Kursverdoppelung bei Actua Corporation (vorm. Internet Capital)
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PRICE TARGET SUMMARY
Mean Target: 11.45
Median Target: 11.45
High Target: 12.40
Low Target: 10.50
No. of Brokers: 2
Data provided by Thomson/First Call
Einer hat also eines von 10,5 Dollar und der anderen von 12,40 Dollar. Dass mein Kursziel wesentlich höher ist, wisst ihr sicher. Allerdings kenne ich nicht den zeitlichen Horizont. Bis zum Quartalsende würde ich das schon als okay finden, was die beiden Broker sagen.
Tuesday May 2, 8:00 am ET
Global BPM Leader Posts 90% Growth, Strong Sales of Full BPM Suite Fuel Another Record Quarter
BALTIMORE, May 2 /PRNewswire/ -- Metastorm, a leading provider of Business Process Management (BPM) software for modeling, automating, integrating, and improving both human and system-based processes, today announced record financial results for its quarter ending March 31, 2006. Metastorm's total revenue for the first quarter of 2006 increased 90 percent over the same quarter last year. These results include the effect of the acquisition of CommerceQuest in October 2005. This growth was driven by strong sales of its full BPM suite -- a software suite that is differentiated by its ability to support the entire process life-cycle across multiple enterprise processes. The company also posted its eighth consecutive quarter of profitability.
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In the first quarter of 2006, Metastorm added twenty-five new BPM customers spanning several industries and geographies, including CONAIR (USA), Duke Energy (USA), Eppendorf (Germany), Lawyers Access Web (South Africa), Linklaters Business Services (UK), Portman Building Society (UK), U.S. Navy (USA), and U.S. Investigative Services (USA). In addition, existing customers substantially expanding their use of the Metastorm BPM(TM) suite this quarter included AmerisourceBergen (USA), Great Clips (USA), IKON Office Solutions (USA), and InBev (UK).
Additional Metastorm achievements in Q1 included the release of Process Pods(TM) -- solution frameworks that address specific vertical and horizontal processes as well as technical integration to complementary applications -- and significant third-party recognition of Metastorm's continued market leadership, including being named by KMWorld in "The 100 Companies that Matter in Knowledge Management for 2006" and being reported by IDC as one of the top 10 vendors worldwide for Business Process Automation as measured by 2005 software license and maintenance revenues(1).
"We are off to a very strong start for 2006, building on the strong performance we reported throughout 2005," says Robert Farrell, president and CEO of Metastorm. "The investment we made last year in developing a complete BPM Suite is paying off now in the form of sales to organizations looking for a single solution to address the complete roundtrip process life-cycle across both human-centric and system-centric business processes. Our comprehensive product suite, our proven success in delivering results across many industries, and our global support infrastructure make Metastorm the ideal solution for organizations seeking greater control and agility across mission critical processes. We exceeded our revenue and profitability objectives for Q1 and plan to accelerate that growth even further throughout 2006."
(1) "Worldwide Business Process Automation Deployment Software 2005 Vendor Shares: The Start-Ups and Restarts Make a Move", Dennis Byron, IDC April 2006.
About Metastorm, Inc.
As a leading provider of business process management (BPM) software and best practice methodologies for modeling, automating, integrating, and improving both human and system-based processes, Metastorm delivers a complete solution for roundtrip process improvement and is the only company helping organizations achieve Enterprise Process Advantage® -- a heightened level of business performance resulting from increased process efficiency, control, and agility. With a focus on complex processes that are unique to their organizations, Metastorm's 1200+ global client base in manufacturing, retail, financial services, business services, healthcare and government are achieving rapid ROI and unique process advantage in customer service, supply chain operations, risk management, and internal operations. Metastorm is an Internet Capital Group (Nasdaq: ICGE - News) partner company.
Üblicherweise verkauft der Shortseller bei derartig guten Nachrichten für Internet Capital massiv leer - und hatte damit kurzfristig in der Vergangenheit auch Erfolg, weil er auf diesen Tag der Bekanntgabe große Leerverkaufsmengen konzentrierte. Er wollte damit demonstrieren, dass die Kurse trotz guter Nachrichten nicht steigen, was sie dann mit Verzögerung doch taten. Heute hat er anscheinend sogar zum ersten Mal die Fähigkeit verloren, das hinzubekommen.
Tuesday May 2, 10:49 am ET
Marketplace Provides Buyers with Connectivity, Access, and Rapid Response to a Database that Exceeds 80,000 Listings and 40,000 Properties
StarCite Expects Marketplace to Reach Two Million RFPs by 2008
PHILADELPHIA--(BUSINESS WIRE)--May 2, 2006--StarCite, Inc., the leading provider of On Demand Global Meeting Solutions(TM), announced today that its StarCite Marketplace has successfully processed its one-millionth Request for Proposal (RFP). Since its inception in 1999 StarCite's Marketplace has revolutionized the way corporate meeting planners and hotels conduct business, by providing an efficient, reliable and convenient platform for meeting managers and suppliers to connect.
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The StarCite Marketplace was created with the goal of lending organization and accountability to the meeting planning process. The Marketplace allows meetings professionals to access StarCite's database and quickly send and receive electronic RFPs, with the confidence that comes from StarCite's industry leading technology. After six years in operation the StarCite Marketplace reached the 500,000 RFP threshold. From this point it took a mere eighteen months for Marketplace to reach its one-millionth RFP. Amazingly, 150,000 RFPs were processed through its Marketplace in the first quarter of 2006 alone.
"Starwood, and more specifically the Sheraton New York Hotel and Towers, are honored to be the recipient of the one-millionth lead from the StarCite Marketplace. Because of our strong partnership with StarCite over the years, we have been able to see continued growth in our business and more leads delivered to our hotels," said Carol Lynch, Starwood's V.P. Global Sales Group North America Division, who successfully sourced the one-millionth RFP.
"The StarCite Online Marketplace is a critically important business channel for our Meeting Services department," said Susan Owens, Manager, Travel & Meeting Services, Boehringer Ingelheim Pharmaceuticals, Inc., who placed the one-millionth RFP. "We have adopted this process and now conduct our meetings business using StarCite exclusively. It is the only meeting service channel we utilize for centralized eRFP management, and we are thrilled to be a part of such a significant milestone."
"We could not be more pleased about reaching 1,000,000 RFPs," said Michael Boult, President and CEO of StarCite. "The Marketplace has always been at the heart of our business, and this very significant milestone serves as validation that StarCite's business model works! The Marketplace allows our corporate clients to source their meetings more efficiently, while saving money and gaining valuable insight into their meetings program. Simultaneously, our supplier community of over 40,000 hotels is receiving substantive leads which translate into more business. It is important to note that these RFPs are exclusive to our Marketplace and do not take into account the private label electronic platforms which StarCite also supports for many of the leading hotel chains, such as Fairmont, Omni, Hyatt, and Morgans."
