Kursverdoppelung bei Actua Corporation (vorm. Internet Capital)

September 15th, 2016

The following blog post was originally published by Actua company, FolioDynamix:
Our annual client conference is next week in San Antonio, and we’re looking forward to networking with clients and with a number of our technology partners and money managers.

http://www.actua.com/foliodynamix-gears-annual-client-conference/
 

http://www.faz.net/aktuell/wirtschaft/...igitalisierung-14437007.html  

http://blog.boltinc.com/...;utm_medium=social&utm_source=linkedin  

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any
3. Trans. Code (Instr. 8)
4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)
7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount
(A) or (D) Price Common Stock, par value $.001 per share  9/13/2016   S (1)  2500  D $10.44  220356  D   Common Stock, par value $.001 per share  9/14/2016   S (1)  2500  D $10.29  217856  D   Common Stock, par value $.001 per share          4231  I  Held by IRA  
Common Stock, par value $.001 per share          15831  I  
Held by 401(k) Plan  
Explanation of Responses: ( 1) Sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on May 26, 2016.

http://icge.ir.edgar-online.com/efxapi/EFX_dll/...bFS&ID=11594712
 

because Actua has only a market-cap of 400 million by revenues of 160 million in 2016.

oOn the base of a market-cap of 17.7 billion and revenues of 1.6 billion in 2016 Workday has 11-times-revenues - Acuta only 2.5-times revenues.

Workday Announces Fiscal 2017 Second Quarter Financial Results
PLEASANTON, CA--(Marketwired - Aug 24, 2016) - Workday, Inc. (NYSE: WDAY), a leader in enterprise cloud applications for finance and human resources, today announced results for the fiscal second quarter ended July 31, 2016.
• Total revenues were $377.7 million, an increase of 34% from the second quarter of fiscal 2016. Subscription revenues were $306.2 million, an increase of 37% from the same period last year.
• Operating loss was $86.9 million, or negative 23.0% of revenues, compared to an operating loss of $67.6 million, or negative 23.9% of revenues, in the same period last year. Non-GAAP operating profit for the second quarter was $5.9 million, or 1.6% of revenues, compared to a non-GAAP operating loss of $0.7 million, or negative 0.3% of revenues, in the same period last year.

https://www.workday.com/en-us/company/newsroom/...ils.html?id=2088899
 

up about 25 percent over 2014

http://www.startribune.com/...overnment-clients-save-money/361642901/  

Waxchstum in Q1 und Q2/16 als Maßstab nimmt.

•    Revenue Growth: 20% in Q2 2016 compared to Q2 2015
http://www.actua.com/wp-content/uploads/2016/08/Q2-slides-Final.pdf

•    Revenue Growth: 20% in Q1 2016 compared to Q1 2015
http://www.actua.com/wp-content/uploads/2016/05/...des-FINALFINAL.pdf
 

kommen:

Jeff Houston, Northland Securities - Analyst [11]
--------------------------------------------------
Hey guys, thanks for taking my questions. So looking at the growth for the rest of the year, I imagine Velocity and GovDelivery should maintain their roughly 20% organic growth. But [folks dig a bit] deeper into BOLT and Folio, they both had zero growth this quarter, but both had good bookings. Should we look at their growth being in the 10 to 15% range for the next two quarters? Or is that aggressive? I'm just trying to get a sense of how those two [core] for those businesses should scale for the rest of this year, and then into next year?
--------------------------------------------------
Kirk Morgan, Actua - CFO [12]
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Yes, we would really all four of the businesses revenue in the second half of the year to be growth percentages that are higher than what we've experienced in the first half, Jeff. I think it will be more dramatic relative to BOLT and Folio in terms of their revenue growth that we expect in the - where they've been flat essentially. We expect that obviously to accelerate in the second half, reflect in the bookings that we've been seeing. But GovDelivery and Velocity should see some uptick as well. So it's really across the board.
--------------------------------------------------
Walter Buckley, Actua - Chairman, CEO [13]
--------------------------------------------------
Yes, and just to add something. We've been tracking and we've been recording our bookings for the last two quarters, but really to the last three quarters. Bookings have been ahead of revenue really at all four businesses. And it takes anywhere from six to 12 months to implement it. So that's why I think you're going to see growth [occur it] across all four businesses starting Q3.

http://finance.yahoo.com/news/...a-earnings-conference-154356723.html
 

für ein Cloud--Unternehmen wie Govdelivery mit m.E. 42 bis 45 Millionen Umsatz und nach meinen Schätzungen 20 bis 25% organischem Wachstum angemessen.

Ein Umsatzmultiple von mindestens 5 erscheint mir hier überaus angemessen, womit wir bei einem Wert zwischen 210 und 250 Millionen wären, der sich meines Erachtens im Börsenwert von Acuta nicht angemessen widerspiegelt. Denn Govdelivery ist nur eine von vier Kernbeteiligungen und die von mir angegebenen 42 bis 45 Millionen geschätztem Umsatz machen nur etwas mehr als ein Viertel des Gesamtumsatzes von Acuta im letzten Guidance von 155 bis 160 Millionen für 2016 aus.  

https://www.onewire.com/jobs?co=5886  

 

Fang doch mal an wie bei Hypoport zu argumentieren!

