Kursverdoppelung bei Actua Corporation (vorm. Internet Capital)

als Evolution verkauft wird, ist bisher noch nie so eindeutig ausgesprochen worden wie hier im Jahresbericht:

THE EVOLUTION OF OUR STRATEGY

Over a year ago, we made the strategic decision to devote a signifi cant portion of our
capital and other resources towards our ownership of consolidated companies and began
to communicate to investors that our stock should be valued based primarily on the
performance of those companies. This strategic evolution was prompted by our desire
to simplify the presentation of our fi nancial results, to have increased access to the cash
fl ows of our companies, and to have stronger strategic and operational alignment with the
management teams of our companies, things we believe will provide signifi cant value for
our stockholders. 2010 saw our evolving strategy begin to take hold through two important
transactions: the increase of our ownership in ICG Commerce and the sale of Metastorm,
which was ultimately consummated in February 2011.  

in Sachen Konzentration auf ICGCommcerce etwas zu krass rübergekommen, und hätten so modiziert werden müssen, wie das Internet Capital bei der Kommentierung des Metastorm-Verkaufs im Jahresbericht tut: "Perhaps even more important than the additional cash on our balance sheet is the fact that this transaction represents a noteworthy milestone in our plan to refine our holdings by owning majority stakes in our companies."

Neben ICGCommerce, wo man 80% hält, Govdelivery, wo man 93% hält, und Investorforce, wo man 76% hält, stellt sich die Frage, wie man die noch verbliebenen sechs weiteren Gesellschaften verfährt.

Relativ klar sehe ich bei Channelintelligence, die bei Internet Capital verbleiben dürften, da man hier schon 50% hatte und die jetzt noch Clickequations, wo Internet Capital 33% hielt, gekauft haben. Hier kann ich mir sogar denken, dass Internet Capital die anderen Miteigentümer bei bei Clickequations ausgezahlt haben könnte und damit durch die Einbringung bei Channelintelligence jetzt vielleicht sogar ca. 55% halten könnte. Zu Channelintelligence könnte auch noch problemlos Aquirgy hinzukommen, wo Internet Capital allerdings nur 25% hält. Schon vor Clickequations war ja mit Vcommerce eine weitere Internet Capital-Beteiligung bei Channelintelligence gelandet.  

entwickeln sich auch offensichtlich besser als die restlichen sechs:

"Our consolidated companies achieved very strong operating results. Core consolidated
revenue in 2010 was approximately $117.7 million*, an increase of 27% from 2009, and core consolidated EBITDA was approximately $13.7 million*, a 47% improvement from 2009.

Looking ahead, our primary objective is to continue to focus on driving growth at our
consolidated platform companies. These companies ended 2010 well-positioned for strong
revenue growth and continued EBITDA improvement in 2011. As such, we expect core
consolidated revenue in the range of $142 million to $148 million in 2011, representing 21%
to 26% growth over 2010 core consolidated revenue, and core consolidated EBITDA to be in
the range of $16 million to $18 million, as we continue to support key growth and expansion
efforts at these companies.  

In den letzten ein bis zwei Jahren hatte sich ein Strategiewechsel, etwas weg vom reinen Inkubator, schon angedeutet. Leider hat man die Motive nicht ausdrücklich offengelegt - durch Andeutungen schon. Offensichtlich hält man inzwischen IGCommerce für eine derartige Goldmine, dass man sich besonders darauf konzentrieren will, dieses Unternehmen optimal zu entwickeln. Andererseit würde nach meiner Ansicht ICGCommerce bei einem Verkauf sicher auch mit einer sehr hohen Prämie zu verkaufen sein - bei ca. 130 Millionen Umsatz von ICGCommerce und hohen Markteintrittshürden durch die Pooling-Vorteile der First Mover Accenture, IBM und ICGCommerce, die zusammen 75% des Marktes halten, sehe ich da durchaus die Möglichkeit, zwischen 600 und 800 Millionen bei einem Verkauf zu erlösen.