"The exceptional growth of the StarCite Marketplace is testament to its tremendous value proposition and indicative of a significant shift in how meetings professionals and suppliers conduct business," said John Pino, Executive Chairman and Founder of StarCite. "Everyday more and more meeting managers and hotels are bridging the gap between customer and supplier and discovering the tangible benefits of utilizing StarCite's Marketplace. For the past seven years the Marketplace has demonstrated the viability, and inherent value, of a properly managed Business to Business marketplace and proven that 'B to B' is alive and well."
About StarCite, Inc.
StarCite, Inc. is the leading provider of On Demand Global Meeting Solutions(TM). StarCite optimizes global investments in corporate meetings and events delivering visibility, savings and control. StarCite provides process efficiency, enabling technology and proven adoption management support to drive significant cost reduction to buyers and enhanced revenues to suppliers. StarCite is based in Philadelphia. Investors in StarCite include Internet Capital Group (NASDAQ: ICGE - News); Maritz Travel Company; Seaport Capital; and TL Ventures. For more information about StarCite, or its technologies and services, please visit www.starcite.com.
Products and services include:
StarCite GMS(TM) - the integrated platform that powers StarCite's Global Meeting Solutions approach and five steps to guaranteed success - Plan, Budget, Buy, Attend and Measure.
StarCite Marketplace - the world's largest online meetings marketplace with $2 billion in revenue opportunities.
StarCite Adoption Management - proven implementation, training, benchmarking, customer support, account management and outsourced services that help you target achievable
savings and improve overall results.
Ehe ihm völlig die Luft ausgeht, sollte man schon drin sein, wie das die Institutionals mit ihren über 60% zeigen, die sie offenbar den Kleinzockern abgekauft haben. Die sollten auch draußen bleiben und lieber abacho, neosino oder softbank kaufen.
Wer dagegen seinem Depot bei niedrigen Risiken hohe Chancen beimischen will, kommt im Technologiebereich eigentlich an Internet Cápital nicht vorbei.
Niedrige Risiken resultieren aus einem sehr Eigenkapitalanteil und durch die Streuung des Vermögens auf über 20 Beteiligungen.
Hohe Kurschancen ergeben sich das durch für eine Internetholding sensationelle KGV von fünf und Kurs-Buchwert-Verhältnisse, die fast um den Faktor 10 niedriger liegen als bei anderen Internetunternehmen. Das KGV von 5 resultiert aus einem Gewinn von 72,5 Millionen, die meines Erachtens keine Eintagsfliege ist, sondern eine Dauererscheinung mit Anstieg, bei einer Marktkapitalisierung von ca. 370 Millionen.
"This growth was driven by strong sales of its full BPM suite -- a software suite that is differentiated by its ability to support the entire process life-cycle across multiple enterprise processes. The company also posted its eighth consecutive quarter of profitability."
Eigenlich bin ich schon sehr erstaunt, dass Internet Capital inzwischen 42% an Metastorm halt. Dafür haben sie 86% an Commercequest aufgeben müssen, da Commercequest von Meastorm aufgkeauft wurde. Um 42% an Metastorm war auch noch etwas Kapitalzufuhr von Internet Capital erforderlich. Sie haben zwar nicht veröffentlich wieviel, aber nach den letzten Quartalszahlen scheint man sehr, sehr günstig an Mteastorm herangekommen zu sein.
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Wertpapier: Actua |
Softbank Corp. Registered Shares o.N.
03.05.06 14:38 Uhr
20,18 EUR
-0,39 % [-0,08]
KGVe:
148,81
DIVe:
0,08%
Typ: Aktie WKN: 891624
Börse: Frankfurt
Börsenplatz wählenLT Lang & SchwarzFrankfurtXETRABerlin-BremenStuttgartMünchenZürichHamburgDüsseldorfLSE Intl. Level 1
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5 Jahre 6 Monate
Intraday 10 Tage KursdatenBörse
Frankfurt
Aktuell
20,18 EUR
Zeit
03.05.06 14:38
Diff. Vortag
-0,39 %
Tages-Vol.
242.947,13
Gehandelte Stück
12.008
Geld
20,18
Brief
20,26
Zeit
03.05.06 14:38
Spread
--
Geld Stk.
1.000
Brief Stk.
1.000
Schluss Vortag
20,26
Eröffnung
20,17
Hoch
20,29
Tief
20,17
52W Hoch
38,45
52W Tief
9,17
Split (28.12.05)
1:3
Split (25.04.00)
1:3
Tickliste
Analyse
Jahresbilanz:
Umsatz --
Bruttorendite --
Eigenkapitalquote --
Bilanzprognose (2006e):
KGVe 148,81
DIVe 0,08%
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Beiträge im Forum 349
Indizes / Branchen
Fonds mit diesem Wert
Zertifikate
Optionsscheine
StammdatenWertpapiertyp
Auslandsaktie
Marktsegment
Freiverkehr
Branche
internet software & services
Geschäftsjahr
--
Marktkapital.
21,29 Mrd. EUR
Streubesitz
--
Nennwert
--
Stücke
1,1 Mrd.
Symbol
SFT.FSE
ISIN
JP3436100006
WKN
891624
Wie CMGI und Internet Capital war das in den Jahren um 2000 eine Internet Holding. Diesen Anspruch kann man eigentlich nur noch Internet Capital zubilligen. Solfbank ist eigentlich überwiegend eine stinknormale Telco, die aber mit x-fachen KGV bewertet wird - auch nach der Kurshalbierung in den letzten sechs Monaten. Und bei CMGI fällt der größte Anteil der Aktivitäten auf bessere Botendienste.
Noch einmal zu meiner Aufzählung: Abacho und Neosino sind hochgezockte unseriöse Lachnummern von Abkochern, Softbank eine ersthafte Veranstaltung - aber eben keine Internet-Holding mehr, sondern sehr viel weniger. Und dafür ist das KGV viel zu hoch.
Internet Capital ist dagegen nachwievor eine Internet-Holding mit einem KGV von unglaublich niedrigen 5 und vielen IPO's in der Pipeline.
Wednesday May 3, 8:00 am ET
Recognition Reaffirms Service Provider's Stronghold on the Procurement Outsourcing Market
PHILADELPHIA, May 3 /PRNewswire/ -- ICG Commerce, a leading procurement services provider, today announced that it has been recognized by The International Association of Outsourcing Professionals (IAOP) as one of the world's top outsourcing service providers for 2006. ICG Commerce was recognized in the "Leaders" category and appeared along with other honorees in the April 3rd issue of Fortune Magazine.
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"Selection to The Global Outsourcing 100 was based on a rigorous application process focused on the critical factors for long-term outsourcing success. As the global standard-setting organization and advocate for the outsourcing profession, IAOP is pleased to be able to recognize the industry's leading providers with this prestigious award," said Michael F. Corbett, Executive Director, IAOP.