Velocity had 43.5 million revenues in 2015
Revenues of Velocity was 32 million in 2014. An increase of 36% of brought the revenues in 2015 to 43.5 million.

„Revenue has increased about 35 percent annually in recent years and was more than $32 million in 2014, Trout said.“
http://www.chicagobusiness.com/realestate/...ilitys-space-in-the-mart

Revenue Growth: 36% for 2015 compared to 2014
http://www.actua.com/wp-content/uploads/2016/06/...INAL-6-16-2016.pdf
 

in 2016 aufgrund der nachstehenden Datenlage aus, womit wir bei Velocity in 2016 bei einem Umsatz von 55 Millionen angelangt wären.

•  Revenue Growth: 21% in Q2 2016 compared to Q2 2015
http://www.actua.com/wp-content/uploads/2016/08/Q2-slides-Final.pdf

•  Revenue Growth: 23% in Q1 2016 compared to Q1 2015
http://www.actua.com/wp-content/uploads/2016/05/...des-FINALFINAL.pdf

--------------------------------------------------
Kirk Morgan, Actua - CFO [12]
--------------------------------------------------
We expect that obviously to accelerate in the second half, reflect in the bookings that we've been seeing. But GovDelivery and Velocity should see some uptick as well. So it's really across the board.
http://finance.yahoo.com/news/...a-earnings-conference-154356723.html
 

für ein Cloud-Unternehmen wie Velocityy mit m.E. ca, 55 Millionen Umsatz und nach meinen Schätzungen 25% organischem Wachstum angemessen?

Ein Umsatzmultiple von mindestens 5 erscheint mir hier überaus angemessen, womit wir bei einem Wert  275 Millionen wären, der sich meines Erachtens im Börsenwert von Acuta nicht angemessen widerspiegelt. Denn Velocity ist nur eine von vier Kernbeteiligungen und die von mir angegebenen 55 Millionen geschätztem Umsatz machen nur etwas mehr als ein Drittel des Gesamtumsatzes von Acuta im letzten Guidance von 155 bis 160 Millionen für 2016 aus.
 

dass allein schon der Wert der beiden größten von vier Kernbeteiligungen bei konservativer Bewertung mit zusammen 505 Millioen erheblich höher ist als der momentante Börsenwert von Actua..Ein Umsatzmultiple von mindestens 5 erscheint mir hier überaus angemessen, womit wir bei einem Wert zwischen 210 und 250 Millionen wären, der sich meines Erachtens im Börsenwert von Acuta nicht angemessen widerspiegelt.“

„Welche Bewertung ist für ein Cloud-Unternehmen wie Velocityy mit m.E. ca. 55 Millionen Umsatz und nach meinen Schätzungen 25% organischem Wachstum angemessen?
Ein Umsatzmultiple von mindestens 5 erscheint mir hier überaus angemessen, womit wir bei einem Wert 275 Millionen wären.“
 

wieso ein KUV von 5 angemessen ist!

Und bitte nicht wieder mit einem opminösen Branchenvergleich!

Weiß doch kein Mensch, ob die verglichenen Unternehmen nicht längst gute Gewinne machen oder stärker wachsen oder eine bessere Bilanz haben, etc.

It’s Not Just OSHA: Federal Fines are Up Across the Board

Posted on Tuesday, September 13 at 2:23pm in Blog, EHS News by VelocityEHS
There’s been a lot of news surrounding the increases to OSHA fines that went into effect August 1st, 2016. It is the first such increase to occur since 1990 and combined with recently expanded recordkeeping standards, as well as OSHA’s revised inspection and enforcement policies, employers are sure to face substantial challenges moving forward.

https://www.ehs.com/2016/09/...-agencies-increase-fines-across-board/
 

Das habe ich schon so oft anhand von einzelnen anderen Unternehmen und Zusammenfassung (z.B. alle Cloud-Unternehmen) getan, dass ich Deine Argumentation nicht nachvollziehen kann.

Blättere hier in diesem Thread nur einige wenige Seiten zurück.  

Libuda:  Actua is undervalued by a compare with Workday  
16.09.16 22:39
#7955  

because Actua has only a market-cap of 400 million by revenues of 160 million in 2016.

oOn the base of a market-cap of 17.7 billion and revenues of 1.6 billion in 2016 Workday has 11-times-revenues - Acuta only 2.5-times revenues.

