1.Snap's business: How would you classify Snap? Is it a camera company? How strong is Snap's underlying business model? What are its strengths and weaknesses? What are the key challenges and opportunities for Snap?

2.What is driving Snap's decision to go public in March 2017? What factors lead Snap to believe that the market conditions are good for a large tech IPO? What are some reasons companies choose to stay private longer?

3.How does Snap compare to Facebook and Twitter at the time of the IPO? (Exhibits 13, 14, 15)

4.What is the appropriate value for Snap? How would you find this value? Compare Aswath Damodaran's valuation with Morgan Stanley's valuation. (Aswath Damodaran's valuation can be found at http://aswathdamodaran.blogspot.com/2017/02/a-snap-story-valuing-snap-ahead-of-its.html - there is also a video which will be helpful to watch. I have posted Morgan Stanley's DCF analysis on Blackboard). Which one do you think is more appropriate/realistic?

5.Do you believe that Snap underpriced its IPO? If so, why might it have done it, and do you agree with that decision?

These questions are based off the Snap Inc. IPO case study. I need help with specifically questions 4 and 5!