ICGE - MK 135 Mio. € - innerer Wert 700 Mio. € !
About Channelintelligence:
• Leading provider of performance advertising services for manufacturers and retailers
• Reported Q1 revenue growth of 38% compared to Q1 2009
– revenue gain fueled by success of retailers driving channel sales efforts through CI’s Managed Services platform
• Ad spend by CI on behalf of retailer clients increased 30% over 2009 period
• CI spend management fees increased over 100% over 2009 period
• Added to impressive customer list in Q1
– JCPenney
– Large electronic gaming company
• Deeper integration at existing clients
– 3M
– Large technology company
About ICGCommerce:
• Grew revenues to $22.9 million in Q1, an increase from $18.8 million in Q1 2009
• Q1 EBITDA of $2.6 million (excluding the impact of stock-based compensation and unusual items) slightly below $2.8 million for Q1 2009
• Cash and cash equivalents were $18.7 million at March 31, 2010
• Sales pipeline increased significantly
• Signed multi-year, multi-million dollar expansion with existing pharmaceutical sector client
Business Model Overview
• Multi-year contracts which are primarily fixed fee
• Strong recurring revenue model backed by TCV backlog equal to 3x annual revenue
• Delivering 130% of savings targets
Compare the numbers with the income-statement of Open Table, which has a market-cap yesterday of 986 million:
http://finance.yahoo.com/q/is?s=open
Natürlich sollte man nicht von alten Höhen von $4.280 spinnen nachdem man um mehr als den Faktor "tausend" auf $3,40 abgekackt ist, aber ich bin durchaus auch mit zunächst $20 und längerfristig $40 zufrieden, denn dann ich hatte mein Kapital bei einem Einstieg in sehr vielen Schritten zwischen vier und sieben Dollar vervielfacht - und fast ausschließlich steuerfrei.
http://messages.finance.yahoo.com/...64355&tof=1&frt=2#264355
http://www.fool.com/investing/high-growth/2010/05/...tech-startu.aspx
Denn jemand der Internet Capital imitieren will, verfügt beim Neustart nicht über den Know How. Hinzu kommt, dass man bei Internet Capital momentan auf den Inventarwert der Assets einen Discount von 60% eingeräumt bekommt, während ein Neuling mit 100% startet. Bei der momentanen niedrigen Bewertung von Internet Capital wäre ein Investment in das oben beschriebene Anlagevehikel hinausgeschmissenes Geld.
Your next question comes from the line of Jeff Van Rhee with Craig Hallum.
Jeff Van Rhee - Craig Hallum
Congrats on getting the increased stake in ICG Commerce. It's great to see it. Several questions, may be first, Buck, can you just take again very high level but as you look at the company you certainly been through a pretty meaningful transition already as you become more of a focused stake operating type company. If you look out 18 months if that’s a reasonable timeframe, at this point, what you think is a reasonable expectation of what the portfolio looks like in 18 months in terms of the number of companies, the number of the consolidated stakes versus the remaining positions, how quickly you might be able to liquidate some of those? Just give us an update is to what 18 months out might look like?
Walter Buckley
That's a good question, Jeff and I think just with one caveat that, that a lot of this is outside our complete control but I think 18 months we'd like to have probably double the number of top-line companies regarding our portfolio today, either from existing companies in the portfolio or from new acquisitions that we'd like to monetize, in addition one or two of our current portfolio companies. Monetize meaning, unlocking value in a number of ways, so I wouldn’t just want to, it could be a merger, could be a sale, could be an IPO.
http://seekingalpha.com/article/...transcript?source=yahoo&page=5
http://vodpod.com/watch/...nd-accelerates-for-procurement-outsourcing
http://messages.finance.yahoo.com/...p;mid=264355&tof=1&frt=2
Internet Capital hält 50% an Channelintelligence.
Die momentane Marktkapitalisierung wird alleine durch die 76% an ICGCommerce abgedeckt. Die restlichen 10 der 11 privaten Beteiligungen neben ICGCommerce gibt es umsonst, ebenso ca. 75 Millionen Cash/Wertpapiere.
http://messages.finance.yahoo.com/...;mid=264355&tof=14&frt=2
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1-Jul-2010
Other Events
Item 8.01. Other Events
On July 1, 2010, ICG Holdings, Inc. ("ICG Holdings"), a wholly-owned subsidiary of Internet Capital Group, Inc. ("ICG"), acquired additional shares of capital stock of its existing partner company, ICG Commerce Holdings, Inc. ("ICG Commerce"). The aggregate cash consideration paid for these shares, which represent approximately 5% of ICG Commerce, was approximately $14.4 million. As a result of this transaction, ICG Holdings increased its ownership interest in ICG Commerce from approximately 76% to approximately 81%.
