Kursverdoppelung bei Actua Corporation (vorm. Internet Capital)

Okta executives at their IPO at the Nasdaq, April 7, 2017.
Okta reported quarterly results for the first time as a public company on Wednesday, beating analysts' estimates for revenue.
         •§EPS: Excluding certain items, the loss per share was 50 cents vs. a loss of 62 cents as expected by analysts, according to Thomson Reuters.
         •§Revenue: $53 million vs. $48.2 million expected by analysts.
Sales in the fiscal first quarter jumped 67 percent from $31.7 million a year earlier. Subscription revenue, which outweighs professional services revenue, climbed 75 percent.
Guidance for the second quarter also topped estimates.
         •§The company expects a net loss of 25 cents to 26 cents a share on sales of $55 million to $56 million. Analysts were looking for a loss of 26 cents on $54 million in revenue.
         •§For the 2018 fiscal year, the company says it will post sales of $233 million to $236 million vs. an average estimate of $227 million. Okta also says it will finish with a loss of $1.11 a share to 1.15 a share, while analysts were expecting a loss of $1.18.
http://www.cnbc.com/2017/06/07/...ates-in-first-report-since-ipo.html

Market Cap = $ 2,204,914,708
http://www.nasdaq.com/symbol/okta
 

Cloudera recorded revenue of $261 million for its fiscal year ended Jan. 31, 2017, up from $166 million in the year-earlier period. The company pared its net losses between the two years, with a net loss of $187.3 million in 2016 compared with a net loss of $203.1 million in 2017.http://www.marketwatch.com/story/...about-the-cloudera-ipo-2017-04-18

Market Cap 2.23B
https://finance.yahoo.com/quote/CLDR?p=CLDR
 

By 2015, BlackLine's annual revenue was $83.6 million, with a net loss of $10.8 million.
In the first six months of 2016, revenue was $55.6 million, with losses growing to $16.9 million.
http://www.businessinsider.de/...y-millions-ipo-2016-10?r=US&IR=T

Market Cap 1.916B
https://finance.yahoo.com/quote/BL?p=BL
 

The ease of the shopping experience is what makes Amazon so successful. That’s how important ease of use is. Yes, consumers are looking to bundle their insurance products, but not if making that purchase is time-consuming, tedious or unpleasant.

http://blog.boltinc.com/...f-insurtech-its-all-about-product-bundling
 

Coupa up 87% in software IPO
Posted Oct 6, 2016 by Katie Roof (@Katie_Roof)
Coupa was off to the races when it went public on Thursday. The “spend management” software company priced its IPO at $18 and saw its shares almost double during its first day of trading.
With clients like Nike and Toyota, Coupa helps companies keep tabs on everyday expenditures and competes with divisions of Oracle and SAP. Founded a decade ago, they claim they’ve saved their customers $8 billion to date.
But they’re still not profitable. For the six months ending in July, Coupa lost $24.3 million, which compares to a loss of $25.1 million in the same period last year. Yet revenue is growing, up to $53.2 million from $31.6 million in the same time frames.
https://techcrunch.com/2016/10/06/coupa-up-87-in-software-ipo/

Market Cap 1.62B
https://finance.yahoo.com/quote/COUP?p=COUP

Coupa Software Reports Financial Results for the First Quarter of Fiscal 2018
•June 5, 2017
Record Quarterly Revenue of $41.1 Million.
https://finance.yahoo.com/m/...2e9d/ss_investor-network%3A-coupa.html
 

There is a better way

Insurers can change this so that bundling is a win both for themselves and for their customers. To begin, insurers must help guide consumers to think more about protecting themselves and their assets. Companies could then recalibrate their own business model and focus more on providing advice to customers on what insurance meets their actual needs.
Some companies – including Allstate and Progressive – are taking steps in the right direction. But they’re doing so for narrow, tactical reasons. Instead, they must act strategically and become genuine partners that provide customers with the coverage they truly need to safeguard their financial security. Such an approach would set these companies apart from rivals – and arrest the downward price spiral that has turned their bundled offerings into a commoditized product.