Um ehrlich zu sein, wäre diese zweite inzwischen nicht mehr angestrebte Lösung lieber, obwohl ich auch die enormen Chancen der jetzt favorisierten Lösung sehe. Für Anleger mit höheren Internet Capital-Beständen ergibt sich aus der neuen Strategie nämlich das Problem, dass Internet Capital an sich nicht mehr den früheren Beitrag zur Streuung liefert, der vorher durch die Nähe zu einem Fonds stärker gegeben war. Das war auch der wichtigste Grund dafür, dass ich mich im ersten Quartal 2011 von 10.000 Stück meiner 20.000 Stück getrennt habe, die wegen ihrer Steuerfreiheit der Gewinne eigentlich länger halten wollte. An den guten Kurschancen zweifele ich weiterhin nicht und alle diejenigen, die Internet Capital nur als Beimischung halten, haben die geschilderten Probleme eh nicht.  

über den neuesten Kauf von ICGCommerce:

http://www.spendmatters.com/index.cfm/2011/6/27/...any-Sides-of-Green  

Value of ICGCommerce must be 910 million by same valuation like Ariba    

Market Cap of Ariba: 3.25B


View: Annual Data | All numbers in thousands
Period Ending Sep 30, 2010 Sep 30, 2009 Sep 30, 2008
Total Revenue 361,146 338,972 328,060


Ariba has 9-times-revenues and the growth is lower than a third of the growth of ICGCommerce. If ICGCommcere would be valued like Ariba, the value must be 910 million and the value of the 80% of Interner Capital must be 728 million.  

http://news.idg.no/cw/art.cfm?id=4AF34AE0-1A64-67EA-E41D947BF0011BC8  

oben:


IAPCO Survey: More--But Smarter--Meetings Being Planned

Monday, June 6, 2011 by Kevin Iwamoto

Good news from the International Association of Professional Congress Organizers (IAPCO)! And it's news that very much is aligned with our own recent positive news here at StarCite. IAPCO, which represents professional organizers, meeting planners and managers of international and national congresses, conventions and special events from 40 countries, surveys its member
base each year, and, this time around, it found an increase in the number of meetings organized by members.

According to the poll, in 2010, IAPCO members organized:

- 2,153 association meetings, up from 2,102 in 2009 (itself up from 1,818 in 2008)
- 498 government meetings, up from 399 the year earlier (again, a rise itself from 273 in 2008)
- 3,454 corporate meetings, climbing from 3,140 in 2009 (compared to a low of 1,154 in 2006 and 3,079 in 2008)

The average number of events per IAPCO member also rose to 95 in 2010, up from 90 the year earlier. The only bit of disappointing news in the survey was that the average number of participants per event fell to 368 in 2010 -- a drop of an average 7 attendees from the year earlier.

Then again, perhaps the drop-off reflects more sound, strategic decision making among organizations about attendee levels -- given strained budgets. But I still think that more association, government and corporate events -- as evidenced by this survey -- is good news.

Likewise, so is our recent news that StarCite saw 52% growth in corporate meetings requests flowing through our Global Online Marketplace during the first quarter of the year. In addition, over the same time frame, total room night volume was up 68%, among other measurements of growth.

It's nice to see more evidence of a renewed rise in activity among Congress organizers, and the growth in StarCite's numbers spells good news, too, for both buyers (more e-rfps mean greater savings and efficiencies) and suppliers (more e-rfps mean more business for hotels).

I’d love to hear about any ways that your organization is meeting more – but in a smarter way. Please share here!  

http://www.freeborders.com/...es-100-for-the-second-consecutive-year/  

Jetzt kann man noch gut verkaufen.
Rechne bald mit Kursen unter 1 Dollar .

Libuda, du gibst es wohl nie auf mit deinen falschen Prognosen.  

Nach starkem Wachstum in den Jahren bis 2008 und einem Dip in 2009 scheint nach dieser Aussage Freeborders die 2009er Delle wieder weggesteckt zu haben: "In the past year, Freeborders added a delivery center in Guangzhou, China, complements existing delivery centers in Shenzhen, Wuxi, and Hong Kong. The company also expanded the capabilities of its AS/400 center of excellence in Wuxi."  

von einem der Freeborder-Bosse:

http://globalizationtoday.com/...t-turns-five-tips-to-thrive-with-it/  

auf das Posting 5335 näher einzugehen. Den Poster Tifflor habe ich vor Engagement in einer Aktie mit dem Namen MyHammer gewarnt. Wie sich diese entwickelt hat, könnt Ihr Euch ja selbst ansehen, denn es macht einfach keinen Sinn auf diesem Board einen "Nebenkriegsschauplatz" zu eröffnen statt sich mit den Fakten von Internet Capital zu beschäftigen. Daher werde ich diesen Poster auch ausschließen.  

