Documentum - 500 Beiträge pro Seite

[DimStar]

Wie ist eure Meinung zu diesem Unternehmen ? Ich werde in loser folge ein paar Infos zu dctm hier reinstellen.

[DimStar]

hier der historische chart.



nach dem rutsch in die verlustzone im 3. quartal 98 und einer darauf folgenden Umsatzstagnation, haben sich viele Anleger von dem DMS-Anbieter getrennt. Nachdem es auch im Vorstand einige Veränderungen gab geht es jetzt aber wieder steil bergauf, da man sich rechtzeitig auf ein neues Produktfeld eingelassen hat - dem web content management.

[DimStar]

Documentum erwirtschaftete in den letzen Quartalen folgende Umsätze (bereinigt um Akquisitionen):

Q3/98 Q4/98 Q1/99 Q2/99 Q3/99 Q4/99 Q1/00
33,883 36,438 24,005 29,230 33,776 40,954 42,172

Im DMS-Geschäft, in dem dctm immer noch 75 % seiner Umsätze erzielt, sind die ersten Jahresquartale stets die umsatzschwächeren. umso erstaunlicher, daß der q1/00-umsatz den q4/99-umsatz dennoch übertraf.

ein grund dafür besteht in der Entwicklung des e-business-bereichs:

in mio $
Q4/99 Q1/00
4,4 9,2

zum vergleich die zahlen eines anderen hochgehandelten web-content-management-anbieters:

Interwoven:

in mio $
Q4/99 Q1/00
7,5 13,9

führend wird in diesem bereich vignette bleiben:

in mio $
Q4/99 Q1/00
40,9 55,2

man sieht hier, daß Interwoven + Documentum zwar von der prozentualen Steigerung her stärker gewachsen sind. doch Vignette hat nach absoluten Zahlen mehr verkauft und damit gegenüber IWOV weitere Marktanteile gewonnen. Trotz allem werden sich über kurz oder lang immer die Unternehmen durchsetzen, die mit guten Produkten in die interessantesten Märkte eintreten. Dies sehe ich bei allen dreien gegeben.

Bewertungsvergleich:

Marktkapitalisierung in Mrd $

Vignette 7,972
Interwoven 1,978
Documentum 1,175

Kurs-Umsatz-Verhältnis (bezogen auf den letzten quartalsumsatz, bei dctm nur e-business-bereich)
Vignette 144
Interwoven 142
Documentum 128

Der Umsatz von Documentum im web-content-management wird also am Markt niedriger bewertet als bei der Konkurrenz. Wohlgemerkt erzielen sie noch 78 % ihres Umsatzes im langsamer wachsenden DMS-Bereich. Dieses Geschäft würde der Anleger praktisch gratis hinzubekommen.

[DimStar]

weiter gehts mit den news der letzten monaten, aus denen hervorgeht, daß dctm mit ihrem neuen produkt stark werden wird:

