Kursverdoppelung bei Actua Corporation (vorm. Internet Capital)

http://www.actua.com/wp-content/uploads/2017/03/...Release_FINAL_.pdf  

http://www.actua.com/wp-content/uploads/2017/03/...ar-2016-slides.pdf  

Provides a multi-channel, multi-carrier software platform that enables insurance distributors to retain and grow revenue through a comprehensive insurance solution
Important metrics:*

• Revenue Growth: 9% in Q4 2016 compared to Q4 2015 (5% in 2016 compared to 2015) • Bookings: ARR bookings at the end of 2016 were over $5.0 million

• New customer signings: Signed a new small insurance carrier and a significant expansion with a top 10 carrier customer (added 300 seat licenses and a direct-to-consumer offering launching in Q1 2017)

• Closed 2016 with more than 75,000 users on the platform, up from almost 50,000 a year ago • Annualized opportunities of qualified risk going through the platform grew to 4.1 million at year-end 2016, doubling from year-end 2015

• Total premiums on the platform are $1.4 billion

• Competitive Moat: Platform is integrated into 100 of the largest insurance carriers and has over 5,500 carrier connections, creating the largest source of insurance flow for direct carriers, agents, agencies and alternative insurance distributors

• Introduced a new version of the platform, BOLT 8.0, which includes a an upgraded version of BOLT’s Enterprise solution and offers BOLT Premiere, a mid-market product with a plug-and-play architecture for faster implementation • Operating cash flow positive for the first time in its history in Q4 2016

• Multi-year/multi-million dollar contracts


* As of 12/31/16 unless otherwise noted

Quelle: siehe Posting 8702
 

- selbst wenn da sie Zahlen der Neuerwerbung einbezogen sind.

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

Important Metrics:*

• Revenue Growth: ~20% in Q4 2016 compared to Q4 2015 (3% in 2016 compared to 2015)

• Acquired Summit Advisor Solutions (SAS), a Dallas-based firm focused on providing advisory services to the independent RIA market

• Bookings: Total bookings were approximately $21 million for 2016, adding $5.2 million in new ARR. We expect to see continued bookings momentum in 2017 as we fully integrate SAS

• New customer signings: Signed 9 new deals in Q4 2016, and a total of 23 new deals in 2016 • Competitive Moat: Comprehensive, client-centric technology platform with integrated proprietary advisory products; the 8.0 release added significant enhancements to the user interface and additional capabilities such as esignature, customer portals, and a new modular architecture • $6.7 billion in regulatory assets under management as of year-end 2016 compared to $4.7 billion at the end of 2015

• Operating cash flow positive for 2016

• Multi-year/multi-million dollar contracts
*As of 12/31/16 unless otherwise noted  

Quelle für mein letztes Posting ist auch wieder #8702  

von "Trump-Beschädigungen" und Zurückhaltung bei neuen Aufträgen ausgegangen war.

Environmental, Health and Safety compliance platform that enables organizations to meet stringent and costly OSHA requirements

Important Metrics:*

• Revenue Growth: 15% in Q4 2016 compared to Q4 2015 with SaaS revenue growing 20% during the quarter (20% in 2016 compared to 2015 with SaaS revenue growing 25% in 2016)

• Bookings: Grew by 20% compared to 2015

• New customer signings: Added over 2,000 new customers in 2016, bringing the total customer count at year-end to ~13,000. In Q4 2016, closed a record 54 platform deals (more than one module sold)

• Expanded platform with the acquisitions of ergonomics, air admissions, water and waste compliance products, greatly expanded its labeling capabilities, released enhanced mobile capabilities for online and offline incident reporting, named the EHS software company with the greatest momentum by industry consultancy Verdantix and received the highest customer satisfaction scores in the industry, according to a recent industrywide survey by the National Association of Environmental Management

• Competitive Moat: Database of more than 11 million safety data sheets is a comprehensive web-based library that ensures 100% compliance for companies and continues to expand as new customers come onto the platform

• Operating cash flow positive for 2016

Quelle ist auch hier wieder #8702


* As of 12/31/16 unless otherwise noted
 

in 2017 könnte nach meinen Schätzungen wie folgt aussehen:

VelocityEHS = 60 Millionen

Folkodynamiix = 36 Millionen

Bolt = 34 Millonen  

Jeff Van Rhee
Yeah, that makes sense. A couple of last numbers related clean ups here, what was the organic growth for Q4 and what's embedded in the '17 guide organic and then last one just Kirk, on the gross margin, obviously very nice performance here on gross margin. How do you think about gross margins as we go into '17?