https://www.the-digital-insurer.com/...product-bundling-in-insurance/
 

So, where does the potential value reside?
The real value of bundling , for both customers and insurers, lies in the individual insurance products. Every form of coverage within the bundle covers a specific risk, and so is a “mini product” on its own.
However, insurance products have become commoditized as products have become more unified so they can be sold easily to customers over the Internet. There, many customers simply select the desired coverage amount and deductible. “Save Money” and “Discount” marketing diverts customers toward an affordable premium and, often, the wrong coverage – people opt only for those policies mandated by law (like automobile liability insurance) or, in the case of a home mortgage, a lender. The deductibles chosen often are high, which can prove disastrous for a customer if calamity strikes.
Insurers can deliver real value for themselves and their customers by:
         §Gathering customers’ relevant information
         §Assessing their risk
         §Building the right coverage mix to mesh with customers’ needs
         §Suggesting customized products based on a customer’s risk profile
How might this work? Say a customer’s car is more than two years old. The insurer could recommend the customer get an extended warranty as well as a roadside assistance plan. The insurer, in short, could deliver real value by acting as the customer’s risk manager. This approach also would help the insurer to select the right customers for the right risk portfolio – and to weigh the moral hazards when a customer opts for a different package or coverage combination.
Once the individual insurance products are de-commoditized and customized to fit the customer’s risk profile, this advice-based approach can be extended to multi-line product bundling. Customers will move from a mindset of, “I’m required to have homeowners insurance to get a mortgage,” to a mindset more in line with, “I need to cover my risks and ensure a financially secure future.”

https://www.the-digital-insurer.com/...product-bundling-in-insurance/
 

Today’s market is rapidly evolving. BOLT is committed to arming property and casualty insurers with the tools and products they need to navigate the ebb and flow of the industry. BOLT understands that every insurer is in a different place on their path to success; that’s why BOLT offers a comprehensive digital solution designed to meet insurers’ needs at any point during their journey. BOLT helps carriers acquire more customers, expand market share, and realize greater revenue with the digital distribution strategy that’s right for them.

https://www.boltinc.com/bolt-platform/
 

With a minimum investment as low as $5,000, the VisX Gateway solutions offer a way for advisors to help investors who might otherwise turn to robo-advisors, which do not offer the benefit of in-person support.

http://www.foliodynamix.com/wp-content/uploads/2016/11/VisXGateway.pdf
 

ich, dass das Management von Actua weitere Rückkäufe tätigt.  

Share Repurchases: Actua’s Fourth Platform

         -§Total amount deployed since inception of buyback program in 2008 through June 15, 2017, is $153.4 million

         -§13.3 million shares repurchased at an average price of $11.50

         -§Authorization of $36.4 million remaining under the $189.8 million repurchase program

http://www.actua.com/wp-content/uploads/2017/06/...-Meeting-FINAL.pdf
 

It’s no secret why the majority of insurers still lag in the digital race. Legacy technology is a prominent contributing factor. Around for many decades, insurers’ siloed disparate systems control much of the distribution process. Integrating them through upgrades or overhauls is costly and time-consuming. Worse, it doesn’t always work.

Leading insurers have found a better way. By adopting a top-tier digital distribution platform that connects to existing systems, insurers seamlessly achieve digital superiority at a fraction of the cost required for major system overhauls or integration initiatives. They rapidly quote, bind and issue multiple coverage types in a single transaction, without sending customers to different agents or websites, driving customer satisfaction that results in quote conversion rates of up to 53%. In addition, they stand to cut the time agents spend on data collection by 34%,and reduce up to 50% of operational costs.

http://blog.boltinc.com/...good-neighbors-you-need-digital-to-succeed
 

FolioDynamix Model Exchange Provides Open Hub for Investment Managers and Program Sponsors

NEW YORK, July 18, 2017 (GLOBE NEWSWIRE) -- FolioDynamix, a leading provider of wealth management technology and advisory services, announced a bridge for the communication gap between investment managers, overlay portfolio managers and model program sponsors. Amidst the industry’s effort to centralize and standardize a messaging hub for model use, the FolioDynamix Model Exchange presents a solution for all to use.

FolioDynamix Model Exchange introduces a solution designed for both large enterprise firms and smaller RIA’s seeking access to a large list of institutional quality managers, at no fee to program sponsors. The Model Exchange can also be configured to include access to FolioDynamix’s market-leading research.