ICG Commerce stands apart as the only procurement-specific vendor recognized among the IAOP Global Outsourcing 100, a distinction driven by the company's reputation for service excellence and continued market share leadership in the rapidly growing procurement outsourcing arena. According to a recent report from IDC research, "Procurement is the fastest growing BPO field with an estimated compound annual growth rate of 34.6 percent through 2008, and ICG Commerce is experiencing this growth first hand."
The IAOP has found that growth in procurement outsourcing and other BPO categories is occurring while at the same time the overall employment rate for companies grew by 15% from 2004 to 2005 -- a statistic that dispels the notion that outsourcing strategies must be pursued at the expense of existing jobs. ICG Commerce is, in fact, enabling many of its customers to redeploy internal resources to focus on other strategic procurement activities while the service provider's team of experts focuses on managing key areas of indirect spend where significant bottom-line improvements can be made.
"It's a honor to be recognized by the International Association of Outsourcing Professionals among the leading outsourcing providers in the world," said Edward H. West, chairman and CEO of ICG Commerce. "The recognition is indicative of the increasingly important role procurement outsourcing is playing within the overall business landscape as companies look to find new avenues for driving efficiencies and reducing costs."
The Global Outsourcing 100 recognizes the world's top outsourcing service providers and is based on applications received and evaluated by a premier panel of independent judges. Judges for 2006 were:
-- David Barrett, a leading advisor on outsourcing and a partner at the
U.K.-based law firm Simmons & Simmons
-- Michael F. Corbett, Executive Director, IAOP
-- Jag Dalal, a senior executive who has worked extensively in the field
of outsourcing at major U.S. corporations including Carrier, Data
General, Unisys, and Xerox and is today principal of Jdalal Associates
-- Dr. Tina Dacin, Queen's School of Business (Canada)
-- E. Marie Shantz Professor of Strategy & Organizational Behavior, and
specialist in the areas of strategic alliances and business networks
-- DJ Dalal, country manager (India) for engineering and technology
sourcing for United Technology Corporation's Hamilton Sundstrand
-- Chris Disher, Vice President and head of outsourcing advisory services
for Booz Allen Hamilton
-- Deborah Kops, Managing Director in charge of Global Sourcing
Transformation, Deutsche Bank AG, London, and former partner,
PricewaterhouseCoopers BPO
-- Lisa Ross, CEO and Founder of FAO Research, Inc., a specialist in
finance and accounting outsourcing who has provided market research
and strategic consulting services worldwide
About ICG Commerce, Inc.
ICG Commerce ( http://www.icgcommerce.com ) is a leading Procurement Services Provider exclusively focused on helping companies buy more effectively and efficiently in order to reduce costs significantly and continuously. The company offers an unmatched combination of process and category expertise, market insights and benchmarks, and a world-class operational Buying Center to deliver Sourcing and Procurement Outsourcing Services. ICG Commerce Inc., a privately held company founded in 1992, is a member of Internet Capital Group's (Nasdaq: ICGE - News) network of partner companies and has been honored as a Forbes Best of the Web: B2B, UPSIDE Magazine Hot 100 and iSource 100 company and has had its executives recognized among the Supply & Demand Chain Executive's "Pros to Know."
About IAOP
The International Association of Outsourcing Professionals (IAOP) is the global, standard-setting organization and advocate for the outsourcing profession. IAOP's global membership encompasses almost 200 organizations from around the world representing almost every industry segment and functional activity. In total, more than 37,000 individuals working in the field of outsourcing are members or subscribers.
For more information, please visit
http://www.outsourcingprofessional.org .
About The Global Outsourcing 100
The International Association of Outsourcing Professionals (IAOP) produces The Global Outsourcing 100. This list, devoted to today's leaders and tomorrow's rising stars, was published in a special advertising feature in the April 3, 2006 issue of FORTUNE® magazine. Because of the rigorous application and judging process employed, The Global Outsourcing 100 defines the standard for excellence in outsourcing service delivery.
Neben 200 Millionen Nettocash/Wertpapiere haben die nicht börsennotierten Beteiligungen einen Wert von ca. 750 Millionen (resultierend aus 125 Millionen anteiligen Umsätzen bei den Beteiligungen und einem Umsatzmultiple von sechs, abgeleitet aus der Bewertung ähnlicher Umsäztze). Somit haben wir einen Unternehmenswert von ca. 950 Millionen im Vergleich zu einer Marktkapitalisierung von 360 Millionen.
Die Unterbewertung ist somit erheblich.
Während Interest-Rate-and-Cur-rency-Derivate den grössten Marktan-teil darstellen (mehr als 95%), ver-zeichnet das Credit-Derivate-Volu-men, insbesondere die Credit DefaultSwaps (CDS), die stärkste Wachstums-rate seit 2001. Entsprach das CDS-No-minalvolumen Ende 2001 noch 1 Billi-on Dollar, waren es Mitte 2004 bereitsknapp 6 Billionen Dollar; Schätzungenvon Marktteilnehmern gehen davonaus, dass es Ende 2006 gegen 9 Billio-nen Dollar sein werden1. Die schnellwachsende Nachfrage nach CDS istu.a. darauf zurückzuführen, dass Ban-ken, insbesondere Retail- und Kom-merzbanken, ihre Kreditbücher ver-grössern wollen, ohne das Kreditrisikotragen zu müssen. Noch stärkere Aus-wirkungen auf den Markt haben aberzweifellos die zahlreichen HedgeFunds, welche stetig nach neuen kurz-fristigen Trading-Opportunitäten su-chen.
Denn der Verlust der Holding ist ohne jegliche Bedeutung. Internet Capital wird in Zukunft immer in einem Quartal Verlust machen, in dem sie keine Beteiligungen verkauft haben. Mit "in Zukunft immer" spreche das Zurückkehren zum ehemaligen Status als Wagnisfinanzierer an, dessen Beteiligungen wegen ihres frühen Stadiums kaum Gewinne machen. Das Geld wird durch den Verkauf von Beteiliungen verdient. Das war in 2005 nicht anders, wo drei Quartals mit einem Verlust endeten und ein Quartal mit einem Gewinn von über 80 Millionen (das Quartal mit einem größeren Verkauf), was dann insgesamt in einen Gewinn von 72,5 Millionen für 2005 einmündete. Denkbar sind auch einmal Jahre ohne Gewinn, ohne dass das negativ wäre. Geht z.B. Freeborders in Kürze an die Börse und die 33% Aktienanteil von Internet Capital hätten einen Wert zwischen 165 und 330 Millionen, dann wirkt sich das auf den Gewinn nicht aus. Nur wenn sie Aktien verkaufen entsteht ein Gewinnausweis. Mir ist es lieber, sie behalten die Aktien und ihr Wert steigt im Portfolio von Internet Capital.