Kirk Morgan
I'll take the latter and I'll go before, I think margins I would think probably stay roughly the same on an annual basis, maybe tick-up a little bit, Jeff, but not a tremendous leverage there, with more of the leverage coming in the sales and marketing and G&A lines as we think about '17.
Organic growth, it was slightly less than the 15% for Q4 and that would be slightly lower but not tremendously lower for the full year of '17 versus the 14% and 19%.

http://seekingalpha.com/article/...ts-earnings-call-transcript?page=6
 

All  3 core-companies with a positive cash flow in Q4/2016

Let me provide some additional color on the businesses, again as Buck said for the first time all three businesses were cash flow positive in the quarter, which is a really important milestone. VelocityEHS had a great year achieving revenue growth of 20% and generated significant EBITDA and cash flow. BOLT and FolioDynamix had good years from a bottom-line perspective and BOLT had its best quarter from an operating cash flow perspective in the fourth quarter and improved cash flow on a full year basis 2016 over 2015 demonstrating improving operating leverage.

http://seekingalpha.com/article/...ts-earnings-call-transcript?page=6
 

$6.7 billion in regulatory assets under management as of year-end 2016 compared to $4.7 billion at the end of 20

http://www.actua.com/wp-content/uploads/2017/03/...-2016-slides.pdf15
 

Additional growth will come in 2017 from tuck-in-aquisitions like the three, which happened in 2016.

"Now moving on, we completed the three strategic tuck-in acquisitions, two at VelocityEHS and one at FolioDynamix and expanded the capabilities of all three businesses, through a significant technology enhancements during the year. Finally, we achieved accelerated revenue growth in the second half of the year, which along with strong booking growth, sets us up well for a good 2017."

http://seekingalpha.com/article/...ts-earnings-call-transcript?page=2  

Nasdaq posting by a share-price of $13.8 a market-cap of $ 481,474,162
which resulting from a number of shares of 34,889,432

Actua Corporation Common Stock Quote & Summary Data
ACTA
$13.8

Market-Cap =$ 481,474,162

Read more: http://www.nasdaq.com/symbol/acta#ixzz4ax615Moh
 

I believe, that the biggest problem of investors in Actua today is: What are the number of shares, which should be used by a dividing trough the value of the assets of Actua?
 

Aber andererseits sorgt diese Unsicherheit für niedrige Kurse - und verbilligt weitere Rückkäufe.

Eigentlich sollte ich daher "mein Maul halten", aber ich gehe davon aus, dass das Posten bei  einer Marktkapitalisierung von einer halben Milliarde eigentlich ein Nonevent und man sich daher den Spaß an dieser Freud nicht nehmen lassen sollte.  

in #8696 angeführten Aktien ("Repurchased 5.6 million shares of Actua stock in 2016 for $73.7 million, including 4.6 million shares for approximately $64 million ($14.00 per share) through a modified “Dutch auction” tender offer.") bei den in #3712 angeführten 34,889,432 Aktien, die erst 2017 nicht im Rahmen der Dutch Auction zurückgekauften noch nicht dabei sein. Außerdem müsste beim Ergebnis pro Aktie berücksichtiigt werden, dass ca. 1,6 bis 2 Millionen Aktien zwar schon ausgegeben wurden, aber nolch keine Eigner haben und sie nur bekommen werden, wenn bestimmte Ziele und Kurse in Zukunft erreicht werden.
 

von 36,8 Millionen ergebniswirksamen aktien, in denen die bereits emittierten Aktien, die noch keine Eigner hatten nicht berücksichtigt waren.

Actua Corporation (ACTA)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
In watchlist

13.85-0.25 (-1.77 %)
At close: ‎March‎ ‎10 4:00PM EST
Market Cap 509.7M

Will Yahoo seine Darstellungsweise beibehalten, müssten sie die unterstellte Zahl von 36,8 Millionen Aktien um 5,6 Millionen aus dem Verkehr gezogenen reduzieren = 31,2 Millionen ergebniswirksame Aktien. Statt mit 509,7 Millionen Aktien müsste dann die Marktkapitalisierung mit 432,1 Millionen ausgewiesen werden.

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

diese komplexen Sachverhalte und die verzögerten Anpassungsreaktion bei Publishern wie Yahoo noch nicht durchschaut. Vergleicht man nämlich 509 Millionen Marktkapitalisierung statt richtigerweise 432 Millionen Marktkapitalisierung mit dem Buchwert, könnte man zu dem Ergebnis kommen, dass das 80 Millionen Cash verschwunden sind, ohne dass sich etwas Positives ergeben hat.  

