Kursverdoppelung bei Actua Corporation (vorm. Internet Capital)

https://www.serenova.com/success-story/bolt-insurance  

http://banking-insurance.cioreview.com/vendor/2015/bolt_solutions  

Like many business-to-consumer transactions today, insurance buying and selling is molving online and shifting to an „Omi-channel distubition“-model.  

As a result, the move to Omni-channel brings with it new challenges for insurers, in technology, product options and process.  

Competition in the Playing Field

However, it’s not just the Millennials and other younger generations who prefer digital investment tools. A recent E*Trade Streetwise study shows that in all three age groups of 25-34, 35-55 and 55+, the majority prefer some level of robo or digital toolkits combined with personal advice.  Firms have figured this out and are beginning to compete with the robo advisors.

For online brokers, robo advising feels like a natural extension of what was already an electronic service. Stock brokers went through a massive transformation in the late nineties during the first dot com boom and most, if not all, became online brokers. More interesting is the level of interest in robo advisors from very traditional players such as insurance companies, asset managers and wealth management firms.  These firms are aggressively moving to build, buy and partner with robo technologies.

http://www.forbes.com/sites/falgunidesai/2016/07/...ace/#28cabc0c3812
 

ist bei 37 Millionen ausstehenden Aktien ein Fair Value von $21,35-

Fourth Quarter 2016 Guidance For the fourth quarter of 2016, Actua expects revenue in the range of $28.5 million to $29.5 million.

http://www.actua.com/wp-content/uploads/2016/11/...-FINAL-PDF-645.pdf

Im Mittel wäre das ein Umsatz von 29 Millionen im vierten Quartal und ich gehe davon aus, dass man den in 2017 von Quartal zu Quartal um 4% steigern kann, was einer jährlichen Wachstumrate von ca. 17% entsprechen würde:

Q1/17 = 30,2 Millionen

Q2/17 = 31,4 Millionen

Q3/17 = 32,6 Millionen

Q4(127 = 33,9 Millionen

Das sind zusammen 128,1 Millionen – und daraus errechnet isch bei einem meines Erachtens angemessenem Multiple von 5 einen Wert von 640 Millionen. Dazu kommen ca. 150 Millionen Cash = 790 Millionen.
 

Gelingt es nun für 80 Millionen Dollar zu einem Preis von z.B. $13,5 zurückzukaufen, wurde die Aktienzahl von 37 Millionen um 5,9 Millionen Aktien auf 31,1 Millionen Aktien sinken. Allerdings würden auch die Assets um 80 Millionen von 790 Millionen auf 710 Millionen sinken.

Wurde man diese 710 Millionen durch die verbliebenen 31,1 Millionen Aktien dividieren, ergäbe sich ein Fair Value pro Aktie von $22,8.
 

Wachstum nicht aus dem hohlen Bauch heraus erfolgte, zeigt diese Passage aus dem Conference Call:

Ted Lin, Evercore ISI - Analyst [6]
--------------------------------------------------
This is actually Ted Lin on for Kirk. I know you guys aren't giving guidance for 2017 yet, but directionally what we should be thinking about in terms of growth rate for 2017 for the remaining three businesses?
--------------------------------------------------
Walter Buckley, Actua Corporation - Chairman, CEO [7]
--------------------------------------------------
We were encouraged by what we are seeing in the growth in the second half of '16 versus the first half. So the growth is accelerating and we would continue to expect that to accelerate as we look into 2017 and growing to our long-term targets of 15% to 20% from a revenue growth standpoint.

http://finance.yahoo.com/news/...a-earnings-conference-183900119.html
 

Our focus on serving vertical markets, each of which has customers with similar needs and challenges, allows for narrowly-focused and rapid product development, which results in technology that is often better suited than a horizontal solution to address customer needs and challenges. In addition, our proprietary, scalable and secure multi-tenant architecture enables us to have relatively lower research and development expenses than traditional software companies. Based in large part on those advantages, we have invested, and will continue to invest, heavily in research and development at each of our businesses to continue to develop differentiated, vertically-focused cloud-based offerings, which are highlighted by:

• 5,543 commercial and personal property and casualty insurance products from approximately 100 carriers that Bolt is able to offer through its platform;

• the broad reach of FolioDynamix’s wealth management platform, which serviced approximately $ 658.8 billion of assets under management (“AUM”) as of September 30, 2016 , and its complementary investment advisory services, which encompassed approximately $ 22.6 billion of AUM (of which $ 5.5 billion are Regulatory AUM) as of September 30, 2016 ; and

• VelocityEHS’ industry-leading proprietary database, which contains over 11 million safety data sheets.

