Kursverdoppelung bei Actua Corporation (vorm. Internet Capital)

und um welche extreme Überbewertung, könnt Ihr hier nachlesen:

http://www.ariva.de/Abacho_MY_Hammer_vor_Explosion_t321065  

oben angeführte Internetbude mit den beiden vermutlich werthaltigsten Beteiligungen von Internet Capital:

http://messages.finance.yahoo.com/...59995&tof=1&frt=2#259995  

sonst wäre es nicht zum Kursanstieg der letzten Tage gekommen. Aber auch nach diesem Kursanstieg ist der Kurs von Internet Capital noch ein schlechter Witz:

http://messages.finance.yahoo.com/...p;mid=260000&tof=1&frt=2  

kommt bald. Schrottfirma die Internet Capital, kann man doch total vergessen. Finger weg !!

Aber kauf ruhig weiter Libuda, haue deine Rente dem Fenster raus *lach*  

http://messages.finance.yahoo.com/...59995&tof=1&frt=2#259995  

war zuletzt 48,2%:

http://www.chinatechnews.com/2009/05/29/...first-four-months-of-2009/

Und dabei müssen wir berücksichtigen, dass Freeborders das Marktwachstum in den letzten Jahren immer geschlagen hat, mit Ausnahme des einen Jahres, wo sie ihre PLM-Division verkauft haben und dann "nur" 33% Wachstum geschafft haben.  

einem Inkubator wie Internet Capital auch, der aber nicht börsennotiert ist und in früheren Stadien investiert als als Internet Capital.

http://messages.finance.yahoo.com/...59614&tof=3&frt=2#259614  

Solarwind:

http://messages.finance.yahoo.com/...60028&tof=1&frt=2#260028  

die Internet Capital-Beteiligungen ICGCommerce and Metastorm mit dem im letzten Posting vorgestellten letzten US-Software-Ipo Solarwind:

http://www.internetcapital.com/pdf/presentations/...estpres030409.pdf

Internet Capital hält 65% an ICGCommerce, 32% an Metastorm und 46% an Channelintelligence.  

und da ist weltweit kein Unternehmen der Welt besser positioniert als Internet Capital.  

In diesem Jahr wurden bereits Unternehmensanleihen im Gesamtwert von 268 Milliarden Dollar gekauft - so viel wie seit 1995 nicht mehr. Sogar riskante Anleihe erleben einen Boom, der die Analysten staunen macht und Hoffnungen schürt, auch der stagnierende IPO-Markt könnte wieder aufleben.

"So was war noch die da", sagt Emmanuel Gueroult, Head of European Equity Markets bei Morgan Stanley in London. "Wir sind alle überrascht, wie schnell sich der Markt erholt hat."  

http://messages.finance.yahoo.com/...60035&tof=1&frt=2#260035  

http://www.internetretailer.com/...p?id=30596&ya=track&ref=ya  

http://messages.finance.yahoo.com/...60076&tof=1&frt=2#260076  

http://messages.finance.yahoo.com/...60076&tof=1&frt=2#260076  

http://www.interfax.cn/news/9657/  

nur von US-Fonds und Banken sowie britischen ganz massiv gekauft wird:

http://www.nasdaq.com/asp/...selected=ICGE&FormType=Institutional

In deutschen Fonds sind die z.B. offenbar überhaupt nicht vertreten.  

wie Internet Capital mit acht Kernbeteiligungen, die teilweise iporeif sind in der Pipeline.


http://www.yourbrandplan.com/forum/due-diligence/...une-1-2009-a.html

Ich unterstelle jetzt nicht, dass man die Bewertungen von Solarwind (10-fache des Umsatzes) oder Opentable schaffte, aber wenn man auch nur das Zweifache der anteiligen Umsätze bei Mergers oder Ipo's schaffen würde, müsste sich der momentane Kurs schon verdoppeln.

Momentaner anteiliger Jahresumsatz von 140 Million mal 2 = 280 Millionen plus 140 Millionen Cash/Wertpapiere = 420 Millionen. 420 Millionen geteilt durch 37 Millionen umlaufende Aktien = 11,5 Dollar pro Aktie.  

Health of IPOs part of puzzle

Friday, May 29, 2009 posted by cversace
As I write this column, the stock market, as measured by the S&P 500, is down 1 percent for 2009 so far, but it is up nearly 34 percent since its early March lows.