“We’re proud to continue to deliver this level of innovation to the industry, especially without a true standard established in the marketplace,” Joe Mrak, CEO of FolioDynamix, said. “We have been providing a hub to our managers and clients for over a decade, and it is time to offer it up to all that want to take advantage of our network of more than 700 model-based products. We are experts in model delivery and can offer up the hub at no direct cost to program sponsors.”

https://finance.yahoo.com/news/...change-provides-open-130000898.html
 

FolioDynamix continues to support the Money Management Institute’s efforts to develop a “hub of hubs” for the wealth management industry, and intends to integrate with it upon completion. Meanwhile, many firms currently integrate models through the FolioDynamix Model Exchange, a proven and time-tested investment model hub developed over the past decade. This platform will be maintained separately to help foster greater synergy and collaboration across the industry.
FolioDynamix handles all rotational issues, fees and manager reporting. The company continues to expand the number of managers currently connected to the Model Exchange and is actively growing the number of users.  

INCREASE PREMIUMS
Sell 1.4 more of your own products and grow premiums, by bundling solutions you don't underwrite with those you do. The BOLT Platform's universal market network of products expands your options, enabling you to provide more of the coverage your customers need, more of the time.

https://www.boltinc.com/...ausality-multi-channel-insurance-platform/
 

The fourth-quarter pullback in public SaaS valuations resulted in a five-month gap in IPO activity. The window reopened in
March, as MuleSoft’s March 17 IPO was the first of four over a four-week period.

Source: Capital IQ; represents forward revenue multiple one day after pricing_

Mulsoft = 9.1

Alteryx = 4.8

Ökta = 10

Yext = 7.5

[PDF]Cloud Insights Q1 2017 - William Blair
https://www.williamblair.com/.../2017/Cloud-Insights-May-2017....

 

"Cloud Insights Q1 2017 - William Blair" bei Google eingeben. Das taucht dann ganz oben auf - und von da aus weiterklicken.  

und bei ca. nur noch ca. 32 Millionen Aktien mit ca. 450 Markkapitalisierung hätten wir bei Actua ein Multiple von gerade einmal knapp 3,5 - wesentlich niedriger als das der obigen IPOs.

Ein Multiple von 5 sollte für die Umsätze von 130 meines Erachtens mindestens drin sein. Warum das nicht so ist, kann ich Euch auch nicht erklären.
 

für Rückkäufe:

Actua Corporation (ACTA)


Previous Close 13.95
      Open     14.00          §
       Bid§13.95 x 3400
       Ask§14.00 x 200
Day's Range 13.95 - 14.05
52 Week Range 9.42 - 15.28
    Volume    30,708§
Avg. Volume 183,846
Market Cap 462.47M
1y Target Est 16.67

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


 

In addition, from a capital deployment standpoint, I think probably the most important element was share buybacks. And as you can see, after the GovDelivery transaction, we had a little over $170 million of cash on our balance sheet and no debt. And so, we decided to a number of things, one to increase our share authorization program from $85 million to $125 million and then launch in Q3, a Dutch tender offer where range was from $12 to $14 and were able to buyback roughly $64 million worth of stock at $14 a share and 4.6 million shares. Subsequent to or after that Dutch tender, we acquired additional 1 million shares through 2016 timeframe for roughly $10 million. And so if you think about it, we bought 5.6 million shares last year for roughly $74 million. And we view that really as our fourth platform. We think buying Actua’s shares the prices we bought it for were very attractive from a number of reasons, but most importantly from a shareholder value creation perspective.

http://www.actua.com/wp-content/uploads/2017/06/...ing-Transcript.pdf
 

würde die bei Ermittlung der Grundgesamtheit unterstellte Aktienzahl von 34 Millionen weiter reduziert haben, was die unten angegebenen Prozentzahlen der 10 größten Institutionals noch erhöhen würde

103 Institutional Holders
25,035,422 Total Shares Held

Click on the column header links to resort ascending (▲) or descending (▼).
Owner Name
Date
Shared Held
Change (Shares)
Change (%)
Value (in 1,000s)