May 24, 2000 Documentum and PricewaterhouseCoopers Develop eBusiness Solution for mySAP.com Applications
May 15, 2000 Enmed Partners with Documentum to Offer New Hosted Solution for Clinical Trial Management
Apr 24, 2000 Documentum and Net Perceptions Deliver Real-Time Personalization Solution
Apr 24, 2000 Pricewaterhousecoopers Builds eTax.Solutions around Documentum 4i eBusiness Edition
Apr 19, 2000 Documentum Revolutionizes Content Management with New Release of 4i eBusiness Edition
Apr 11, 2000 Documentum and Informative Graphics Join Forces to Bring Content Management and Visualization Solutions to ASPs
Apr 11, 2000 ConnectSite.com Builds New Web-based ASP Business on Documentum 4i Content Management Engine
Apr 10, 2000 CyLex Builds Family of Application Services on Documentum 4i Content Management Engine
Apr 10, 2000 PKSIS Selects Documentum 4i eBusiness Edition as Key Component to ASP Managed Infrastructure
Apr 10, 2000 New Support Program for ASPs to Broaden Market for Solutions Based on Documentum 4i eBusiness Edition
Apr 5, 2000 Documentum and Altro Partner to Deliver Web Content Management Solutions
Mar 28, 2000 Delta Air Lines` Web Site Relies on Documentum
Mar 28, 2000 Documentum and Commerce One Join Forces to Automate E-Commerce Catalog Development
Mar 28, 2000 Documentum and Hewlett-Packard to Deliver Leading Web Content Management Technology
Mar 28, 2000 Documentum and E.Piphany Join Forces to Optimize E-Business Personalization
Mar 28, 2000 Documentum and Macromedia Partner to Deliver Highly Integrated E-Business Solutions for Content Personalization
Mar 28, 2000 Documentum and iXL to Develop and Market E-Business Strategy and Solutions
Mar 28, 2000 Documentum Redefines Content Management as Foundation for E-Business
Feb 7, 2000 Pricewaterhousecoopers and Documentum Expand Alliance to Target New e-Business Opportunities
Jan 25, 2000 Documentum and BEA Partner to Meet Growing Customer Demand for Serving Personalized Content on High-Volume Commerce Sites
Dec 20, 1999 Documentum Speeds Delivery of Dynamic eBusiness Sites
Dec 20, 1999 Documentum Teams with IBM to Power Dynamic Web Content for eBusiness Sites
Dec 10, 1999 Industry Luminaries Recognize Documentum Among Top Emerging Technology Companies to Watch in 2000
Nov 8, 1999 Documentum Appoints Leading Executives to Spearhead Worldwide eBusiness Initiative
Oct 25, 1999 Documentum Introduces iTeam, a Project Portal for Internet-Scale Business Collaboration
Oct 19, 1999 Norwich Union Purchases Documentum 4i in q2 `99 to Manage Insurance and Pensions Policies
Oct 06, 1999 Documentum 4i to Power Hosted Web Applications for Leading Application Service Providers
Sep 29, 1999 Pricewaterhousecoopers LLP and Documentum Forge Strategic Global Alliance
Sep 28, 1999 Documentum Announces iQuality Application Suite
Sep 14, 1999 Lyondell Chemical Company Selects Documentum as its Global Standard for Knowledge and Content Management
Aug 31, 1999 Documentum Seals Tighter Integration with PeopleSoft
Jun 01, 1999 Documentum Delivers its Next-Generation Platform for Corporate Portals
May 3, 1999 Documentum DocLink 4.0 for SAP Links the Supply-Chain with the Knowledge-Chain
Mar 16, 1999 Documentum Announces Move Into Web Applications Market

[DimStar]

Documentum Revolutionizes Content Management with New Release of 4i eBusiness Edition

Documentum 4i eBusiness Edition Provides Internet Scale Content Management to Power Large and Growing E-Businesses

PLEASANTON, CALIF. - April 19, 2000 - Documentum (Nasdaq: DCTM), the leading provider of Internet-scale content management solutions for powering e-business applications, today announced the release of Documentum 4i eBusiness Edition, the most complete content management platform for creating, personalizing, managing, and delivering web and enterprise content. Documentum 4i eBusiness Edition uniquely provides a common enterprise infrastructure that dynamically combines business-critical enterprise content with web content to fuel every e-business initiative: B2B, B2C and B2E. Its rich feature set, Open Content Architecture and proven scalability in large environments enables organizations to maximize their web presence, harnessing content from all parts of the extended enterprise - including all contributors: employees, partners and suppliers - for delivery via the Web or any other media. This release also introduces advanced content personalization that can target rich content to an individual, a local geography or a target device in a closed loop system that can, based on user profile and usage, "learn" from past behavior to enrich subsequent interactions and further personalize content delivery.

Andy Warzecha, Sr. Program Director, META Group, said, "In the rapidly expanding content management space, estimated $10B by 2004, the vendor that extends their functionality to deliver near-real time personalization of web and business-critical content will be able to differentiate themselves in the race for user attention."

"Documentum`s vision for content management is aligned with our e-business strategy. Documentum`s products empower knowledge providers in our extended enterprise to easily contribute content while maintaining integrity of the underlying business process," said Charles Bergeman, Senior Developer from Bechtel. "We are assured that content will be efficiently delivered on a global and continuous basis to our e-business sites worldwide."

Documentum 4i eBusiness Edition features the industry`s most robust and scalable content management server, and includes a variety of Web and Desktop clients optimized for distributed content contribution across the extended enterprise. 4i eBusiness Edition also includes a host of options such as Content Personalization Services, Site Delivery Services, and a Web Development Kit that provide complete enterprise and web content management capabilities to support the full lifecycle of content: creation, personalization, management and delivery as required by large and growing e-business ventures.