Some are questioning the strength in the market amid recent sobering outlooks from such companies as Polo and Charming Shoppes, and the recent rise in interest rates. On the other hand, others take a longer-term view and will cite certain sectors as cheap, meaning that stock valuations remain compelling even after the market run-up. Most, and I lump myself into this camp, look for data points, be they economic in nature or more industry-specific, to gauge whether we are at a turning point in the market. In my opinion - while there is no silver bullet - a blended approach is often best when deciphering the tea leaves of the stock market.

One such indicator is the health of the initial public offering (IPO). As background, an IPO is when a company issues common stock to the public for the first time. In general, IPOs are completed by smaller, younger companies that are backed by venture capital and need more capital to fuel their growth plans. As many might remember, the IPO market was rather heady back in the Internet bubble period nearly a decade ago before it collapsed in late 2001 and 2002.  

wo Internet Capital 31% hält:

June 04, 2009]


Freeborders Announces Agreement to Acquire Stack Venture Group

(PR Web Via Acquire Media NewsEdge) IT Solutions Company Expands Expertise and Customer Base Within Global Capital Markets San Francisco, CA & Chicago, IL (PRWEB) June 4, 2009 -- Freeborders, Inc., the leading provider of technology solutions developed from China, today announced that it has signed a definitive agreement to acquire Stack Venture Group (SVG), a privately held company based in Chicago, IL. The acquisition of SVG expands the breadth of Freeborders' offerings within the Financial Services Industry, adding world class expertise and experience within Capital Markets and Commercial Lending.



SVG is well-regarded in the capital markets industry for providing support for some of the most functionally rich trading and commercial lending technology solutions available today. Clients place a heavy reliance on SVG to provide integration and ongoing support for products such as LoanIQ (commercial lending) and Summit (risk/compliance) from Misys. Additionally, the company provides third-party support for the Anti-Money-Laundering (AML) product from Mantas - a recent acquisition by Oracle.

"Freeborders' acquisition of SVG reflects our commitment to provide our customers with the focused technology and domain expertise they need to power their strategic business goals," said Jean Cholka, Freeborders' Chief Executive Officer. "SVG's suite of capital markets consulting solutions and its customer base complement Freeborders,' and we are delighted to welcome SVG and its employees to the Freeborders family. Our customers are looking for precisely the kind of talent that SVG offers." "Freeborders shares our vision and passion for helping customers to take advantage of the best implementation, integration and ongoing maintenance talent for financial services applications," said Richard Stack, CEO, Stack Venture Group. "Both Freeborders and SVG have independently built world-class organizations with extensive IT and industry experience. By bringing our two companies together we will not only have the relevant business knowledge, but access to a global resource pool of capital markets and financial technology experts to address the needs of our customers." With a global presence of industry and technology experts, Freeborders provides a full range of IT services, ranging from strategic consulting to systems integration to outsourcing of IT projects for large and medium-sized companies. Its vertical expertise includes Financial Services, High Tech and Travel & Hospitality.



About Freeborders Freeborders is the leading global provider of offshore IT services and solutions delivered from centers of excellence in China. Privately held and based in San Francisco, CA, Freeborders is recognized for offering best practices in outsourcing by combining its award-winning global delivery model, CHINDUSSM, with its governance model ATLASSM. Freeborders provides a full suite of services that encompass all phases of a project lifecycle including strategy, design, development, testing, implementation integration, and extended support. Freeborders is assessed at Level 5 of the SEI's CMMI, and is ISO 27001 certified.

(c) 2009 PRWEB.COM Newswire  

die übernommene Unternehmung ist - aber die Richtung stimmt.  

vorhergehenden IPO's kommt der nachstehende Software-Ipo auf den Markt: mit dem Zweieinhalbfachen des Umsatzes. Aber selbst bei diesem niedrigeren Wert als bei den ersten Ipo's wäre Internet Capital 13 Dollar wert.

New Software-Ipo      5-Jun-09 03:52 pm     UPDATE 1-Software maker, Chinese water co set for June IPOs
Wed Jun 3, 2009 2:28pm EDT Email | Print | Share| Reprints | Single Page[-] Text [+]

NEW YORK, June 3 (Reuters) - In another sign the market for initial public offerings is continuing to recover, two more deals, by a U.S. medical data software company and a Chinese water treatment equipment supplier, are set for IPOs on U.S. exchanges later this month.

Medidata Solutions Inc, a New York-based software maker serving pharmaceutical companies and contract research organizations, set the terms Wednesday for its planned IPO, which one of deal's underwriters said should price on June 17 and begin trading the following day.

The other aspirant, Duoyuan Global Water Inc, which distributes water treatment equipment in 28 Chinese provinces, said in a filing Monday that it plans to sell 5 million American Depositary Shares for between $13 and $15 apiece. The IPO's underwriter expects that deal to price and begin trading the week of June 22.