Another key component of our business strategy, in addition to our multi-vertical domain expertise and effective and efficient research and development, is the leverage inherent in the recurring revenue generated by our cloud-based software delivery model. In part because our customers are required to make periodic payments to continue receiving access to our cloud-based products and services, we have established long-term relationships with our customers, many of which are governed by multi-year contracts that have historically high renewal rates.  The consistent revenue stream provided by our recurring revenue model, coupled with our relatively high gross margins, allow us to drive revenue growth more consistently over time through investment in lead generation, sales and marketing. In order to ensure that we are effectively leveraging our cloud-based model, we closely monitor and manage the revenue growth rates, along with the gross margins, number of customers and a variety of customer retention and sales efficiency metrics, at each of our businesses.
.
http://icge.ir.edgar-online.com/efxapi/EFX_dll/...cnS&ID=11671106
 

Generate Profitable Growth By Investing In Your Tech Infrastructure

OCTOBER 5, 2016 • JOSEPH MRAK/COLUMNIST (LANGFASSUNG AUS FINANCIAL ADVISOR)

http://www.fa-mag.com/news/...cture-29352.html?section=40(Langfassung
 

bezahlt hat, wird es endlich Zeit, dass sie wieder die Kurve kriegen. Denn minus 9% Wachstum gegenüber der Vorjahresperiode - statt wie früher plus 30% - ist "unter aller Sau".

FolioDynamix’s revenue decreased approximately 7% from the corresponding nine -month prior year period. During the nine months ended September 30, 2016 , it served approximately 90 direct financial services organizations, such as brokerage firms, banks (trust and retail), large registered investment advisors (“RIAs”) and RIA networks and other fee-based managed account providers.

http://icge.ir.edgar-online.com/efxapi/EFX_dll/...cnS&ID=11671106
 

dieses Threads feststellen könnt.

Scansoft: Actua ist tot,

29.06.16 17:32
#7572  
es lebe Hypoport!

The vision to see, the courage to buy and the patience to hold




Libuda: 2-times-revenues, no debts and growth of near 20%

30.06.16 09:41
#7573  
Acuta has only 2-times-revenues, no debts and growth of near 20%

2016 Guidance
Actua continues to expect annual GAAP revenue in the range of between $155.0 million and $160.0 million, representing growth in the range of between 16% and 20% compared to 2015, positive annual non-GAAP cash flows from operations in the range of between $3.0 million and $8.0 million.
 

allerdings bei Folidynamix aus, wenn man nicht die letzten 12 Monate mit denen davor vergleicht, sondern Q3/16 mit Q3/15, was der aktuellere Vergleicht ist:

Enables the delivery of client-centric, innovative, scalable wealth management solutions through secure, cloudbased, fully integrated, advisory products and services

Important Metrics:
• Revenue Growth: 7% in Q3 2016 compared to Q3 2015

http://www.actua.com/wp-content/uploads/2016/11/...6-slides-FINAL.pdf
 

Message 1: Like many business-to-consumer transactions today, insurance buying and selling is molving online and shifting to an „Omi-channel distubition“-model.

Message 2: As a result, the move to Omni-channel brings with it new challenges for insurers, in technology, product options and process.

Message 3: "What we enable our insurance company customers to do is to deliver an Omni-channel distribution experience, as well as meet the needs and expectations that comes with notes Geritzman.
 

Tender-Offerings - werden wir uns wahrscheinlich in der Tender-Range von 12 bis 14  bewegen.

Erst dann wird es spannend.  

Scheu vor Veränderungen dürfen Entscheider in der Versicherungswirtschaft nicht haben: Der Branche steht der größte Wandel ihrer Geschichte bevor. Noch allerdings nutzen die  Etablierten nicht konsequent genug das Poten- zial der neuen Technologien. So besteht die akute Gefahr, dass neue Anbieter die bekannten Schwächen ausnutzen und Teile des Marktes  für sich erobern. Dieses Muster lässt sich auch in anderen Branchen beobachten.

Die Digitalisierung wird zumindest in Teilen der  Versicherungswirtschaft zur Disruption führen,
wie das Beispiel der gebundenen Vertriebe  zeigt. Schon heute höhlen die Geschäftsmodelle der InsurTechs die Wertschöpfung der  Versicherer aus, sie gefährden aber noch nicht  grundlegend deren Existenz. Inwieweit der  gesamte Sektor mit sämtlichen Wertschöpfungs- ketten betroffen sein wird, hängt entscheidend von den künftigen Kundenbedürfnissen und Marktstrukturen ab.

http://www.oliverwyman.de/content/dam/...20Direkt_Insurtech-Radar.pdf
 

abschneiden kann, weiß ich auch nicht - vielleicht sogar niemand, denn das hängt logischerweise von zukünftigen Entwicklungen ab. Meines Erachtens wird es wegen der größeren Regelungsdichte im Versicherungsbereich und dadurch bedingten Komplexität sogar weniger disruptiv ablaufen als bei den Banken.