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Press Release Source: Internet Capital Group
Internet Capital Group Announces First Quarter Results
Thursday May 4, 8:30 am ET
WAYNE, Pa.--(BUSINESS WIRE)--May 4, 2006--Internet Capital Group, Inc. (Nasdaq:ICGE - News) today reported its results for the first quarter ended March 31, 2006.
First Quarter Highlights:
ICG's Core companies saw momentum in new customer acquisitions, driving aggregate revenue growth in the first quarter of 2006 versus the first quarter of 2005.
ICG Commerce and StarCite showed impressive revenue growth and reported positive net income.
ICG acquired a 36% ownership interest in Vcommerce, an e-commerce company that provides on-demand commerce and fulfillment solutions for multi-channel retailers and direct-to-consumer companies.
"In the first quarter of 2006, ICG saw the results of executing against its strategy," said Walter Buckley, ICG's Chairman and Chief Executive Officer. "We are excited about our progress in a number of areas including the recent acquisition of Vcommerce - a company that closely fits with our acquisition thesis. Coupled with our WhiteFence acquisition, this demonstrates our ability to capitalize on the growing opportunity within the on-demand software market, and recognizes the value of our expertise in helping build these types of companies."
ICG Financial Results
ICG reported consolidated revenue of $15.9 million for the first quarter of 2006 versus $11.9 million for the 2005 period. ICG reported a net loss of $(4.9) million, or $(0.13) per share, for the first quarter of 2006 versus a net loss of $(3.1) million, or $(0.08) per share, for the 2005 period. Results for the first quarter of 2006 include $2.1 million of stock-based compensation versus $0.4 million in the prior year's period. Additionally, results for the first quarter of 2006 include $0.5 million in net gains primarily from an income tax benefit versus $4.6 million in net gains in 2005 primarily from sales of marketable securities.
ICG's corporate cash and short-term investment balance at March 31, 2006 was $123.0 million and the value of its public securities, including Blackboard, GoIndustry and Traffic.com, was $93.8 million.
ICG Core Partner Company Information
In the first quarter of 2006 ICG acquired a 36% ownership stake on a primary basis in Vcommerce for $13 million. To aid in the comparability of the ICG Core partner company information, ICG is presenting pro forma financial information assuming this event occurred on January 1, 2005. Set forth below is pro forma information relating to ICG's current nine private Core companies: CreditTrade, Freeborders, ICG Commerce, Investor Force, Marketron, Metastorm, StarCite, Vcommerce and WhiteFence. ICG's weighted average ownership position in these nine companies is 45%.
Aggregate pro forma revenue of ICG's nine private Core companies grew 14% year over year, to $52.7 million in the first quarter of 2006 from $46.1 million in the first quarter of 2005. CreditTrade had a down quarter from a very strong 2005 quarter. Excluding CreditTrade, revenue growth for the other eight companies was 29%. Aggregate pro forma EBITDA (loss) for the Core companies was $(3.2) million in the first quarter of 2006 from $(3.3) million in the first quarter of 2005. Please refer to the supplemental financial data at the end of this release for a reconciliation of such amounts to the nearest comparable GAAP measures.
"This group of companies continues to gain broader and deeper traction with new and existing customers, and we believe they are well positioned to achieve at least 20% revenue growth for the year," said Buckley. "We're optimistic that our Core companies can benefit from the significant opportunity presented by the rising corporate trend to adopt on-demand software and services as a means to achieve efficiencies and increase productivity."
ICG will host a webcast at 10:00 am ET today to discuss results. As part of the live webcast for this call, ICG will post a slide presentation to accompany the prepared remarks. To access the webcast, go to http://www.internetcapital.com/investorinfo-preswebcast.htm and click on the link for the first quarter conference call webcast. Please log on to the website approximately ten minutes prior to the call to register and download and install any necessary audio software. The conference call is also accessible through listen-only mode at 877-407-8035. The international dial in number is 201-689-8035.
For those unable to participate in the conference call, a replay will be available beginning May 4, 2006 at 11:00 am until May 11, 2006 at 11:59p.m. To access the replay, dial 877-660-6853 (domestic) or 201-612-7415 (international) and enter the account code, 286, followed by the conference ID number 148944. The replay and slide presentation can also be accessed on the Internet Capital Group web site at http://www.internetcapital.com/investorinfo-preswebcast.htm.
About Internet Capital Group
Internet Capital Group (www.internetcapital.com) owns and builds Internet software companies that drive business productivity and reduce transaction costs between firms. Founded in 1996, ICG devotes its expertise and capital to maximizing the success of these platform companies that are delivering on-demand software and service applications to customers worldwide.
Safe Harbor Statement under Private Securities Litigation Reform Act of 1995
The statements contained in this press release that are not historical facts are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future performance of our partner companies, acquisitions or dispositions of interests in additional partner companies, the effect of economic conditions generally, capital spending by customers and development of the e-commerce and information technology markets, and uncertainties detailed in the Company's filings with the Securities and Exchange Commission. These and other factors may cause actual results to differ materially from those projected.
Internet Capital Group, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
Three Months Ended
March 31,
---------------------
2006 2005
---------------------
Revenue $15,893 $11,891
Operating Expenses
Cost of revenue 9,232 6,152
Selling, general and administrative 10,307 9,445
Research and development 2,431 3,150
Amortization of intangibles 557 572
Impairment related and other 93 11
---------------------
Total operating expenses 22,620 19,330
---------------------
(6,727) (7,439)
Other income (loss), net 98 5,056
Interest income 2,532 475
Interest expense (654) (910)
---------------------
Income (loss) before income taxes, minority
interest and equity loss (4,751) (2,818)
Income tax benefit (expense) 643 -
Minority interest (64) 680
Equity loss (736) (475)
---------------------
Income (loss) from continuing operations (4,908) (2,613)
Gain (loss) on discontinued operations - (505)
---------------------
Net income (loss) $(4,908) $(3,118)
=====================
Basic and diluted net income (loss) per share:
Income (loss) from continuing operations $(0.13) $(0.07)
Discontinued operations - (0.01)
---------------------
$(0.13) $(0.08)
=====================
Shares used in computation of basic and diluted
income (loss) per share 37,401 37,012
=====================
Internet Capital Group, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
March 31, December 31,
2006 2005
------------ ------------
ASSETS
Cash, cash equivalents and short-term
investments $140,061 $148,344
Other current assets 15,489 24,879
Assets of discontinued operation - 9,038
------------ ------------
Total current assets 155,550 182,261
Marketable securities 67,434 63,425
Fixed assets, net 2,336 1,886
Ownership interests in Partner Companies 83,769 71,453
Goodwill 20,859 20,383
Intangibles, net 2,716 3,407
Other assets 3,302 3,717
------------ ------------
Total Assets $335,966 $346,532
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Other current liabilities $32,334 $35,181
Liabilities of discontinued operation - 8,760
------------ ------------
Total current liabilities 32,334 43,941
Senior convertible notes 37,000 37,000
Minority interest and other liabilities 8,969 9,346
------------ ------------
Total Liabilities 78,303 90,287
Stockholders' equity 257,663 256,245
------------ ------------
Total Liabilities and Stockholders'
Equity $335,966 $346,532
============ ============
Internet Capital Group
--------------------------------------------------
2006 Pro Forma Core Partner Company Information
Three Months Ended
-----------------------------------------
Mar 31, Jun 30, Sep 30, Dec 31, Mar 31,
2005 2005 2005 2005 2006
-----------------------------------------
Aggregate Pro
Forma Core
Company
Information:
(1)
Aggregate
Revenue $46,098 $49,689 $49,244 $51,600 $52,673
Aggregate
EBITDA (loss) $(3,330) $(2,572)$(4,783)$(5,385)$(3,235)
Aggregate Net
Loss $(7,879) $(6,565)$(8,171)$(8,314)$(6,202)
Components of
Aggregate Pro
Forma Core
Company
Information
Consolidated
Core
Companies
(Ownership
%):
Revenue $12,518 $11,825 $12,230 $12,785 $15,893
Expenses
other than
interest,
taxes,
depreciation
and
amortization(14,128) (13,941)(15,042)(15,028)(16,614)
-----------------------------------------
ICG Commerce
Holdings, Inc.
