OpenTable also grew its North American segment: seated diners by 21% over a year earlier to 29.9 million and its installed restaurant base grew 15% to 19,801 stores; sales in North America were up 16% to $36.7 million. OpenTable had some issues in the international segment because of a relaunch and some restaurants not migrating to the new platform. Installed restaurant base as of December 31, 2012 totaled 7,716 and the installed restaurant base represented a 62% increase if you eliminate those changes. International seated diners rose by 35% to 3.0 million and sales rose 13% to $6.3 million.
Here is the guidance for Q1 and Fiscal 2013:
- On a consolidated basis in the first quarter it estimates revenue to be in the range of $44.7 million to $46.1 million and non-GAAP EPS to be in the range of $0.39 to $0.44. Thomson Reuters has estimates of $0.46 EPS and $45.82 million in revenue.
- On a consolidated basis for all of 2013 the company estimates revenue to be in the range of $186.1 million to $193.1 million and non-GAAP EPS to be in the range of $1.79 to $1.96. Thomson Reuters has estimates of $1.92 EPS and $189.21 million in revenue.
After closing down over 2% at $49.31 against a 52-week range of $33.53 to $55.95, its market cap is $1.12 billion. So here is the question: Is OpenTable finally “cheap” as a stock? The after-hours first had shares lower on the guidance but now shares are higher. The stock’s closing price is projecting its valuations at almost 6-times sales and about 25-times earnings on a rounded basis. The 52-week range is one thing but this used to be a $100 stock… make that $115 at the blow-off top back in April of 2011.
Shares are now up over 4% at $51.00 in the after-hours trading session. Maybe the continued growth is finally good enough for some sort of value investors after all.
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