FMR LLC
03/31/2017 5,921,628         0      0.00    82,607§
VANGUARD GROUP INC
03/31/2017 2,698,607  (43,458)    (1.59)    37,646§
BLACKROCK INC.
03/31/2017 2,661,202    46,147      1.77    37,124§
DIMENSIONAL FUND ADVISORS LP
03/31/2017 2,510,113   119,156      4.98    35,016§
CAPITAL WORLD INVESTORS
03/31/2017 2,234,053 (367,947)   (14.14)    31,165§
PEMBROKE MANAGEMENT, LTD
03/31/2017 1,127,307  (23,900)    (2.08)    15,726§
ARROWMARK COLORADO HOLDINGS LLC
03/31/2017   869,561   131,080     17.75    12,130§
POLAR ASSET MANAGEMENT PARTNERS INC.
03/31/2017   817,515 (181,842)    (18.2)    11,404§
RICE HALL JAMES & ASSOCIATES, LLC
03/31/2017   775,190  (62,953)    (7.51)    10,814§
GOLDMAN CAPITAL MANAGEMENT INC
03/31/2017   744,144 (113,156)    (13.2)    10,381§
RENAISSANCE TECHNOLOGIES LLC
03/31/2017   663,919     1,800       .27     9,262§
STATE STREET CORP
03/31/2017   599,285   207,238     52.86     8,360§
NORTHERN TRUST CORP
03/31/2017   453,811    11,696      2.65     6,331§
BANK OF NEW YORK MELLON CORP
03/31/2017   326,072    28,882      9.72     4,549§
GEODE CAPITAL MANAGEMENT, LLC
03/31/2017   299,303    10,591      3.67     4,175§
http://www.nasdaq.com/symbol/acta/institutional-holdings
 

sie die proezentualen Anteile direkt enthält, die wie im letzten Posting angeführt noch etwas höher sein können, wenn nach dem 31.3. weiter Rückkäufe getätigt wurdem, was die Grundgesamtheit für die Berechnung der Prozentsätze absenken würde.

Top Institutional Holders
    Holder    Shares§Date Reported % Out Value
FMR, LLC 5,921,628 ‎Mar‎ ‎30‎, ‎2017 17.63% 83,198,874
Vanguard Group, Inc. (The) 2,698,607 ‎Mar‎ ‎30‎, ‎2017 8.03% 37,915,428
Blackrock Inc. 2,661,202 ‎Mar‎ ‎30‎, ‎2017 7.92% 37,389,888
Dimensional Fund Advisors LP 2,510,113 ‎Mar‎ ‎30‎, ‎2017 7.47% 35,267,088
Capital World Investors 2,234,053 ‎Mar‎ ‎30‎, ‎2017 6.65% 31,388,445
Pembroke Management, LTD 1,127,307 ‎Mar‎ ‎30‎, ‎2017 3.36% 15,838,663
ArrowMark Colorado Holdings LLC 869,561 ‎Mar‎ ‎30‎, ‎2017 2.59% 12,217,332
Polar Asset Management Partners Inc. 817,515 ‎Mar‎ ‎30‎, ‎2017 2.43% 11,486,085
Rice, Hall, James & Associates 775,190 ‎Mar‎ ‎30‎, ‎2017 2.31% 10,891,419
Goldman Capital Management, Inc. 744,144 ‎Mar‎ ‎30‎, ‎2017 2.22% 10,455,223

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

für angemessen halte.

Today, Actua operates cloud platforms in three vertical industries, in environmental health and safety market with VelocityEHS; in the wealth management space with FolioDynamix; and the property and casualty insurance marketplace with BOLT. Each of these platforms are leaders in their respective markets and each of the markets are less than 10% penetrated, meaning that the vast majority opportunity is very much in front of us.

http://www.actua.com/wp-content/uploads/2017/06/...ing-Transcript.pdf
 

wie in meinem letzten Podting:

"And I think that’s an indication of the leverage we’re seeing and we will continue to see going forward. And then also, our gross margin improved from 72% to 73%. And I think as we continue to gain scale, you’ll see gross margin improved and EBITDA and cash flow margins improve as well. These businesses are inherently profitable once they reach scale of 50 to 100 million in revenues and EBITDA margin should be the 20 to 30 plus percent range as we gain maturity."
 

mindestens für ein Umsatzmultiple von 5:

"So, in summary, Actua is focused on what we believe are large multi-billion dollar markets. We’re still early in penetrating these markets, so the vast majority of the opportunity remains in front of us. Each of these businesses are market leaders with strong recurring revenue, 85 plus percent of our revenues are occurring on an annual basis. And the one item that’s not listed on here, our customer churn is -- our customer retention is in the 95% to 98% range. So, we have a very good customer satisfaction. And so you have a great base to grow the business from. I think over time we’ve demonstrated the ability to generate strong revenue growth and scale these businesses. And so, as we look forward, we think with the momentum we have, the platforms we have and the market opportunity we have, we’re well-positioned for growth and for shareholder value creation."

http://www.actua.com/wp-content/uploads/2017/06/...ing-Transcript.pdf