(76%) EBITDA (loss) (1,610) (2,116) (2,812) (2,243) (721)
Investor Force
Holdings, Inc.
(80%) Interest (49) (24) 82 82 81
StarCite, Inc.
(61%) Taxes (5) (10) - - -
Depreciation/
Amortization (891) (838) (773) (780) (791)
-----------------------------------------
Net loss $(2,555) $(2,988)$(3,503)$(2,941)$(1,431)
-----------------------------------------
Equity
Method Core
Companies
(Ownership
%):
Revenue $33,580 $37,864 $37,014 $38,815 $36,780
CreditTrade Expenses
Inc. (27%) other than
interest,
taxes,
Freeborders, depreciation
Inc. (33%) and
amortization(35,300) (38,320)(38,985)(41,957)(39,294)
-----------------------------------------
Marketron
International,
Inc. (38%) EBITDA (loss)$(1,720) $(456)$(1,971)$(3,142)$(2,514)
Metastorm Inc.
(41%) Interest (1,512) (529) (949) (129) (25)
Vcommerce Inc.
(36%) Taxes (638) (1,667) (883) (515) (247)
WhiteFence, Depreciation/
Inc. (39%) Amortization (1,454) (925) (865) (1,587) (1,985)
-----------------------------------------
Net loss $(5,324) $(3,577)$(4,668)$(5,373)$(4,771)
-----------------------------------------
Reconciliation of Aggregate Pro Forma
Core Company Information to GAAP results
Three Months Ended
-------------------------------------------------
Mar 31, Jun 30, Sep 30, Dec 31, Mar 31,
2005 2005 2005 2005 2006
--------- --------- --------- --------- ---------
Revenue
Aggregate Pro Forma
Core Company Revenue $46,098 $49,689 $49,244 $51,600 $52,673
Non-consolidated
Partner Companies $(34,207) $(39,183) $(33,850) $(38,815) $(36,780)
--------- --------- --------- --------- ---------
Consolidated Revenue $11,891 $10,506 $15,394 $12,785 $15,893
========= ========= ========= ========= =========
Net Income (Loss)
Aggregate Pro Forma
Core Company EBITDA
(loss) $(3,330) $(2,572) $(4,783) $(5,385) $(3,235)
Interest, Taxes,
Depreciation/
Amortization $(4,549) $(3,993) $(3,388) $(2,929) $(2,967)
--------- --------- --------- --------- ---------
Aggregate Pro Forma
Core Company Net
Income (Loss) $(7,879) $(6,565) $(8,171) $(8,314) $(6,202)
Amount attributable
to other
stockholders $(4,080) $(1,549) $(2,765) $(4,718) $(4,130)
--------- --------- --------- --------- ---------
ICG's share of net
income (loss) of
Core Partner
Companies $(3,799) $(5,016) $(5,406) $(3,596) $(2,072)
Other holdings equity
method companies (680) (491) (521) (3,905) (157)
Disposed equity
method companies 700 718 726 - -
Corporate general and
administrative (3,176) (2,843) (3,272) (5,157) (3,154)
Stock-based
compensation (398) (358) (2,202) (1,373) (2,100)
Corporate interest,
net (447) (281) (234) 1,268 1,797
Other income(loss)/
restructuring/
impairments 5,187 9,750 118,298 671 135
Income taxes - (20,349) 1,709 643
Income (loss) on
discontinued
operations (505) (403) 254 (2,351) -
--------- --------- --------- --------- ---------
Consolidated
net income
(loss) $(3,118) $1,076 $87,294 $(12,734) $(4,908)
========= ========= ========= ========= =========
(1) The rationale for management's use of non-GAAP measures is
included in the "Description of Terms" supplement to this release.
INTERNET CAPITAL GROUP, INC.
March 31, 2006
Description of Terms
Consolidated Statements of Operations
Effect of Various Accounting Methods on our Results of Operations
The various interests that the Company acquires in its partner companies are accounted for under three methods: consolidation, equity method and cost method. The effect of a partner company's net results of operations on the Company's net results of operations is generally the same under either the consolidation method of accounting or the equity method of accounting, because under each of these methods only our share of the earnings or losses of a partner company is reflected in its net results of operations in the Consolidated Statements of Operations. The applicable accounting method is generally determined based on the Company's voting interest in a partner company.
Consolidation. Partner companies in which the Company directly or indirectly possesses voting control or those where the Company has effective control, and for which other shareholders do not possess the right to participate in significant management decisions are generally accounted for under the consolidation method of accounting. Under this method, a partner company's accounts (revenue, cost of revenue, selling, general and administrative, research and development, impairment related and other, amortization of intangibles, other income (loss) and interest income/expense) are reflected within the Company's Consolidated Statements of Operations. Participation of other partner company stockholders in the earnings or losses of a consolidated partner company is reflected in the caption "Minority interest" in the Company's Consolidated Statements of Operations. Minority interest adjusts the Company's consolidated net results of operations to reflect only its share of the earnings or losses of the consolidated partner company. During the three months ended March 31, 2006, the Company accounted for 3 of its partner companies under this method; ICG Commerce, Investor Force and Starcite. During the three months ended March 31, 2005, the Company accounted for 3 of its partner companies under this method; ICG Commerce, Investor Force and CommerceQuest.
Equity Method. Partner companies whose results the Company does not consolidate, but over whom it exercises significant influence, are generally accounted for under the equity method of accounting. Whether or not the Company exercises significant influence with respect to a partner company depends on an evaluation of several factors including, among others, representation on the partner company's board of directors and ownership level, which is generally a 20% to 50% interest in the voting securities of the partner company, including voting rights associated with the Company's holdings in common, preferred and other convertible instruments in the partner company. Under the equity method of accounting, a partner company's accounts are not reflected within the Company's Consolidated Statements of Operations; however, its share of the earnings or losses of the partner company is reflected in the caption "Equity Loss" in the Consolidated Statements of Operations. During the three months ended March 31, 2006, the Company accounted for 9 of its partner companies under this method.
Cost Method. Partner companies not accounted for under either the consolidation or the equity method of accounting are accounted for under the cost method of accounting. Under this method, the Company's share of the earnings or losses of these companies is not included in the Company's Consolidated Statements of Operations. During the three months ended March 31, 2006, the Company accounted for 9 of its partner companies under this method.
Significant items impacting the consolidated financial statements: ($
millions)
Q1
---------------------
Gains/(losses): 2006 2005
---------- ----------
Other gains (losses):
Sale of Marketable Securities 0.3 4.3
Sales of Partner Companies 0.1 0.3
Other net (0.3) 0.5
---------- ----------
Other Income (Loss) $0.1 $5.1
Income tax benefit (expense) $0.6 $0.0
ICG's share of Partner Company charges ($0.2) $0.0
Discontinued Operations $0.0 ($0.5)
---------- ----------
$0.5 $4.6
========== ==========
Stock-based compensation ($2.1) ($0.4)
========== ==========
Aggregate Pro Forma Core Company Information
In an effort to illustrate macro trends within its private Core companies, ICG provides an aggregation of revenue and net loss figures reflecting 100% of the pro forma revenue and aggregate pro forma EBITDA for these companies. These non-GAAP measures are considered pro forma because management has added Vcommerce and WhiteFence and combined CommerceQuest and Metastorm figures as if the acquisition of a 36% ownership interest in Vcommerce, the 39% ownership interest in WhiteFence and the merger of CommerceQuest and Metastorm occurred as of January 1, 2005. The Company calculates aggregate pro forma EBITDA for these purposes as earnings/(losses) before interest, tax, depreciation and amortization and refers to it as "aggregate EBITDA". The Company refers to the aggregate pro forma revenue of its private Core partner companies as "aggregate revenue." ICG does not own its Core companies in their entirety and, therefore, this information should be considered in this context. Aggregate revenue and aggregate EBITDA, in this context, represent certain of the financials measures used by the Company's management to evaluate the performance for Core companies. The Company's management believes these non-GAAP financial measures provide useful information to investors, potential investors, securities analysts and others so each group can evaluate private Core companies' current and future prospects in a similar manner as the Company's management and review results on a comparable basis for all periods presented.
ICG's share of net loss of Core, Other Holdings and disposed Partner Companies
Represents ICG's share of the net loss of Core, Other Holdings and disposed Partner Companies accounted for under the consolidated and equity method of accounting.
Corporate Expenses and Interest Expense, net
General and administrative expenses consist of payroll and related expenses for executive, operational, acquisitions, finance and administrative personnel, professional fees and other general corporate expenses for Internet Capital Group. Stock-based compensation is included and primarily consists of non-cash charges related to certain compensation arrangements.
Interest expense, net relates primarily to the interest expense on the Company's outstanding 5% senior convertible notes due April 2009 offset by interest income on cash balances.
Income Taxes
Income tax benefit of approximately $0.6 million during the three months ended March 31, 2006 is primarily the result of taxable income in 2005 being offset by utilization of current year operating losses.
The Company received a federal income tax net refund of $8.1 million during the three months ended March 31, 2006.
Discontinued Operations
ICG Commerce's (a consolidated Partner Company) German subsidiary was sold in January 2006 for nominal consideration and has been reflected as a discontinued operation. Accordingly, the operating results of this discontinued operation have been presented separately from continuing operations for all periods presented.
Wichtig ist allein die Entwicklung der Umsätze der Kernbeteiligungen - und die war mit 52,7 Millionen auch ganz ordentlich. Ich hatte ja 55 Millionen taxiert. Warum es 2,3 Millionen weniger wurden, wird auch erklärt: Ursache war offensichtlich Credittrade - dort gab wie bei allen Kreditderivaten Probleme mit der Abwicklung und die Aufsichtsbehörden haben vermutlich darauf gedrungen, dass die Rückstände aus der Vergangenheit erst einmal abgearbeitet werden. Logischerweise wird auch das Wachstum bei Credittrade ungebremst weitergehen.
Aggregate pro forma revenue of ICG's nine private Core companies grew 14% year over year, to $52.7 million in the first quarter of 2006 from $46.1 million in the first quarter of 2005. CreditTrade had a down quarter from a very strong 2005 quarter. Excluding CreditTrade, revenue growth for the other eight companies was 29%. Aggregate pro forma EBITDA (loss) for the Core companies was $(3.2) million in the first quarter of 2006 from $(3.3) million in the first quarter of 2005. Please refer to the supplemental financial data at the end of this release for a reconciliation of such amounts to the nearest comparable GAAP measures.
"This group of companies continues to gain broader and deeper traction with new and existing customers, and we believe they are well positioned to achieve at least 20% revenue growth for the year," said Buckley. "We're optimistic that our Core companies can benefit from the significant opportunity presented by the rising corporate trend to adopt on-demand software and services as a means to achieve efficiencies and increase productivity."
Börse
Frankfurt
Aktuell
7,43 EUR
Zeit
04.05.06 15:49
Diff. Vortag
-2,24 %
Tages-Vol.
38.832,95
Gehandelte Stück
5.184
Geld
7,31
Brief
7,45
Zeit
04.05.06 16:27
Lange dürfte das günstige Einkaufsfenster nicht mehr geöffnet sein, da den wenigen Schwachköpfen die Aktien ausgehen.
by: kaktus69
Long-Term Sentiment: Strong Buy 05/04/06 11:17 am
Msg: 240655 of 240655
The selloff is almost nothing. That is a great sign.
All of their other earnings usually has sell-offs of 8-10%.
I think we can even turn positive.
Do not forget the FREEBORDERS IPO...
Ich würde das aber anders begründen, weniger mit dem IPO von Freeborders, der erst seine raketenhafte Wirkung haben wird, wenn er noch konkreter wird. Was heute die Kurse nach oben bringt: Der Shortseller finden keine Dummköpfe, die ihm folgen. Wenn er heute nicht die große Menge dummer Krauts gehabt hätte, deren Gesülze wir ja kennen, hätte er noch schlechter ausgesehen.
Anders als der Kaktus bin ich mir nicht sicher, dass wir heute noch die 9,60 von gestern sehen, denn dann könnte der Shortseller eh sofort einpacken. Nein - er wird sich heute mit weiteren massiven Verkäufen noch tiefer in die Scheisse rammeln. Ihm dabei zu helfen lohnt sich für Euch - und helfen sollte man schließlich seinem Nächsten, selbst wenn es ein Shortseller ist.
Völlig unterbewertet ist dagegen Internet Capital, wie ihr der nachstehenden Slide Presentation entnehmen könnt. Nach Abzug der Nettocash/Wertpapiere ist die verbleibende Marktkapitalisierung nur das 1,9-fache der anteiligen Umsätze der neun Kernbeteililgungen. Bezieht man die restlichen nicht börsennotierten Nichtkernbeteiligungen ein, dürfte man bei 1,7 landen - ein ziemlich schlechter Witz - realistich wäre ein Wert von sechs. Wir haben also noch Potenzial von ca. 4,3 mal 120 bis 125 Millionen = ca. 500 Millionen - bei knapp 40 Millionen Aktien ein Steigerungspotenzial um 12,50 Dollar pro Aktie.
http://www.internetcapital.com/pdf/presentations/webcast1Q06.pdf
Dem langfristigen Investor kann man dagegen nur raten einzusteigen, denn die Fundamentals sind glänzend und eine Kursverdoppelung nur eine Frage der Zeit (wobei das nicht länger als ein Jahr sein dürfte). Das weiß der Shortseller inzwischen auch, aber er deckt nicht ein, weil er offensichtlich finanziell was drauf hat. Deshalb versucht er ersteinmal den Kurs nach unten zu schaukeln, was heute gigantisch fehlgeschlagen ist. Gerade zu rührend ist, dass er heute in den letzten vier Minuten gigantische Beträge leer verkauft hat, um einen Anstieg zu verhindern.
Was lernen wir daraus? Meines Erachtens nur eins: Kaufen bis zum Anschlag, denn der Shortie hat keine Chance und die Chancen sind gigantisch.
Denn wenn Ihr einmal auf die vorstehende Adresse zr Slide Presentation geht, erkennt Ihr sofort, dass der Shortseller, der heute massiv geworfen hat, nicht den Hauch einer Chance hat, aus der Scheisse, in die er sich extrem hineingerammelt hat, wieder herauszukommen.
1. 1. Core partner companies had aggregate revenue growth of 14% in th Core partner companies had aggregate revenue growth of 14% in th e e
first quarter of 2006 vs. 2005. first quarter of 2006 vs. 2005.
• • Excluding CreditTrade, 8 remaining Core companies had aggregate Excluding CreditTrade, 8 remaining Core companies had aggregate
revenue growth of 29% for the first quarter 2006 vs. 2005. revenue growth of 29% for the first quarter 2006 vs. 2005.
2. 2. ICG Commerce and StarCite had excellent quarters, reporting stro ICG Commerce and StarCite had excellent quarters, reporting stro ng ng
revenue growth and positive net income. revenue growth and positive net income.
• • Both companies had a number of large, multi Both companies had a number of large, multi -- year contract signings and year contract signings and
saw substantial pipeline growth during the quarter. saw substantial pipeline growth during the quarter.
3. 3. 5 of the 9 Core companies were EBITDA positive. 5 of the 9 Core companies were EBITDA positive.
4. 4. Acquired a 36% interest in Vcommerce, an e Acquired a 36% interest in Vcommerce, an e -- commerce company that commerce company that
provides on provides on -- demand commerce and fulfillment solutions for retailers demand commerce and fulfillment solutions for retailers
and direct and direct -- to to -- consumer companies. consumer companies.
5. 5. Saw measurable increase in both quality and quantity of deal flo Saw measurable increase in both quality and quantity of deal flo w. w.
Die wichtigste Botschaft ist: "5 of the 9 Core companies were EBITDA positive." Das sind schon einmal fünf sichere IPO's oder Mergers, die Internet Capital ín der Pipeline hat. Und ein Wert wie Freeborders, der vermutlich noch nicht EBIDTA positiv ist, ist auch total IPO-fähig.
Wer hat das weltweit im Internet/Technologie-Bereich noch aufzuweisen. Mit Sicherheit nicht CMGI oder gar die Telefonfirma Softbank.
To learn more about one of our partner companies, click the name to view their Fast Fact page, where you can learn more about the company and how it makes a difference in the ICG network.
Partner Company Partner Since ICG Owns Location Industry Focus Ticker SEC Filings
Blackboard, Inc. 1998 2,187,060 DC e-Education BBBB BBBB on SEC.gov
Soweit ich mich erinnere, gab es da noch eine Option, die sie gezogen haben. Immerhin ist der Wert dieses Paket höher als 60 Millionen Dollar - ein Sechstel der momentanen Marktkapitalisierung. Ich billige Blackboard zwar auch noch erhebliche Kurschancen zu - bis zu einer Verdoppelung, halte aber den Verkauf und das Investieren in Objekte mit noch höheren Kurschancen für sinnvoller. Allerdings wird das vermutlich erst kommen, wenn der sehr hohe Kassenbestand abgeschmolzen ist.
AT&T Selects WhiteFence as Partner to Launch AT&T Mover's Advantage
Thursday May 4, 5:30 pm ET
HOUSTON, May 4 /PRNewswire/ -- AT&T Inc. (NYSE: T - News) today announced that it is launching its AT&T Mover's Advantage program thanks, in part, to a business partnership with WhiteFence, the nation's leading one-stop comparison shopping marketplace for essential home and move-related services.
ADVERTISEMENT
The AT&T Mover's Advantage provides a one-stop moving solution, allowing consumers to easily create their own AT&T bundles for voice services, high- speed internet, satellite TV, and Cingular wireless, as well as set up their other utilities and other home services, in one simple stop. The new service is available online (http://www.att.com/move ) and through call centers (1-800-MOVE-ATT).
WhiteFence, the nation's leader in multi-provider online service transactions, will utilize its highly advanced transaction engine and integration technologies to support both the online and offline aspects of the program. In addition, WhiteFence will leverage its vast network of service providers throughout the U.S. to provide additional services such as electricity, natural gas, newspapers, change of address, insurance, and personal finance. The launch of the new single-source solution also combines the best of separate moving initiatives created by both the former AT&T Corp. and SBC Communications Inc. into one, more robust and streamlined resource.
"WhiteFence is all about providing value to our consumers and business partners," said Arthur J. Maxwell, chief executive officer of WhiteFence. "We are happy to leverage our technology expertise, our experience with bundled services, and our nationwide service provider network to support a world class partner like AT&T."