At the heart of the 4i eBusiness Edition is the eContent server. In addition to the robust version control, audit trail, and security capabilities, the eContent server fully automates and implements the business policies and work-flows to manage all types of content stored in the content repository. Complementing the eContent server is WebPublisher which streamlines and expedites the entire process of content creation, contribution, and collaboration with an easy-to-use user interface. WebPublisher includes integrations with popular web authoring environments such as Macromedia DreamWeaver, enabling professional site designers and developers to easily create and maintain web pages, navigation elements, and publishing templates. WebPublisher also comes with an XML-based authoring environment, which allows everyday casual users to directly create and publish web content. Full access to the content repository is provided through a web client that relies on any standard browser or a desktop client that is tightly integrated with the Windows operating system.

Documentum`s patent-pending Content Personalization Services allow companies to maximize the targeting of content, ensuring that they make the most optimal connection with their target user community. Documentum`s innovative approach to closed-loop content personalization automatically categorizes, attributes, and refines content delivery based on emerging patterns of use and interest. The 4i eBusiness Edition integrates seamlessly with leading personalization technologies such as Macromedia LikeMinds, E.piphany RightPoint and Net Perceptions Recommendation Engine.

Delivery of content on a personalized, server-by-server, and end-user-by-end-user basis is facilitated with 4i eBusiness Edition`s Site Delivery Services. Site Delivery Services includes WebCache, a high-speed content caching capability that adds unprecedented efficiency in delivering content to end-users, and eDeploy, that centralizes and automates deployment of content to large and distributed server farms. Content can also be pulled directly out of the live content repository and dynamically assembled into Web pages. As part of the Site Delivery Services, 4i eBusiness Edition`s site management capabilities enable site administrators to automate deployment of the web site and all its components through staging, testing and production; an ability to take snap shots of content editions and to roll-back to earlier editions is also offered.

To extend the capabilities of the Web development team, Documentum 4i includes the new Web Development Kit, offering Java application classes and components, enabling faster time to deployment of web sites and applications. 4i Web Development Kit takes advantage of industry standards such as ASP, JSP and Java, making development more productive out of the box. 4i eBusiness Edition also comes with a set of eCommerce integrators to integrate seamlessly with the industry`s leading application servers and commerce servers such as BEA WebLogic, IBM WebSphere, ATG Dynamo, and BroadVision one-to-one Enterprise.

"Documentum 4i eBusiness Edition differentiates itself with the breadth and depth of content management capabilities included in the out-of-the-box offering," said David G. De Walt, executive vice president and general manager of eBusiness division at Documentum. "Collectively, these capabilities empower e-businesses to manage all processes associated with all content on all of their strategic e-business sites, throughout the lifecycle of that content-from inception to retirement."

About Documentum

Documentum Inc. (Nasdaq: DCTM) develops, markets and supports internet-scale content management solutions that accelerate organizations` online presence. These solutions enable customers to create, deliver, and personalize content of all formats, from internal and external contributors, for business processes that extend across and beyond the enterprise, to all delivery channels.

Documentum customers apply trusted content within and between their organizations for online commerce and personalized promotions, 24x7 customer and partner self-service, online exchanges, electronic procurement, collaborative planning and innovation and related e-business applications.

The company, with 21 offices worldwide, also offers a full range of global consulting services and programs, including worldwide technical support and education services through its Professional Services organization. Headquartered in Pleasanton, Calif., Documentum has licensed its products to more than 800 Global 2000 and Internet customers in a broad range of industries.

[DimStar]

ganz besondere achtung gebe ich auf die partnerschaft mit Commerce One und Bea. Hier erschließen sich große Perspektiven. man stelle sich vor, ein kleiner lieferant möchte im Commerce One Global Trading Web (bislang über 1000 Milliarden $ zukünftiges Einkaufsvolumen) Geschäfte machen. damit er einen wettbewerbsfähigen Katalog darstellen kann und ihn mit einer content-management-plattform verbessern und aktualisieren kann, wird er von C1 zu Partnern wie Documentum, Poet oder Aspect Development geführt.

