Did ISOC leave $1 billion on the table?

The Internet Society (ISOC) sold the .ORG domain business to a PE firm for US$1.135 billion. There is plenty of coverage of this, and I have been following both Hacker News and InternetNZ threads. A good Hacker News meta thread. Latest ISOC announcement. ISOC facts about the deal The financial information out about PIR (the company […]

Valuing Xero again

In October 2013 I wrote about “Valuing Xero in one hour“, and (although it had a bug) came up with a forecast that justified the then $2.2 billion valuation of Xero with a Weighted Average Cost of Capital of 18%. That forecast was, necessarily, very basic, and the exercise was intended to show how SaaS […]

Uber’s S1 and slowing growth

Uber released their S1, their prospectus for their IPO today. The biggest concern for potential investors is probably their falling growth rates, which makes it hard to model a future where the company can produce significant earnings to justify its valuation. The table below shows how the growth rates have punched. Year Revenue Trip Numbers […]

Acting responsibly – recent governance lessons

In California the giant electricity utility PG&E requested bankruptcy protection. In New Zealand a former Prime Minister and her previous colleagues around the Board table of Mainzeal have been fined $36 million – although both sides are appealing that. Also in New Zealand Lime was forced to remove their electric scooters from the streets of […]

The Gap

There’s a lot of work going on at the moment trying to address the funding needs of hundreds of companies that are emerging from New Zealand. Investors, groups of investors and funds are all lifting their sights, raising and contributing more money as the success of the sector becomes increasingly obvious. To be blunt people […]

New Melon Health Investment

Punakaiki Fund has a public offer that closes on Wednesday, 14 November at 5pm. Read the PDS and invest online at punakaikifund.co.nz/investnow After some gestation it’s great to be able to share the news about our latest investment in Melon Health. We are leading a $3.3 million investment round, with investments also from K1W1 and Impact Enterprise Fund. After […]

eScooters and eBikes – let’s upgrade the rulebooks

I’ve been outed as someone who isn’t entirely positive about the new Lime electric scooters in Auckland, Wellington and Christchurch. There are a few reasons for the, but first let’s agree on one thing – the electric scooters (and electric bikes) do bring a lot of joy. It’s difficult not to grin when you ride […]

Yale versus NZ Super Asset Allocation

Disclaimer: Punakaiki Fund Limited has lodged a Product Disclosure Statement (PDS) for a Public Offer. Please read the PDS if you are considering an investment.  Yale Investment Office have just announced their latest results (good, especially with the lower risk they carry) and their target asset allocation for 2019. I always find it interesting comparing their portfolio construction to […]

A Letter to Shane Ellison – CEO of Auckland Transport

Dear Shane You’ve begun your role as the Chief Executive Officer of Auckland Transport at a moment of crisis, with hundreds of Auckland families coping with the death of their loved ones on the city’s roads every year. You have a mandate for change, a laundry list of initiatives, and a public and media ready […]

Liars and Fools: Climate change deniers

I have, somewhat randomly, made it a ongoing task to reply to climate change denial comments and articles on NBR.co.nz. Thankfully over the years we’ve seen the quality of the writing in NBR and the comments themselves improve, but there are still a few writers or commenters who seem to thrive on denying climate change. […]

Rename the NZ Super Rugby teams

The current Super Rugby NZ team names are appalling: Crusaders: A name celebrating religion based genocide from centuries ago (Thanks to @sportsfreakconz for that definition) Chiefs: White people’s interpretation of a Māori culture across the region. Perhaps next time we could actually ask local iwi what name they would like to choose. Hurricanes: We don’t even have […]