The F1 (effectively a prospectus without a price) for Atlassian reveals a lot of figures, but is silent on the main one – how much the business might be worth. I am not in possession of any broker information, don't work for the company, nor have I received any company briefings, but of this I am moderately certain: it should list at a lot more than US$3.3b. That number really is an old valuation. It was struck via the price at which Accel Partners, one of the big Silicon Valley vc’s, bought a US$60m parcel of shares back in 2010. Atlassian has kicked on since then. The F1 says its free cashflow is US$65.5m, but that’s after it bought a building for US$29m. Operating cashflow, which is the real number, grew from US$75m to US$98m for the year ending 2015. This is the number which institutional investors will be focused on (and I say this having been part of the teams that set the price ranges for both the Seek and Carsales floats, and many others besides). Read more (VIEW LINK)