Documentum and Commerce One Join Forces to Automate E-Commerce Catalog Development

Documentum Creates Referral Channel for Commerce One Customers Seeking to Streamline Content Management Processes

NEW YORK, NY - March 28, 2000 - Documentum (Nasdaq: DCTM), the leading provider of Internet-scale content management solutions for powering e-business applications, today announced that it had signed a memorandum of understanding with Commerce One, Inc. (NASDAQ: CMRC), the leader in global e-commerce solutions for business, to create a referral program for Documentum in which Commerce One will direct customers seeking to implement e-commerce catalogues to Documentum`s 4i eBusiness Internet edition. Under the terms of the agreement, the parties intend to deliver integrated e-catalog solutions that will enable suppliers to rapidly participate in business-to-business e-marketplaces powered by Commerce One MarketSite™ Portal Solution, the e-marketplace platform for Internet market makers and industry leaders worldwide. Commerce One is also a featured partner at Documentum`s e-business strategy launch held today in New York City.

With a customer base that already includes 800 of the Global 2000 companies, Documentum will work with Commerce One to assist existing customers, and new ones, in creating their own electronic catalogues that contain easily managed, easily updated quality content. It is expected that with these catalogues, suppliers will be able to gain plug and play access to Commerce One`s business-to-business procurement exchanges, while providing prospective customers with a more comprehensive and accurate view of their offerings.

"Documentum is a leader in internet-scale content management solutions that accelerate organizations` online presence," said Kevin Schick, vice president product marketing of Commerce One. "We believe that by Commerce One partnering with Documentum, our customers can dynamically and efficiently manage all facets of content creation and delivery."

"We`re excited to form an alliance with a leader in B2B e-commerce software such as Commerce One," said Thomas Heydler, vice president and general manager of e-business Applications at Documentum. "Commerce One customers can derive significant value from creating a robust and flexible content management process on the 4i eBusiness Edition platform."

[DimStar]

Bea ist bei der verbindung von backend- zu internet

Documentum and BEA Partner to Meet Growing Customer Demand for Serving Personalized Content on High-Volume Commerce Sites

Alliance provides all-in-one solution for reliably delivering always-fast, always-available, always-personalized content

PLEASANTON, Calif. - January 25, 2000 - Documentum (Nasdaq: DCTM) and BEA Systems, Inc. (Nasdaq: BEAS), the E-Commerce Transaction Company™, today announced an alliance that will combine Documentum`s internet-scale content management software and BEA`s E-Commerce Transaction Platform, providing businesses a single solution for creating e-commerce sites that serve live, dynamic and personalized Web content while reliably managing millions of transactions daily - an increasing requirement for popular business-to-consumer and business-to-business Web sites. In addition, Documentum and BEA signed joint-sales and marketing agreement to further the initiatives of this alliance.

"Transactions are driving e-commerce today," Albert Pang, IDC`s manager of application and information research said. "There is increasing pressure for companies to supply content-rich sites to support both informational and financial transactions. The most successful sites will deliver personalized content. The BEA-Documentum partnership offers a best-of-breed approach to take advantage of Documentum 4i and BEA WebLogic Server`s open, standards-based architectures to ensure long-term interoperability and flexibility."

As more transactions move to the Web, e-commerce solutions need to support millions of users who expect at their fingertips all the information needed to complete their transactions. The combination of BEA WebLogic Server to manage the transactions and personalization and Documentum 4i to manage the delivery of secure and trusted content, offers a complete solution for both consumer sites as well as business-to-business sites, such as auto-manufacturer supply chain networks.

"Our customers understand that on the Net all business is personal, but many of them have been administering Web content manually or with homegrown solutions. BEA and Documentum now offer a simpler way to create and deliver personalized content on time, accurately and securely as commerce sites grow in size, number and complexity," said Bill Coleman, chairman and CEO of BEA.

"Partnering with industry leaders like BEA will help ensure that our customers can dynamically and efficiently manage all facets of content creation and delivery for millions of users each day," Jeffrey Miller, Documentum president and CEO, said. "Our customers are eager to link our proven content management platform with BEA`s market-leading e-commerce transaction platform to enable greater trust and more personalized service in business-to-consumer and business-to-business interactions."

[DimStar]

nunja, iwov hat mit diesen beiden unternehmen ebenfalls gepartnert. insofern ist es vielleicht ratsam, bei allen 3 content-management-firmen investiert zu sein. der große bewertungsabschlag von dctm bietet m.E. aber höhere chancen.

