Kursverdoppelung bei Actua Corporation (vorm. Internet Capital)

mit 35 bis 40 Millionen für 2006 zu niedrig angesetzt worden, hat mir ein ehemaliger Mitposter gemailt, mit dem ich bis vor zwei Jahren auf einem anderen Board in Sachen Internet Capital Meinungen ausgetauscht habe. Ausgangspunkt seiner Argumentation ist die folgende Passage aus dem Quartalsbericht: "ICG reported consolidated revenue of $15.9 million for the first quarter of 2006 versus $11.9 million for the 2005 period." Diese 16 Millionen seien die Umsäzte der drei konsolidierten Beteiligungen unter den ca. 20 Beteiligungen: ICCommerce, Starcite und Investorforce. Nach Auffassung meines ehemaligen Mitstreiters, die ich teile, teilen sich die 16 Millionen in etwa wie folgt auf:

ICGCommerce = 10 Millionen

Starcite = 5 Millionen

Investorforce = 1 Million

Da bei ICGCommerce von 30% bis 40% Wachstum in 2005 auszugehen sei, sieht er in 2006 in den einzeln Quartalen folgenden Werte:

1. Quartal = 10 Millionen (siehe oben)

2. Quartal = 11 Millonen

3. Quartal = 12 Millionen

4. Quartal = 13 Millionen

Somit kommt er auf einen Wert von etwas über 45 Millionen Umsatz in 2006 und weist daraufhin, dass das auch besser mit den fast 400 Beschäftigten korrepondiere. Allerdings stimmt er mir in meinem Wertansatz von 200 Millionen für ICGCommerce, und damit ca. 150 Millionen für die 76% von Internet Capital, zu - wobei er im wesentlichen auf die Relationen bei der börsennotierten Ariba verweist. Hier bin ich allerdings der Auffassung, dass die Umsätze von ICGCommerce nachhaltiger sind - meine Vorbehalte gegen die unstetige Situation bei den meisten Softwareanbieter kennt ihr ja vielleicht (daher habe ich auch die beiden Softwarebeteiligungen Metastorm und Marketron immer relativ niedrig angesetzt).

Fakt ist aber: Nur eine von den 18 nicht borsennotierten Beteiligungen stellt zusammen mit der Nettocash/Wertpapieren die aktuelle Börsenbewertung dar - die restlichen nicht an der Börse notierten 17 Beteiligungen gibt es umsonst. Und das schafft nicht nur ICGCommerce, sondern vermutlich auch Starcite, vielleicht auch Credittrade, auf jeden Fall aber Freeborders, bei denen sogar noch wesentlich mehr drin wäre, wenn sie tatsächlich bei einem IPO die vom Co-CEO anvisierte Milliardenkapitalisierung schaffen.  

neben Starcite gibt es nur noch die Wand und Internet Capital hält 61%.

Boom for Meeting e-RFPs
May 4, 2006 1:30 PM

When Susan Owens, manager, Travel & Meeting Services, Boehringer Ingelheim Pharmaceuticals Inc., hit the send button on her electronic request for proposal to the Sheraton New York Hotel and Towers recently, you can imagine a bit of confetti popping out of the top of the computers at StarCite, the Philadelphia-based company with a platform of online products and services (including e-RFPs) that help to manage the meeting planning process and control meeting spend. Owen’s RFP had hit a milestone: It was the millionth to go through the StarCite system.

It was not only the number that gave the dot-com something to celebrate, but it was also the pace at which it got there. In 2004, after six years in business, StarCite marked its 500,000th e-RFP. Just 18 months later, that figure has doubled. The company is reporting 150,000 RFPs through the system in the first quarter of 2006, or more than 16,000 unique meetings. (On average, clients send out nine e-RFPs per meeting, according to company president and CEO Michael Boult.)

StarCite is not alone in documenting the acceleration of the meeting industry’s business-to-business online marketplace. Ed Tromczynski, president of the supplier division at Santa Clara, Calif.–based OnVantage, another player with online tools for strategic meeting management, reports more than 50 percent growth in the number of unique meetings sourced with an OnVantage e-RFP in 2005 compared to 2004. OnVantage clients sent out e-RFPs for 50,000 unique meetings in 2005, versus about 32,000 in 2004. That translates to more than 250,000 total RFPs, says Tromczynski, calculating OnVantage’s average of five to six RFPs per meeting.

Both executives say they’re just getting started. Tromczynski estimates that only 15 percent of all meetings are using electronic RFPs. Boult agrees with that statistic in terms of U.S. meetings, but notes that the figure is much lower for international meetings, a market in which StarCite is making a significant investment, he says. Boult predicts it will take only another 18 months to double StarCite’s total RFPs to 2 million, and he sees the growth coming not only from new customers and the international market, but also from existing companies expanding their use of the e-RFP. “When global companies get serious about this space,” he says, “e-RFPs win.”

© 2006 Prism Business Media

 

by: flankenking
Wer will da jetzt seine ICGE wie schales Bier in Amiland anpreisen:
War der Flankengott nicht ein anderer als libuda??

Long-Term Sentiment: Strong Buy  05/22/06 04:58 pm
Msg: 240899 of 240900

Important facts from the Market of CreditTrade (Internet Capital owns 27), one of two great Interdealer Broker of credit derivatives;

"The credit default swaps market, which has seen explosive growth in the past five years, expanded by a third in the second half of 2005 to $13.7 trillion, after a 60 percent increase in the previous six months."


 

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Press Release Source: Marketron International


Marketron Wins Group Contract From Bonneville
Tuesday May 23, 8:00 am ET  
Group Renews Marketron Radio Traffic Licenses for All 25 Radio Stations


BURLINGAME, Calif., May 23 /PRNewswire/ -- Marketron International today announced that it has won a multi-year contract to provide traffic and billing solutions to all Bonneville radio stations. A longtime Marketron client, Bonneville cited Marketron's proven inventory optimization capabilities, industry leading reporting and cost-effective application hosting/disaster recovery services as key factors in its decision to extend its relationship.
ADVERTISEMENT


Bonneville operates 25 radio stations. All stations will manage their advertising inventory and billing with the Marketron Radio Traffic software. The Marketron solution will provide integrated Sales, Traffic and Billing applications to Bonneville's general managers, general sales managers, account executives, traffic directors and business managers. By storing all station advertising data in a single system and creating electronic workflow between departments, the Marketron system enables better decision making and accountability.

Bonneville will utilize Marketron's centralized hosting platform, which was launched in 2000 and currently serves more than 40 broadcast groups and 6,500 individual subscribers. It enables station personnel to access the system from any computer with a Web connection, ensuring that staff members who are away from the office can still work productively. Groups seeking to centralize traffic in hubs or a single location can do so without having to invest in costly IT infrastructure to connect multiple stations.

"Marketron is honored to expand our partnership with Bonneville," said Mike Jackson, CEO of Marketron International. "Bonneville's decision to increase its investment in the Marketron solution validates the strength of our software and services. We are pleased to have earned Bonneville's confidence and look forward to delivering additional revenue and business benefits to the entire group."

Marketron Radio: Connecting the Broadcast Enterprise

From proposal through traffic to billing, a station's sales and fulfillment process requires input from many people across multiple departments. When each department maintains separate software systems, the entire operation suffers revenue and productivity losses.

Marketron Radio enterprise solutions integrate all departments and business processes across a station into a single system and database. Integration enables the sales, traffic and business departments to more easily share information, better optimize inventory and increase revenues.

Storing sales and inventory information in a common database allows for real-time access to data. Corporate managers can check numbers for individual stations or the entire group from their desktop; sales managers can make informed approval decisions in seconds; traffic directors can manage available inventory more effectively because they have the most complete information.

Connecting all departments electronically also eliminates redundant data entry and associated errors. Salespeople spend more time selling; traffic managers focus on optimizing inventory; station revenues increase.

About Marketron International

Marketron International is a leading provider of broadcast management solutions for the Radio, TV and Cable industries. Marketron's fully integrated suite of sales, traffic, finance and business intelligence solutions automates workflow from proposal to billing, enabling groups to optimize inventory and increase revenues. Today, 1,600 broadcasters in North America license Marketron solutions. Marketron International is headquartered in Burlingame, Calif., with five offices across North America. The company is privately held and its investors include Darwin Group, Internet Capital Group, Pisces Group and Rosewood Capital.

Erinnert Ihr Euch? Immer wenn Traumdeuter auf dem Board auftauchte waren Kaufzeiten. Ob bei 3,40 Dollar, bei 4 oder 5 Dollar. Traumdeuter erinnert mich immer wieder an den österreichischen Krimi, bei dem immer der alte Landstreicher als erster den Ermordeten entdeckte: Immer wenn es nach oben geht, ist Traumdeuter schon da, macht einen in Frustbewältigung und bringt Euch um Euer gutes Geld.


 

Jetzt posaunst du auf yahoo aus, was du hier schon x-mal posaunt hast. Mutig bei deiner Grammatik! hält sich aber in Grenzen, da du den eigenen Text kurz hälst und halt rein-kopierst. Bin mal gespannt, wie du auf Diskussionsbeiträge in Englisch reagierst. Schau dir mal gelegentlich den 4-Jahreschart an, dann siehst du den "Erfolg" deiner Stunden, Tage, Monate und Jahre, die du bereits mit dieser Aktie verbringst. Hast du den Mittelklassewagen, über den du neulich als Gewinn gejubelt hast, wieder verkauft?? Lachhafte Nummer jetzt auch auf yahoo!!  

Mutig über die Grammatik lästern und dann hälst anstatt hältst schreiben,kommt von halten.  

...und schon ist Ruhe!  

der allein schon dadurch ausgelöst werden kann, dass die SEC sich die Kursbildung genauer ansieht und bestimmte Akteure fragt, warum sie mit sich selber handeln. Wenn erst ein IPO von Freeborders publik wird, ist es alles zu spät, 15 sind dann die erste und 20 die zweite Hürde.  

wird sich für so etwas nicht wirklich interessieren.  

Anteil an Internet Capital binnen zweier Jahre von etwas mehr als 2% auf über 58% erhöht. Meine Frage an Euch: Sind die bescheuterter als Traumdeuter, der Euch seit einem Stand von 3,40 Dollar vom Kaufen abhält?

Hier die 25 größten Adressen unter den Instiutionals, die bei Internet Capital drin sind:

holding shares of Internet Capital(outstanding shares/total = 39,400,000):


GENDELL JEFFREY L 3/31/2006 3,247,310 shares


MELLON FINANCIAL COR... 3/31/2006 2,321,066 shares

BARCLAYS GLOBAL INVE... 3/31/2006 1,874,646 shares

GRUBER & MCBAINE CAP... 3/31/2006 1,107,900 shares

DIMENSIONAL FUND ADV... 3/31/2006 948,247 shares

ARIENCE CAPITAL MANA... 3/31/2006 931,491 shares

COLUMBIA PARTNERS L ... 3/31/2006 856,536 shares

TRIVIUM CAPITAL MANA... 3/31/2006 850,000 shares

DAWSON HERMAN CAPITA... 3/31/2006 785,500 shares

EAGLE ASSET MANAGEME... 3/31/2006 765,105 shares

SCHNEIDER CAPITAL MA... 3/31/2006 724,292 shares

CAPITAL RESEARCH & M... 3/31/2006 700,000 shares

NORTH POINTE CAPITAL... 3/31/2006 662,780 shares

STATE STREET CORP 3/31/2006 537,052 shares

TUDOR INVESTMENT COR... 3/31/2006 486,883 shares

UBS AG 3/31/2006 452,153 428,338 shares

AXA 3/31/2006 442,593 384,891 667.03% shares

VANGUARD GROUP INC 3/31/2006 441,820 shares

KARSCH CAPITAL MANAG... 3/31/2006 328,000 shares

NORTHERN TRUST CORP 3/31/2006 294,446 shares

HOCKY MANAGEMENT CO ... 3/31/2006 282,600 shares

BRUCE & CO., INC. 3/31/2006 278,300 shares

TIAA CREF INVESTMENT... 3/31/2006 251,270 shares

POTOMAC CAPITAL MANA... 3/31/2006 245,800 shares

AMERIPRISE FINANCIAL... 3/31/2006 185,300 shares


 

http://www.nasdaqtrader.com/asp/....asp?searchby=Detail&IssueID=23113  

Kursmanipulation naht.

Was die Explosion noch gigantischer machen könnte? Ein Ipo bei Freeborders, der vor der Tür steht und jederzeit angekündigt werden kann.

Hopes of achieving a market capitalisation of $1 billion or more

By Doug Young and David Lin

SHANGHAI, Feb 13 (Reuters) - Software outsourcing start-up Augmentum is turning up the heat on its Indian rivals, with plans to build a China-based juggernaut boasting 40,000 employees and $1 billion in annual sales by 2013. The three-year-old firm is on a rapid growth trajectory that saw revenues double last year.

Freeborders, another start-up that told Reuters last week it hoped to go public in the 'not-too-distant' future, with hopes of achieving a market capitalisation of $1 billion or more.

All are chasing a Chinese software outsourcing market now worth about $1 billion in annual exports, but expected to grow rapidly over the next few years as multinationals look to diversify away from India where costs are rising rapidly.

Seit dieser Ankündigung im Februar haben wir uns der "not-too-distant future" vermutlich doch sehr stark genähert.

 

The Big Four

of the nine private held core companies of ICG

Freeborders (www.freeborders.com) is the Leader in IT-Offshoring in China, revenues in 2006 = 35 million (estimate), growth-rate = more than 100%, fair (competitors) multiple = 12, worth = 420 million, 33% (Internet Capital owns) = 140 million

ICGCommerce (www.icgcommerce.com) is the worldwide greatest Pure Play in procurement-outsourcing, revenues in 2006 (e) = 40 million, growth-rate = 25%. fair (competitors) multiple = 5, worth = 200 million, 76% (Internet Capital owns) = 152 million

Starcite (www.starcite.com) is the worldwide greatest marketplace/booking-system for meetings, revenues in 2006 (e) = 25 million, growth-rate = 70%, fair (competitors) multiple = 10, worth = 250 million, 61% (Internet Capital owns) = 156 million

Creditrade (www.credittrade.com) is one of two biggest two interdealer brokers in the credit derivatives market, revenues in 2006(e) = 65 million, growth rate = 50%, fair (competitors) mulitple =9 =585 million, 27% (Internet Capital owns) = 156 million

Only the best four of the 20companies of Internet Capital have a worth of 140 + 152 + 156 +156 million = 604 million. You must add to the 604 million the worth of other 9 private held companies and a net cash/marketable securites of 160 million.

Compare with the market cap of Internet Capital of today of 320 million. Internet Capital is the most undervalued stock of the NASDAQ and this result in a P/E of 5, the lowest of an internet-stock worldwide.

 

Loss (diluted, $/shr)     0.13      --      --      0.08
Net loss ($ million)       4.9      --      --       3.1
Revenue ($ million)       15.9    14.0       1      11.9

die Beiträge darüber stehen wörtlich auch im Yahooboard von ICGE  

von drei Beteiligungen von 20 Beteiligungen, die konsolidert werden: ICGCommerce, Starcite und Investoreforce. Der Aussagewert ist also fast Null - aber das ist wohl für den Privatanleger das Problem, da er diese komplexen Sachverhalte nicht durchschaut. Das ist vermutlich die Erklärung für die 58% Instituionals, da nur die den Laden ausreichend durchschauen. Wenn man diesen Board allerdings permanent verfolgt, müsste man dazu auch in der Lage sein.

Übrigens steht auf Yahoo auch das folgende, und zwar sogar bei jeder Kursabfrage:

Last Trade: 8.43
Trade Time: May 26
Change: 0.00 (0.00%)
Prev Close: 8.43
Open: N/A
Bid: 6.45 x 100
Ask: N/A
1y Target Est: 11.45

 Day's Range: N/A - N/A
52wk Range: 5.74 - 10.04
Volume: 0
Avg Vol (3m): 368,148
Market Cap: 330.26M
P/E (ttm): 5.00
EPS (ttm): 1.69
Div & Yield: N/A (N/A)

Besonders beeindruckend ist dabei das sensationell niedrige KGV von 5, das auf den Gewinn von 72,5 Millionen Dollar in 2005 zurückzuführen ist. Die Frage ist: Ist dieser Gewinn von 72,5 Millionen nachhaltig? Ich finde schon, denn Internet Capital wird aufgrund von IPO's und Mergers auch in den nächsten Jahren Gewinne in ähnlicher Großenordnung erzielen bzw. wahrscheinlicher ist sogar ein Anstieg: Für die Zeitraum 2006 bis 2010 rechne ich mit einem durchschnittlichen Gewinn von 120 bis 150 Millionen.  

Der CEO kaufte zwischen 8,27 und 8,31.

INSIDER & RULE 144 TRANSACTIONS REPORTED
Date Insider Shares Type Transaction Value*
24-May-06 BUCKLEY, WALTER W IIIChief Executive Officer 7,500 Direct Purchase at $8.27 - $8.31 per share. $62,0002

 

Flankenking
by: jagdnachicge  06/01/06 10:21 am
Msg: 241161 of 241165

This guy is very well known in the German community; e.g on wallstreet online it was Esla and snag - and now on ariva he is called Libuda - same strategy - no compromises - no tolerance and crazy amount of postings - and this for years. (The only reason he did not start to post on the yahoo board was his lack of the english knowledge, but now he is so desperate that he even takes this shame into account) - what a pitty

 

Du meinst also weil es vielleicht ein Ami ist müsste er besonders klug sein oder was ?
Sehr lustig.  

wie der eine oder andere von Euch sicher die Erfahrung gemacht hat, als Ihm ein gefrusteter Traumtänzer, der in 2000 Hab und Gut verzockt hat, den Einstieg bei 3,40 Dollar oder vier Dollar oder fünf Dollar oder sechs Dollar versaubeutelt hat.

Das gilt vor allem wenn der Fair Value wesentlich höher ist:


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. The additon = 216.8.

Outstanding convertible bonds = 33.5

Netcash/public securites = about 180 million

Market cap. of today = 340 million

Difference between market cap. and netcash/public securities = I subtract 180 million from 340 Million = 160 million

Proportional revenues of 18 private held companies of Internet Capital = 125 million in 2006

160 million difference and 125 proportional revenues = multiple of 1.3

Multiple of the tech-shares in the S&P500 = 6

Difference between multiple of Internet Capitals revenues of private held companies and tech-shares in the S&P 500 = 4.7

Diffence-multiple of 4.7 and proportional revenues of private held companies of Internet Capital of 125 million = undervalue of Internet Capital = 687 million

687 million undervalue of Internet Capital and 39.4 million oustanding shares = $17.4 undervalue/share

acutal price of $8.6 and undervalue/share of §17.4 = fair value of $ 26/share


 

http://finance.yahoo.com/q/mb?s=ICGE  wirkt schon irgendwie hektisch versessen, schlechtes Englisch  

Und hier der Dümmste der auch sicher auf deutschen Boards zu hause ist "cathmaryl" !!  

schon immer Kickys interessante Beiträge über Aktien.  

Hier könntest du eigentlich hinfliegen und einige unangenehme Fragen stellen!

