摘要：AbstractAs industries mature, the bases and drivers on which company valuation is based evolve. Generally, during the introduction phase, when a new technology emerges, the perceived potential of this technology is what drives the valuation as the company does not yet generate revenues nor profitability. As the company and industry develop, revenues and market position become more important than technology, and at a later point in time, once companies become profitable, profitability becomes the main valuation base and driver. This paper explores the development of the valuation bases and drivers for the online retail industry over time. While there are, several studies tackling the importance of revenues compared to the importance of profitability at a certain point in time, there are no studies looking at this topic over time. The study draws two main conclusions. Firstly, it confirms the conclusion of similar studies showing that the key valuation base in online retails has evolved from being revenue based to being profitability based and secondly, it demonstrates that the key valuation driver in the online retailing industry has evolved from being revenue growth to being profitability margin. The second finding is very surprising as it marks the development of the online retailing industry to a new development phase.
关键词：online retail;online retail valuation;valuation drivers;valuation bases;revenue vs. EBITDA valuation