[DimStar]

erwartet gute Zahlen lieferte heute Documentum. das wachstum im e-business-bereich (web content management) von sequentiell 73 % hält exakt mit dem von Interwoven schritt. Ansonsten liegen die Zahlen im Rahmen der Analystenschätzungen. Mein Kursziel liegt mittlerweile bei 205 $.

Go, dctm, Go !

Company Press Release
SOURCE: Documentum Inc.
Documentum E-Business Revenue Grows 73% Sequentially
Posts Third Record Revenue Quarter; EPS Grows to Eight Cents
PLEASANTON, Calif., July 20 /PRNewswire/ -- Documentum (Nasdaq: DCTM - news), the leading provider of Internet-scale content management solutions for powering eBusiness applications, today announced financial results for its fiscal 2000 second quarter which ended June 30, 2000. For the quarter, the company posted record total revenues of $44.7 million, a 53% increase over the year-ago quarter. Year over year, net income jumped to $1.5 million, an increase of 155%. Diluted earnings per share also increased significantly from the year-ago quarter, rising 150% percent to $0.08 from a loss of $(0.16). Strong demand for the company`s Documentum 4i eBusiness Edition platform accounted for the significant increase in revenues this quarter as compared to last year.

E-business license revenues accounted for $15.9 million or 62% of license revenues. 49 e-business customers were signed with competitive wins or displacements at such notable accounts as Ford, eBay, Yahoo, and BEA, bringing the total customer base to over 940 Global 2000 companies. The company continued to expand its e-business stronghold with major content management customer wins at Aerospatiale, Autozone, Bechtel, Bristol-Myers Squibb, Novartis, and several others.

``The company`s strong e-business performance in Q2 demonstrates the momentum already behind our 4i eBusiness Edition content management platform,`` said Jeff Miller, President and CEO of Documentum. ``Our Internet-ready platform provides Global 2000 companies with the most comprehensive solution to drive all their e-business initiatives. Whether building a corporate portal, managing Web content creation and publication, or initiating B2B applications, our customers rely on 4i`s open, fully extensible, scalable architecture to power multiple applications with the ease of a robust and trusted solution. No other provider in the market offers a solution nearing Documentum 4i`s depth and breadth of capabilities.``


Q2 Highlights

-- All 4i eBusiness Edition products were shipped on all major operating
systems and database platforms, completing the product suite.
-- Documentum 4i was named "1999 Content Management Product of the Year."
-- Documentum was named to Software Magazine`s Top 500 content management
providers.
-- Documentum developed and launched the XML.ORG schema registry,
reinforcing its commitment to open standards.
-- Documentum and PricewaterhouseCoopers launched GMPharma, a joint
development effort to manage regulatory content compliance across the
pharmaceutical value chain.


``Our substantial base of Global 2000 and Internet 1000 customers is a significant validation of the growing adoption behind our technology,`` Miller said. ``These customers entrust Documentum to service both enterprise and Web content management needs for their many e-business applications. Our ability to partner with the right technology and implementation partners, like BEA, ATG, CommerceOne, Macromedia, Hewlett-Packard, PricewaterhouseCoopers, and others ensures our solution integrates with all the leading application server and e-commerce technologies. This winning combination of products, partners, and customers will continue to strengthen our leadership edge in the content management market.``

In addition to historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. The company`s future actual results could differ materially from the forward-looking statements discussed herein. Factors that could cause or contribute to such differences include, but are not limited to, those discussed from time to time in the company`s public reports filed with the Securities and Exchange Commission, such as those under ``Risk Factors`` included in the company`s annual report on Form 10-K for the fiscal year ended December 31, 1999, as well as the company`s other public reports filed with the Securities and Exchange Commission. The company undertakes no obligation to update or revise these forward-looking statements.

About Documentum

Documentum Inc. develops, markets and supports internet-scale content management solutions that accelerate organizations` online presence. These solutions enable customers to create, deliver, and personalize content of all formats, from internal and external contributors, for business processes that extends across and beyond the enterprise, to all delivery channels. Documentum customers apply trusted content within and between their organizations for online commerce and personalized promotions, 24x7 customer and partner self-service, online exchanges, electronic procurement, collaborative planning and innovation and related e-business applications. The company, with 21 offices worldwide, also offers a full range of global consulting services and programs, including worldwide technical support and education services through its Professional Services organization. