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Quelle: ft.com Lex: Wanadoo Published: April 25 2001 19:48GMT | Last Updated: April 25 2001 19:50GMT Wanadoo`s first quarter sales throw cold water on the idea that it might be the first European internet stock to bounce back on fundamentals. Like its peers, Wanadoo is decelerating fast. Stripping out Freeserve and FITP, first quarter revenues were 10 per cent down on fourth quarter 2000. Wanadoo`s yellow pages business had its usual seasonal downturn. Low margin internet access revenues increased. But portal/e-commerce revenues slumped 42 per cent; business services, which includes web-hosting, did even worse. These are the numbers that matter, and they were much worse than the market expected. The management insists the outlook is brightening and Wanadoo will meet its full year targets. Even if, by some miracle, they are right, investors should take claims that Wanadoo is cheap with a pinch of salt. Seat Pagine Gialle`s bid for Eniro, cited as a buy signal, is nothing of the kind. No-one is going to take over Wanadoo for this kind of transaction multiple, and Seat`s mostly stock offer says more about the overvaluation of its stock relative to Eniro`s than about Eniro`s actual worth. Before Seat`s offer, Eniro was trading on 16 times estimated 2001 earnings before interest, tax, depreciation and amortisation. On a similar multiple, Wanadoo`s yellow pages business might be worth E3.7bn. Subtracting this, and its E2bn cash, leaves the internet business valued at E4bn, or 18 times 2001 portal/e-commerce revenues - before any revisions to forecasts. Not as overvalued as some competitors, but not exactly a screaming buy either. Kommentar: Das laesst fuer die T-Online Zahlen am 3. mai nichts Gutes erwarten. Die T-Online Zahlen duerften im Vergleich zu 2000 noch schlechter ausfallen, da jetzt die Werbebuchungen der Telekom wegfallen. Und die haben in 2000 fast die Haelfte des Portal Geschaefts ausgemacht. |
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| aus der Diskussion: | T-Online: fairer Wert 2,50 Euro |
| Autor (Datum des Eintrages): | se2707 (26.04.01 07:01:45) |
| Beitrag: | 11 von 54 (ID:3390933) |
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