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    9984   JP3436100006

SOFTBANK GROUP CORP.

(9984)
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SoftBank-backed Compass makes IPO filing public, reveals revenue jump

03/01/2021 | 08:15pm EDT
FILE PHOTO: Real estate signs advertise new homes for sale in multiple new developments in York County, South Carolina

(Reuters) - Real estate brokerage firm Compass Inc published its filing for an initial public offering and revealed a 56% surge in revenue helped by a strong housing market on Monday.

Compass, which runs an integrated software platform that serves real estate agents in the residential real estate market, has been lifted by the COVID-19 pandemic as more people prefer to buy and sell homes online.

The New York-based startup said its revenue rose to $3.72 billion in 2020 from $2.39 billion a year earlier, while net loss narrowed to $270.2 million from $388 million a year ago. (https://bit.ly/3r9aY7F)

The strong growth came in contrast to a dim outlook the company had when the coronavirus first hit the United States a year ago. It laid off 15% of its employees and predicted a 50% decline in revenue.

Compass was founded in 2012 by Ori Allon, a former director of engineering at Twitter Inc, and Robert Reffkin, who worked at Goldman Sachs earlier. The firm covers 46 metropolitan statistical areas in the United States and works with over 19,000 agents. It generates revenue from commissions paid for transactions on the platform.

The company has raised $1.5 billion from investors including Soft Bank Group Corp, Goldman Sachs and Canada Pension Plan Investment Board. It was valued at $6.4 billion after its $370 million funding round in 2019.

Other public-listed brokerages including Redfin Corp and Zillow Group Inc, have seen their shares rebounding strongly from last March's lows.

Compass had confidentially filed to go public in January. Goldman Sachs, Morgan Stanley and Barclays are the underwriters for its offering.

(This story corrects name of founders in para 5)

(Reporting by Niket Nishant in Bengaluru and Krystal Hu in New York; Editing by Amy Caren Daniel, Shinjini Ganguli and Jonathan Oatis)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC -0.38% 187.32 Delayed Quote.28.02%
MORGAN STANLEY 2.13% 105.1 Delayed Quote.53.36%
REDFIN CORPORATION 1.80% 55.49 Delayed Quote.-19.15%
SOFTBANK GROUP CORP. -0.05% 6624 End-of-day quote.-17.80%
ZILLOW GROUP, INC. 0.01% 91.08 Delayed Quote.-33.00%
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Analyst Recommendations on SOFTBANK GROUP CORP.
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Financials
Sales 2022 6 040 B 54 126 M 54 126 M
Net income 2022 1 310 B 11 737 M 11 737 M
Net Debt 2022 14 983 B 134 B 134 B
P/E ratio 2022 9,10x
Yield 2022 0,66%
Capitalization 11 618 B 105 B 104 B
EV / Sales 2022 4,40x
EV / Sales 2023 4,17x
Nbr of Employees 58 786
Free-Float 69,3%
Chart SOFTBANK GROUP CORP.
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Technical analysis trends SOFTBANK GROUP CORP.
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 15
Last Close Price 6 624,00 JPY
Average target price 10 325,87 JPY
Spread / Average Target 55,9%
EPS Revisions
Managers and Directors
Masayoshi Son Chairman & Executive President
Yoshimitsu Goto CFO, Director & Senior Managing Executive Officer
Raul Marcelo Claure Chief Operating Officer & Executive Vice President
Tim Mackey Chief Legal Officer & Group Compliance Officer
Masami Iijima Independent Outside Director
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