Internet Capital Group to Hold Annual Meeting of Stockholders On June 16, 2006



WAYNE, Pa., May 30, 2006 (BUSINESS WIRE) -- Internet Capital Group (ICGE : internet cap group inc com new

12:18am 06/02/2006

ICGE0.00, 0.00, 0.0%) announced today that it would hold its 2005 Annual Stockholders' Meeting at 10:00 a.m. on Friday, June 16, 2006. The meeting will be held at the Radnor Hotel, 591 East Lancaster Avenue, St. David's, Pennsylvania.
Only stockholders who owned the stock at the close of business on April 5, 2006 can vote at this meeting or any adjournments that may take place. Such stockholders are encouraged to vote by proxy to ensure that their shares will be represented.
For those unable to attend the meeting in person, the meeting will be webcast via the Internet and can be accessed through the ICG website 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.
SOURCE: Internet Capital Group
Internet Capital Group Investor Inquiries: Karen Greene, 610-727-6900 ir@internetcapital.com Copyright Business Wire 2006
 

wenn man sich z.B. www.freeborders.com anschaut oder BBBB ,die ich auf der Watchlist habe,müssten irgendwann demnächst auch mal Gewinne rausspringen und dann wird ICGE plötzlich entdeckt...steigt übrigens in den letzten Tagen  

vor Blackboard rangieren noch ICGCommerce, Starcite, Credittrade und Metastorm. Aber sicher hast Du in dem Punkt recht, die 60 Millionen von Blackboard sind bei einer Marktkapitalisierung von nur 330 Millionen etwas mehr als Peanuts.

BIG SIX - Shortsquezze Next Week

After a jump from 1,7 to 2,5 million shares next shortposition will be between 3 and 4 million shares = 10% of the outstanding share. But institutionals held 58% management held 5%and flankenking held 15,000 shares. Free Float is less than 37% and 10% of the shares are shorted and the fundamentals are excellent.

Very important are the greatest six private held core companies of ICG:

Freeborders www.freeborders.com
is the Leader in IT-Offshoring in China, revenues in 2006 = 35 million (estimate), growth-rate = more than 100%, fair (competitors) multiple = 12, worth = 420 million, 33% (Internet Capital owns) = 140 million

ICGCommerce www.icgcommerce.com
is the worldwide greatest Pure Play in procurement-outsourcing, revenues in 2006 (e) = 40 million, growth-rate = 25%. fair (competitors) multiple = 5, worth = 200 million, 76% (Internet Capital owns) = 152 million

Starcite www.starcite.com
is the worldwide greatest marketplace/booking-system for meetings, revenues in 2006 (e) = 25 million, growth-rate = 70%, fair (competitors) multiple = 10, worth = 250 million, 61% (Internet Capital owns) = 156 million

Creditrade www.credittrade.com
is one of two biggest two interdealer brokers in the credit derivatives market, revenues in 2006(e) = 65 million, growth rate = 50%, fair (competitors) mulitple =9 =585 million, 27% (Internet Capital owns) = 156 million

Metastorm www.metastorm
is worldwide greatest Pure Play in Business Process Management, revenues in 2006(e) = 40 million, growth rate = 25%, fair (competitors) multiple = 4.5 = 180 million, 42% (Internet Capital owns) = 76 million

Marketron www.marketron.com
is the leading provider of broadcast management systems, revenues in 2006 (e) = 30 million, growth rate = 10%, fair (competitors) multiple = 3.5 = 105 million, 38% (Internet Capital owns) = 40 million

Only the best six of the 18 private held companies of Internet Capital have a worth of 140 + 152 + 156 +156 + 76 + 40 million = 720 million. You must add to the 720 million the worth of other 13 private held companies and a net cash/marketable securites of 180 million.



Compare with the market cap of Internet Capital of today of 330 million. Internet Capital is the most undervalued stock of the NASDAQ and this result in a P/E of 5, the lowest of an internet-stock w