Sehr große Chancen sind da, aber auch große Risiken. Die werden aber momentan noch komplett durch die Cash und die anderen Assets abgefedert, sodass es meines Erachtens die Chance "Bolt" beim momentanen Kurs umsonst gibt.  

Ich denke einmal, dass Bolt hier ganz gut positioniert ist:

The BOLT Platform acts as bridge between buyers of insurance, whether it's the consumers or agents, and the markets of insurance," explains Gewirtzman."

http://banking-insurance.cioreview.com/vendor/2015/bolt_solutions

Genug Kohle haben sie ja auch dafür ausgegegeben,
 

Zusammenarbeit - und liegen damit wohl nicht schlecht:


Die vielfach erwartete Revolution im Finanzsektor wird möglicherweise ausbleiben: Viele der jungen Softwarefirmen in der Finanzbranche ("Fintechs") glauben nicht, dass die jungen Herausforderer Banken und Versicherungen in Zukunft ersetzen können. Stattdessen setzen viele Fintechs nach einer neuen Studie von Roland Berger auf Kooperation mit den etablierten Unternehmen. Die Münchner Unternehmensberater befragten 248 Fintech-Unternehmen in 18 europäischen Ländern. Zwei Drittel von ihnen gaben an, neue Unternehmen würden die Etablierten der Branche nicht ersetzen können.

http://www.heise.de/newsticker/meldung/...m-Finanzsektor-3466434.html


 

VelocityEHS reported revenue growth of 20% over the prior year, with SAS revenue growing 23% over that same period. Velocity added 462 new customers in Q3, bringing the total customer count to approximately 12,500. In Q3, the company closed 35 platform deals, now a platform deal meaning selling more than one module, which is a record number, and significantly higher than last quarter in which we had 12 platform deals.

Velocity continued to enhance its platform with the acquisition of e3 Solutions out of Toronto, adding important air emissions, water and waste compliance capabilities. And we have an immediate pipeline of opportunities for this solution, which has an average selling price of roughly $30,000 to $50,000, and believe that 25% of Velocity's customer base are good upsell candidates.

Velocity released a new mobile app during the quarter to enable online-offline incident management reporting capabilities, significantly broadening the utilization of this part of the platform. And finally, from a moat perspective, a database of online safety data sheets has now grown to roughly 11 million.
http://www.actua.com/wp-content/uploads/2016/11/...script_Q3_2016.pdf
 

In 2015, two EHS industry SaaS software leaders, MSDSonline and KMI, joined forces and formed VelocityEHS, a new kind of software company that is making enterprise-level EHS management functionality accessible and affordable to businesses of all sizes. Today, VelocityEHS is the largest and fastest growing EHS software provider with a comprehensive cloud-based EHS management software platform that helps businesses solve complex EHS business challenges in simple ways

Velocity is ready for a 400 million-IPO in 2017 or a sale in 2016 or 2017

I believe, that revenues of 75 million in 2017 are realistic numbers. That are by 5-times-revenues, which are lower than by competitors, a valuation of 375 million.  

FolioDynamix Announces Collaborative Partnership with PIEtech Enhancing Comprehensive DOL Solution

NEW YORK, Nov. 16, 2016 (GLOBE NEWSWIRE) -- FolioDynamix, a leading provider of wealth management technology and advisory services, today announced a collaborative integration with PIEtech, the creator of MoneyGuidePro, the award-winning financial planning solution. MoneyGuidePro will become a key component of the “Fiborg Constellation,” introduced by FolioDynamix to help firms grow, automate key functions, and meet DOL Fiduciary Rule requirements.

FolioDynamix launched the concept of FiborgSM earlier this year in response to the dual conversations in the marketplace about the disruptive impact of robo-advisors on traditional financial advisory business and the increasing regulatory pressure brought by the DOL Fiduciary Rule. Fiborg—a play on cyborgs, technology-enhanced humans—encourages the adoption of technology to enable and empower advisors, automating non-revenue generating activities and providing the tools for an advisor to maximize time spent collaborating with clients. FolioDynamix, which offers an end-to-end wealth management platform as well as a suite of advisory options, is delivering a solution to help advisors and firms manage DOL Fiduciary Rule requirements by leveraging the core platform integrated with several carefully selected best-of-breed partners: the “Fiborg Constellation.” Each partner will be tightly integrated with the core technology to ensure a seamless advisor and investor experience.

http://finance.yahoo.com/news/foliodynamix  

https://www.moneyguidepro.com/ifa/home/customers
 

denn so etwas haben die mit vielen Firmen vereinbart:

https://www.moneyguidepro.com/ifa/home/news  

aber sollte meines Erachtens höher sein, damit die 80 Millionen Rückkäufe angedient werden können, ohne das Instis ihre Bestände reduzieren.

Aber Actua würde sich laut Ausschreibung ja auch mit niedrigeren Andienungen zufriedengeben, was passieren kann, wenn der Kurs über 14 landet.