wobei ich darauf hinweise, dass ich an beiden Aktien größere Bestände halte (von Local.com gehört mir jede siebenhunderste Aktie und von Internet Capital jede dreitausensiebenhunderste Aktie):

http://messages.finance.yahoo.com/...68159&tof=3&frt=2#268159  

ICGCommerce kurz vor der 'Veröffentlichung der Zahlen für das zweite Quartal:

http://messages.finance.yahoo.com/...67904&tof=7&frt=2#267904  

http://vimeo.com/22850954  

von Beschaffung lagen während der Zeit der New Economy extrem zu hoch und danach auch noch, aber dInternet Capitals mit Abstand wichtigste Beteiligung ICGCommerce hat in den letzten Jahren und sogar während der Krise immer Wachstumraten zwischen 20% und 30% aufweisen können. Und ich gehe davon aus, dass zumindest zweistelliges Wachstum auch noch einige Zeit stattfindet - denn einen Vorteil hatten die zu hohen Prognosen für den Gesamtmarkt: es bleibt noch überdurchschnittliches Wachstum für einige Jahre und vielleicht noch darüber hinaus.  

122.3 million proportional revenues from the 3 consolidates core's - Summary

ICGCommerce - Estimate of proportional revenues

ICG Commerce reported $29.1 million of revenue for the first quarter of 2011, representing an increase of 27% over the comparable 2010 period.

My estimates for the next quarters in 2011 (base: growth-rate in 2010):

2. quarter: 30.8 million

3. quarter: 32.7 million

4. quarter: 34.7 million

That are together 127.3 million.

That a proportional revenues of 101.8 million for Internet Capital, because Internet Capital owning 80% of ICGCommerce.


Govdelivery - Estimate of proportial revenues

We know first: Core consolidated revenue (ICGCommerce, Govdelivery and Investorforce) totaled $34.0 million in the first quarter of 2011, an increase of 28% from the corresponding 2010 period.

We know second: ICG Commerce reported $29.1 million of revenue for the first quarter of 2011, representing an increase of 27% over the comparable 2010 period.

Therefore we know: The diffence between 34.0 million and 29.1 million = 4.9 million must be the revenues of Govdelivery and Investorforce. After my estimates are 3.1 million revenues from Govedelivery and 1.8 revenues from Investorforce. We know additional from the quarter-report that Govdelivery and Investorforce had a growth-rate of 30% in the last year.

One the base of this facts my estimates for the revenues of Govdelivery in 2011 are:

1. quarter: 3.1 million

2. quarter: 3.3 million

3. quarter: 3.5 million

4. quarter: 3.8 million

That are together revenues of 13.7 million for Govdelivery in 2011.

That are proportional reveneus of 12.7 million for Internet Capital, because Internet Capital owning 93% of Govdelivery.



Investorforce - Estimate of proportional revenues

We know first: Core consolidated revenue (ICGCommerce, Govdelivery and Investorforce) totaled $34.0 million in the first quarter of 2011, an increase of 28% from the corresponding 2010 period.

We know second: ICG Commerce reported $29.1 million of revenue for the first quarter of 2011, representing an increase of 27% over the comparable 2010 period.

Therefore we know: The diffence between 34.0 million and 29.1 million = 4.9 million must be the revenues of Govdelivery and Investorforce. After my estimates are 3.1 million revenues from Govedelivery and 1.8 revenues from Investorforce. We know additional from the quarter-report that Govdelivery and Investorforce had a growth-rate of 30% in the last year.

One the base of this facts my estimates for the revenues of Investoreforce in 2011 are:

1. quarter: 1.8 million

2. quarter: 1.9 million

3. quarter: 2.0 million

4. quarter: 2.1 million

That are together revenues of 7.8 million for Investorforce in 2011.

That are proportional revenues of 5.9 million for Internet Capital, because Internet Capital owning 76% of Investorforce.



46.1 million propoortional revenues from the 4 equity-core

Revenues of the four Core Equity Companies Channelintelligence, Starcite, Freeborder and Whitefence increased from 27.001 million in the first quarter of 2010 to 29.006 million in the first quarter 2011.