"The AT&T Mover's Advantage saves consumers time and money by helping them secure the most reliable and cost-effective bundles of communications and entertainment services," said Mikal Harn, Vice President, AT&T Consumer Marketing. "Consumers can also secure other services such as energy services, newspaper delivery, insurance and banking -- all from the same site -- at any time of day or night."
WhiteFence has worked with AT&T for over five years through its comparison shopping marketplace, as well as supporting several AT&T technology and partner management initiatives.
WhiteFence will utilize its business partnership with IBT Solutions LLC, a division of Nicor Services, to handle inbound calls transfers for AT&T Mover's Advantage. IBT's call centers currently use WhiteFence's proprietary CAMS technology to provide Nicor Gas customers, among others, with one-stop essential home services in an integrated offline/online environment.
WhiteFence is an Internet Capital Group (Nasdaq: ICGE - News) partner company.
About WhiteFence
WhiteFence is the leading one-stop comparison shopping marketplace that helps consumers compare and order essential home services such as electricity, gas, phone, cable and satellite TV, high-speed Internet, change of address, newspapers, insurance and banking. WhiteFence's proprietary transaction engine makes it easy for the 23 million U.S. households that move annually, as well as all consumers just looking to switch services, to find the best deals and conveniently set up their home services in minutes.
WhiteFence headquarters are located in Houston, Texas. For more information, please visit http://www.WhiteFence.com .
About AT&T
AT&T Inc. is one of the world's largest telecommunications holding companies and is the largest in the United States. Operating globally under the AT&T brand, AT&T companies are recognized as the leading worldwide providers of IP-based communications services to business and as leading U.S. providers of high-speed DSL Internet, local and long distance voice, and directory publishing and advertising services. AT&T Inc. holds a 60 percent ownership interest in Cingular Wireless, which is the No. 1 U.S. wireless services provider with more than 54 million wireless customers. Additional information about AT&T Inc. and AT&T products and services is available at http://www.TheNewATT.com .
SBC, the SBC logo and other product names are trademarks of AT&T Knowledge Ventures and/or its affiliates. All other brand names may be trademarks or registered trademarks of their respective owners.
For more information and detailed disclaimer information, please review the announcement in the AT&T newsroom at http://www.sbc.com/news_room .
Subsidiaries and affiliates of AT&T Inc. provide products and services under the AT&T brand
wo sie 75% halten. Nach diesem Unternehmen, dem größten Pure Play weltweit in seiner Diziplin, dürften sich meines Erachtens viele breiter aufgestellte Konzerne wie IBM, Accenture oder Hewlett Packard die Finger lecken. Hier tippe ich eher auf eine Übernahme als auf einen IPO.
Das Unternehmen hat inzwischen eine Größe und einen Reifegrad erreicht, dass man es zu Geld machen möchte. Denn man betont ja jetzt wieder stärker, kein integrieter Software- und Internetkonzern werden zu wollen, sondern bei seinen Leisten als Wagnisfinanzierer zu bleiben. 200 Millionen sollte bei einem Merger mindestens abfallen, das wären für Internet Capital immerhin 150 Millionen. Da man aber sowieso in Cash schwimmt, drängt es hier offensichtlich mit einem Merger nicht.
Partner Company Progress
ICG Commerce ICG Commerce
• Reported strong revenue growth versus the first quarter of 2005; Reported strong revenue growth versus the first quarter of 2005;
• Backlog continued to grow with the Backlog continued to grow with the signing of signing of comprehensive, comprehensive, multi multi-
year year outsourcing relationships outsourcing relationships with large enterprises while expanding with large enterprises while expanding
relationships with current customers; relationships with current customers;
• Launched a buying center to support Launched a buying center to support a Fortune 500 Consumer a Fortune 500 Consumer
Package Goods leader Package Goods leader with purchasing across 80 US plants; with purchasing across 80 US plants;
• Selected by The International Association of Outsourcing Selected by The International Association of Outsourcing
Professionals as one of World's Top 100 Outsourcing Service Professionals as one of World's Top 100 Outsourcing Service
Providers.
Internet Capital Group thinks its stock is undervalued
Philadelphia Business Journal - January 6, 2006by Peter Van AllenStaff Writer
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But although consumers use its Web site, WhiteFence's real customers are the service providers listed on the site. They pay WhiteFence a fee for every customer they attain through the site. That makes WhiteFence similar to LinkShare, with which ICG did very well.
WhiteFence is one of the nine companies in which ICG has stakes that it calls its "core companies." ICG also has stakes in three public companies -- Blackboard Inc., Arbinet-thexchange Inc. and Malvern-based Verticalnet Inc. -- and in 11 private firms that it considers its "other holdings."
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Brought to you by Cingular The core companies are the ones on which ICG focuses the bulk of its attention. All make software and/or services available over the Internet on demand in a way that lets their customers accomplish things more efficiently.
For example, StarCite Inc. of Philadelphia enables meeting planners to get meeting space, hotel rooms, transportation and whatever else they need on line. It allows them to find the best price on everything they need for their meetings in the same way Travelocity.com allows consumers to get the best price on airline tickets, hotel rooms and the like.
So far, the types of companies ICG invests in have had a tougher time marketing their services to businesses than companies like Travelocity have had marketing their services to consumers. ICG, however, thinks that's about to change. Its theory is that global competition is forcing businesses to drive costs down in every area they can and the companies it's investing in can help them do that.
"If this isn't an important space, then we're going to lose big," ICG managing director Michael D. Zisman said.
Recent indicators are promising.
Revenue at ICG's core companies was up 19 percent in the third quarter from the same quarter a year ago. One of them, GoIndustry AG, which conducts online auctions of used machinery and equipment, by now should have completed a reverse acquisition. That will make it publicly traded on AIM, a market run by the London Stock Exchange.
And, of course, there's the LinkShare sale. That not only provided ICG with cash, it gave ICG's managers another reason to argue that ICG's stock is undervalued. Their reasoning is that LinkShare sold for about eight times its revenue, but at ICG's current share price, the market is valuing its core companies at about one time their revenue.
by: pumper_proud
Long-Term Sentiment: Strong Buy 05/05/06 12:01 pm
Msg: 240671 of 240671
future look sound.
Am bedeutendsten war wohl die Aussage, dass fünf der neun Kernbeteiligungen ein positives Ebitda haben. Das müssten sein: ICGCommerce, Marketron, Credittrade, Metastorm und Starcite. Ein IPO könnte daher jederzeit ablaufen. IPO-fähig ist auf jeden Fall auch Freeborders, die aufgrund ihrer gigantischen Wachstumsrate bewusst ein negatives Ebitda in Kauf nehmen. Noch nicht Ebitda-positiv dürften die beiden Neuerwerbungen Whitefence unc Vcommerce sein, ebenso Investorforce - alle drei bieten aber auf mittlere Sicht exzellente Chancen.
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