These two expected deals follow a modest string of seven IPOs in the United States since February, when a deal by pediatrics nutrition maker Mead Johnson Nutrition Co (MJN.N) broke a nearly three-month period without any deals.

Medidata, whose clients include drugmakers Johnson & Johnson (JNJ.N) and AstraZeneca (AZN.L), expects to sell 6.3 million shares in a price range of between $11 and $13, netting proceeds of $64.2 million, according to a prospectus filed with the U.S. Securities and Exchange Commission.

Medidata's revenue rose 31.2 percent year on year to $32.3 million in the quarter ended Dec. 31, 2008, with net income of $686,000.

Prior to that quarter, Medidata compared had sustained four straight quarterly losses, according to its filing.

If Medidata's IPO launches, it will be the third software company to go public in the United States in 2009, after language training software maker Rosetta Stone Inc (RST.N) and network software provider SolarWinds Inc (SWI.N).

Duoyuan, whose revenues rose 40 percent in 2008 with net income leaping 62.7 percent, is the third Chinese company to apply to go public on a U.S. exchange in 2009.

It follows video game maker Changyou.com Ltd (CYOU.O), which did an IPO in April, and Chinese Chemicals company Chemspec, which filed last week for an $100 million IPO. The date of Chemspec's IPO is still undetermined.

The Medidata deal is being led Citigroup and Credit Suisse, while Duoyuan's IPO is being led by Piper Jaffray

Medidata has applied to list on the Nasdaq under the symbol "MDSO," and Douyan has applied to list on the New York Stock Exchange under the ticker "DGW." (Editing by Steve Orlofsky) Rating :
(No ratings) flankenking


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  Re: New Software-Ipo     3 minutes ago     By Scott Austin

Yesterday, we analyzed the financial health of the remaining venture-backed companies in IPO registration. We said Medidata Solutions Inc. is “one of the best of the bunch from a financial standpoint.” Sure enough, this morning Medidata’s underwriters set the terms of the company’s planned offering, meaning if everything goes right, we could see an IPO this month. At an expected price range of $11 to $13, the company’s market capitalization could be as high as $290 million, less than the $432 million value of OpenTable Inc. on IPO day and well under SolarWind Inc.’s $880 million market cap on day one. OpenTable and SolarWind are the only two venture-backed companies to go public this year. Will the third time be a charm?…. Rating :
(No ratings) flankenking


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  Re: New Software-Ipo     3 second(s) ago     Valuation is a lower than by the last two ipos of Solarwind and Open Table: 2.5-times-revenues.

If you take 2.5-times-revenues of the 140 million proportional revenues of Internet Capital = 350 million. When you then add the 140 million cash/securites = 490 million.

By 37 million outstanding shares the value = $13/share.  

von den Beteiligungen von Internet Capital ist vermutlich Freeborders, auch wenn andere Beteiligungen doppelt so viel umsetzen, aber das mögliche Wachstum von Freeborders ist sicherlich enorm. Allerdings kauft Freeborders nur in den USA zu, während man in China aus Qualitätsgründen offensichtlich ausschließlich auf organisches Wachstum setzt, sodass wir vermutlich hier etwas Geduld haben müssen - aber jährliche Wachstumsraten von 50% bis 100% sind hier schon zu erwarten. Aber durch das organische Wachtum in China auch eben nicht mehr.

Aber Ihr könnt ja einmal Euren Rechner anstellen und ausrechen, was aus 30 Millionen Umsatz in 2008 bei einer Wachstumsrate von 60% in 5 Jahren wird.  

und aus den 30 Millionen sind mehr als 300 Millionen geworden - und das könnte dann auf eine Marktkapitalisierung von 1, 5 Milliarden hinauslaufen.

Eine ganz tolle Sache für geduldige Langzeitinvestoren, zumal Freeborders nur eine von acht Kernbeteiligungen ist, bei denen Internet Capital im Schnitt 46% hält.  

Unterbewertung von Internet Capital:

http://finance.yahoo.com/q/...RBA&l=on&z=m&q=l&c=icge

Die Umsätze von Ariba werden beispielsweise mit einem Multiple von mehr als 2,5 bewertet, obwohl ihre Qualtität unter der von Internet Capitals Beteiligungen liegt. Das Multiple, das bei Internet Capital unter Berücksichtigung der 140 Millionen Cash/Wertpapiere zum Einsatz kommt, ist dagegen 0,7. Die letzten drei IPO's kamen mit zwischen 2,5 und 8,5.