4,26x
Nbr of Employees 127 498
Free-Float 90,2%
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Technical analysis trends ALPHABET INC.
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 45
Average target price 1 759,67 $
Last Close Price 1 510,80 $
Spread / Highest target 33,7%
Spread / Average Target 16,5%
Spread / Lowest Target -18,1%
EPS Revisions
Managers
NameTitle
Sundar Pichai Chief Executive Officer & Director
John LeRoy Hennessy Chairman
Ruth M. Porat Chief Financial Officer & Senior Vice President
Lawrence E. Page Director
Sergey Mikhaylovich Brin Director
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