Additional we have the following information about revenues-ranges in 2010: Our Core Equity Companies (including ownership % and 2010 revenue range in parentheses) consist of: Channel Intelligence, Inc. (50%) ($20-$30 million), Freeborders, Inc. (31%) ($20-$30 million), StarCite, Inc. (36%) ($40-$50 million) and WhiteFence, Inc. (36%) ($10-$20 million).

Result of the second information is the following sharing of the 29.006 million:

Channelintelligence = 6.2 million

Freeborders = 7.0 million

Starcite = 11.5 million

Whitefence = 4.3 million

Channelintelligence: The estimates for the revenues bases on this information and about former informations about the good growth of Channelintelligence:

1. quarter 2011 = 6.2 million

2. quarter 2011 = 6.5 million

3. quarter 2011 = 6.8 million

4. quarter 2011 = 7.0 million

That are together 26.5 million revenues in 2011.

That are proportional revenues of 13.2 million, because Internet Capital owning 50% of Channelintelligence.


Freeborders: The estimates for the revenues bases on this information and about former informations about indicators of growth (for example 46 new job-offers):

1. quarter 2011 = 7.2 million

2. quarter 2011 = 7.5 million

3. quarter 2011 = 7.8 million

4. quarter 2011 = 8.2 million

That are together 30.7 million revenues in 2011 for Freeborders.

That are proportional revenues of 9.5 million for Internet Capital, because Internet Capital owning 31% of Freeborders.


Starcite: The estimates for the revenues bases on this information and about former informations about the growth of Starcite, which is now positive again after somer quarters of stagnation and small decreases.

1. quarter 2011 = 11.5 million

2. quarter 2011 = 11.7 million

3. quarter 2011 = 11.9 million

4. quarter 2011 = 12.1 million

That are together 47.2 million revenues in 2011 for Starcite.

And that are proportional revenues of 17.0 for Internet Capital, because Internet Capital owning 36% of Starcite.


Whitefence: The estimates for the revenues bases on this information and about former informations about the growth of Whitefence, which is now positive again after somer quarters of stagnation and small decreases.

1. quarter 2011 = 4.3 million

2. quarter 2011 = 4.4 million

3. quarter 2011 = 4.5 million

4. quarter 2011 = 4.6 million

That are together 17.8 million revenues in 2011 for Whitefence - a very conserative projection.

And that are proportional revenues of 6.4 million for Internet Capital, because Internet Capital owning 36% of Whitefence.




5.8 million proportional revenues from the 3 venture-companies

Estimates for the three venture-companies Seapass, Clickequations and Acquirgy is very difficult, because in opposite to seven core-companies exist no revenue-numbers in the reporting of Internet Capital - but we know the numbers of employess.

Biggest company is Seapass with about 100 employess. Comparable companies in the software-sector has revenues between 10 and 20 million. I will take a conserative estimae of revenues of 10 million in 2010.

That are proportional revenues of 2.6 million from Seapass for Internet Capital, because Internet Capital owning 26% of Seapass.


Smallest company is Clickequations with about 40 employess. Comparable companies in the software-sector has revenues between 5 and 10 million. I will take a conserative estimae of revenues of 5 million in 2010.

That are proportional revenues of 1.7 million from Clickequations, because Internet Capital owning 33% of Clickequations.

Acquirgy has about 50 employess. Comparable companies in the sector has revenues between 10 and 20 million. I will take a conserative estimae of revenues of 6 million in 2010.

That are proportional revenues of 1.5 million from Acquirgy, because Internet Capital owning 25% of Acquirgy.  

The Addition: Together 174.2 million proportional revenues    

122.3 million proportional revenues from three consolidated core-companies and 46.1 million proportional revenues from four equity cor-companies and 5.8 proportional revenues from the three venture-companies = 174.2 million.  

http://finance.yahoo.com/news/...une-zacks-87102839.html?x=0&.v=1  

http://finance.yahoo.com/news/...iple-pz-2769461383.html?x=0&.v=1  

http://finance.yahoo.com/news/...rter-pz-2784017505.html?x=0&.v=1  

http://messages.finance.yahoo.com/...68239&tof=4&frt=1#268239  

http://www.icg.com/default/assets/File/Presentations/webcast072811.pdf  

http://messages.finance.yahoo.com/...p;mid=268245&tof=2&frt=1