ICG Holdings acquired the additional ICG Commerce shares pursuant to a tender offer that ICG Holdings made to all of the stockholders of ICG Commerce other than ICG Commerce employees and the holders of ICG Commerce's Series F Preferred Stock. Mr. Douglas Alexander, ICG's President, holds a limited partnership interest in a partnership that tendered its shares to ICG Holdings. Dr. Thomas P. Gerrity, a director of ICG, tendered shares of ICG Commerce that he held directly. Each of Mr. Alexander and Dr. Gerrity received less than 5% of the aggregate cash consideration paid by ICG Holdings in the tender offer.
In light of the ICG Commerce interests held by Mr. Alexander and Dr. Gerrity, an independent committee of disinterested independent directors of the ICG Board of Directors (the "Special Committee") considered and approved the terms of the tender offer, including the extension of the offer to ICG Commerce stockholders that are directly and indirectly affiliated with ICG. The Special Committee received advice from independent legal counsel and financial advisers. The consideration offered for shares of ICG Commerce in the tender offer was based on a valuation of ICG Commerce that was negotiated by ICG Holdings and a third party on an arms' length basis in connection with ICG Holdings' acquisition of approximately 12% of ICG Commerce that was previously announced on May 6, 2010.
Internet Capital hält 36% von Starcite.
http://www.icg.com/entrepreneurs/case-studies/
Jetzt dürften neue Monetarisierungen anstehen - wenn vielleicht auch "nur" dadurch, dass wie bei Blackboard jederzeit verwertbare Aktien zur Verfügung stehen.
www.channelintelligence.com
Internet Capital hält 50% an Channelintelligence.
Es lohnt sich den kompletten Thread zu lesen.
http://www.ftd.de/unternehmen/...lehrling-des-internets/50141081.html
Compare ICGCommcerce with Ariba with a market-cap of 1.53 billion:
Ariba, Inc.(NasdaqGS: ARBA)
Real-Time: 17.61 0.71 (4.20%) 1:15PM EDT
Last Trade: 17.60
Trade Time: 1:02PM EDT
Change: 0.70 (4.14%)
Prev Close: 16.90
Open: 16.91
Bid: 17.60 x 100
Ask: 17.61 x 500
1y Target Est: 17.11
Day's Range: 16.88 - 17.65
52wk Range: 8.27 - 17.89
Volume: 886,128
Avg Vol (3m): 995,792
Market Cap: 1.53B
P/E (ttm): 86.38
EPS (ttm): 0.20
Div & Yield: N/A (N/A
Take a look at the revenues of Ariba and the growth of revenues by Ariba:
Income Statement Get Income Statement for:
View: Annual Data | Quarterly Data All numbers in thousands
Period Ending Mar 31, 2010 Dec 31, 2009 Sep 30, 2009 Jun 30, 2009
Total Revenue 87,130 85,671 84,318 83,874
Compare now the revenues and the revenues growth of ICGCommerce:
ICG Commerce, one of our core consolidated companies, grew its revenue to $22.9 million in the first quarter, an increase from $18.8 million during the first quarter of 2009. ICG Commerce’s EBITDA, excluding the impact of stock-based compensation and unusual items, was $2.6 million in the first quarter, slightly below $2.8 million in the comparable 2009 period. ICG Commerce’s cash and cash equivalents were $18.7 million at March 31, 2010.
The result: Revenues of ICGCommcerce are about 25% of the revenues of Ariba, but the growth-rate of the revenues of ICGCommcere is bigger.
And now do your math: 25% of the market-cap of Ariba of 1.53 million = 382 million value for ICGCommerce.
Internet Capital is owning 81% of ICGCommerce = 310 million for this ownership alone. This 310 million are higher than the complete market-cap of Internet Capital - free of charge are the ownerships in Metastorm, Starcite, Freeborders, Channelintelligence, Whitefence, Govdelivery, Investorforce, Clickequations, Seapass and Aquirgy and additional the cash/securities.