Denn ob man die Assets von Actua durch 31,2 Millionen Aktien oder durch 36,8 Millionen Aktien dividiert, macht schon einen Unterschied.  

„Revenue was $29.3 million for the fourth quarter of 2016, up from $25.5 million for the fourth quarter of 2015.“

http://icge.ir.edgar-online.com/...mp;filename=ACTUA_CORP_8K_20170309
 

und zwar wurde sie im Conference Call vom CEO gemacht.

Shares outstanding at December 31, 2016 were 34.9 million and today stand at about 34 million reflecting our shares repurchased or withheld for payroll taxes so far in 2017 associated with some vesting. Our 2017 guidance assumes fully diluted shares of 32.5 million which excludes unvested restricted shares just consistent with prior years. In summary, we had a solid 2016 and look forward to creating value in 2017.

http://seekingalpha.com/article/...ts-earnings-call-transcript?page=4

Bei meinen Überlegungen lag ich etwas unter dem Wert von 32,5 Millionen, die dort genannt werden, aber es wird ja auch nicht exakt angegeben, wass man alles unterstellt.
 

etwas mehr als nur 9% Wachstum Q4/15 erwartet, selbst wenn jetzt ein höherer Wert in Q1/17 kommen sollte.

Aber wenn die nachstehende Prognose stimmt, war ich, und einige andere wohl auch, hier etwas zu optimistiusch.

“The global insurtech market is forecast to grow at a compound annual growth rate of more than 10% between 2016 and 2020, according to a new report from global technology research and advisory company Technavio.”

http://www.canadianunderwriter.ca/insurance/...t-suggests-1004104479/
 

............  9% Wachstum Q4/16 erwartet, ,,,,,,,,,,,,,,,,,,,  

aufgrund der folgenden Zahlen mehr Wachstum in Q4/16 zu erreichen, aber in Q1/17 müsste aufgrund dieser Daten schon mehr kommen, um mich zufriedenzustellen:

- ARR booking for the year was over $5 million. This is well ahead of where we were a year ago, which is a low six-figure ARR bookings number and sets us up well for 2017.

- We finished the year with over 75,000 users on the platform, up from almost 50,000 a year ago.

- And finally during the quarter we signed a small insurance carrier. We also continue to see substantial growth at our existing customers. A large top five carrier doubled its rate of premium growth on platform from September to November, and then again from November to January. Another top ten carriers added 300 seat licenses over the course of 2016 while also signing a significant contract for a direct-to-consumer offering through the BOLT platform in Q4. This was just launched earlier this month.

- Finally carrier connections are up to 5,600 from roughly 4,900 at the start of 2016.

http://seekingalpha.com/article/...ts-earnings-call-transcript?page=2
 

dass die un Q4/16 wieder die Kurve bekommen haben, denn ohne Q4 wären die Umsätze in 2016 rückläufig gewesen.

“As reflected on slide 7, FolioDynamix Q4 revenue increased almost 20% compared to Q4 2015 and 3% year-over-year.”

Allerdings geht ein Teil der Steigerung in Q4 auf den Zukauf von SAS zurück – ist also nicht komplett organisch. Aber auch in 2017 soll das Wachstum anhalten.

“We expect to see accelerating bookings momentum in 2017 as we fully incorporate the Summit Advisor Solutions acquisition into our offering. As our pipeline reflects the market has been very receptive to our combined offering and our integrated sales forces is leveraging that demand which should translate into good growth in 2017.”

Besonders bemerkenswert: “Finally regulatory assets under management at the end of 2016 were $6.7 billion compared to $4.7 billion at the end of 2015.”

http://seekingalpha.com/article/...ts-earnings-call-transcript?page=2
 

If you divide a fair value of assets of 718 million through 32.5 million shares = about $22

My estimate for the revenues in 2017 = 130 million as the result of

VelocityEHS: 57 million

Foliodynamix: 38 million

Bolt: 35 million

My estimate for the multiples of the revenues of the three core-companies:

Velocity = 5-times-revenus = 5 * 57 = 285 million

Foliodynamix = 5-times-revenues = 5 * 38 = 190 million

Bolt = 5.5-times-revenues = 5.5 * 35 million = 193 million

The result of an addition of the revenues of the three core-companies is about 668 million (for lower than 100% ownership of the 3 core-companies I ignore the ownership in the venture capital-companies). And I add about 50 million of cash = a fair value of about 718 million.