Workday Announces Fiscal 2017 Second Quarter Financial Results
PLEASANTON, CA--(Marketwired - Aug 24, 2016) - Workday, Inc. (NYSE: WDAY), a leader in enterprise cloud applications for finance and human resources, today announced results for the fiscal second quarter ended July 31, 2016.
• Total revenues were $377.7 million, an increase of 34% from the second quarter of fiscal 2016. Subscription revenues were $306.2 million, an increase of 37% from the same period last year.
• Operating loss was $86.9 million, or negative 23.0% of revenues, compared to an operating loss of $67.6 million, or negative 23.9% of revenues, in the same period last year. Non-GAAP operating profit for the second quarter was $5.9 million, or 1.6% of revenues, compared to a non-GAAP operating loss of $0.7 million, or negative 0.3% of revenues, in the same period last year.

www.workday.com/en-us/company/newsroom/...ils.html?id=2088899  

Libuda:  Allein nach dem Durchschnitts-Multiple von 6,24  
13.09.16 23:00
#7931  

müsste sich Actua verdreifachen:

Average multiple of 6.24 times their projected revenues for the next 12 months

Investors in capital markets certainly responded to SaaS propositions as such. Arma Partners’ analysis of Capital IQ data for a sample of 37 public (and predominantly US-listed) SaaS companies shows that, between March and November 2015, their shares traded at an average multiple of 6.24 times their projected revenues for the next 12 months. This represented a more than 50% premium on the corresponding figure for a parallel sample of 47 established and conventional listed software companies. Central to these disproportionately high levels of investor interest were the recurring (hence predictable) nature of these SaaS companies’ revenues and the belief that, upon reaching critical mass and profitability, they would enjoy the higher margins associated with a SaaS business model.

www.forbes.com/sites/paulnoelguely/2016/05/...ds/#5ac101dd27a5
 

des Umsatzes gesehen.

Cloud-Unternehmen sind aber nicht alle gleich, was die aktuellen Margen und das Margenpotenzial angeht. Genauso sind die Bilanzdaten unterschiedlich, die Subbranche und die Konkurrenzsituation.
Ein Vergleich nach KUV macht daher nicht unbedingt Sinn, auch nicht wenn man das Mittel aller Cloud-Unternehmen nimmt.

anderen vergleichen, aber am ehesten geht es noch in der Branche - da habe ich nur Softwareunternehmen verglichen. Und ich bin sogar noch einen Schritt weitergegangen und habe den Vergleich auf Softwareunternehmen eingeengt, die schwerpunktmäßig über die Cloud liefern.

Und bei den Unternehmensvergleichen bin ich sogar noch einen Schritt weitergegangen und habe sowohl bei den bisher angesprochenen core-companies von Actua, Govdelivery und VelocityEHS, als auch bei Vergleichsunternehmen wie z.B. Workday die Wachstumsraten angegeben.

Denkbar wäre, dass man noch zusätzlich den Anteil der cost of revenues an den Umsätzen zur Ergebnisrelativierung angibt.  

TOP Direct Holders (Forms 3 and 4)
      Name    Shares§Date Reported
BUCKLEY WALTER W III 1,226,899 ‎Mar‎ ‎4‎, ‎2016
ALEXANDER DOUGLAS A 1,364,544 ‎Mar‎ ‎4‎, ‎2016
MORGAN RAYMOND KIRK 217,856 ‎Sep‎ ‎14‎, ‎2016
BERKMAN DAVID J 172,742 ‎Jun‎ ‎17‎, ‎2016
GERRITY THOMAS P 164,064 ‎Jun‎ ‎19‎, ‎2015
RINGO PHILIP J 162,934 ‎Jun‎ ‎17‎, ‎2016
DECKER THOMAS A 128,850 ‎Jun‎ ‎17‎, ‎2016
DOWNES DAVID K 128,162 ‎Jun‎ ‎17‎, ‎2016
ADELMAN DAVID J. 83,308 ‎Jun‎ ‎17‎, ‎2016
HAGAN MICHAEL J 94,918 ‎Jun‎ ‎17‎, ‎2016

Top Institutional Holders
    Holder    Shares§Date Reported % Out Value
Pembroke Management, LTD 3,299,415 ‎Jun‎ ‎30‎, ‎2016 8.36% 29,793,717
Vanguard Group, Inc. (The) 2,681,402 ‎Jun‎ ‎30‎, ‎2016 6.80% 24,213,060
Capital World Investors 2,602,000 ‎Jun‎ ‎30‎, ‎2016 6.59% 23,496,060
Dimensional Fund Advisors LP 2,239,410 ‎Jun‎ ‎30‎, ‎2016 5.68% 20,221,872
Polar Asset Management Partners Inc. 1,472,828 ‎Jun‎ ‎30‎, ‎2016 3.73% 13,299,636
BlackRock Institutional Trust Company, N.A. 1,048,657 ‎Jun‎ ‎30‎, ‎2016 2.66% 9,469,372
Goldman Capital Management, Inc. 1,045,500 ‎Jun‎ ‎30‎, ‎2016 2.65% 9,440,865
Rice, Hall, James & Associates 1,046,745 ‎Jun‎ ‎30‎, ‎2016 2.65% 9,452,107
Bank of Montreal/Can/ 1,031,054 ‎Jun‎ ‎30‎, ‎2016 2.61% 9,310,417
FMR, LLC 5,918,812 ‎Jun‎ ‎30‎, ‎2016 15.00% 53,446,872

http://finance.yahoo.com/quote/ACTA/holders?p=ACTA