For what reasons MAIL.L cost the same as NEWR?

A couple of months ago I had asked this question to my friends and didn't get the answer so far. Just only now I remembered about Reddit (which unfortunately isn't popular in Russia). At this time New Relic costs less than Mail.ru Group by more than $1B, but at September their market capitalizations were the same around $5.5B. I had compared these companies' last quarters (Q2 2018 of Mail.ru and Q1 2019 of New Relic, which are similar from the point of view of the fiscal period).

Mail.ru Group's revenue is equal to ~$270M (I don't know what the rubble is considered), YoY growth — 30%, net income — $10M, EBITDA — $60M (press release).

New Relic's revenue is $108.2M, YoY growth — 35%, GAAP loss — $(3.6)M (compared to $(16.4)M for the first quarter of fiscal 2018), Non-GAAP income from operations was $8.7M (press release).

Yes, New Relic is a big company in US B2B segment, more than 100 000 customers around the world, etc. But Mail.ru Group — is tens or hundreds of millions users in CIS. It's VK.com, OK.ru, Youla.ru (like Ebay), Pandao (like JD.com), Delivery Club (like Uber Eats), myTarget, games... In other words, Mail.ru Group is Tencent of Russia.

Screw the markets and coverage. Just look at the numbers of dollars in reports. For what reasons MAIL.L cost the same as NEWR?

Submitted November 20, 2018 at 04:41PM by pestov_ilya https://ift.tt/2S2EFW4