Details of Telegram's Eurobond offering

«VTB Capital» as one of the placement agents for Telegram described to investors a wide range of potential value of the messenger — from $2.2 billion to $124 billion in 2022. A qualified investor confirmed to VTimes that he received a analytical note with similar data via VTB's investment app.

To evaluate the messenger, the investment bank compared it to five peer companies in the social media and online advertising space:

— According to the data, when comparing the EV/Sales multiplier (the ratio of the company's value to its sales), the valuation came out at $2.2 billion;
— Analysis by the EV/DAU ratio (ratio of the value of the company to the number of daily active users) which is usually used for growing IT organizations gave out the value of $124 billion.

Experts believe that the spread between the methods of evaluation in a particular case is acceptable because of the complexity of evaluating such companies.

«VTB Capital» also predicts that Telegram will grow faster than the market, and the revenue of the service at the end of 2022 could be about $200 million. The estimate was given based on the number of active users per month (over 500 million) and the number of views of publications within it (430 billion), suggesting that the project could become the basis for the development of the advertising business model and other ways of monetization.

The tentative closing date for applications is March 9, and the initial benchmark for yield is 7% (quite a high yield for convertible bonds, according to the investment bank).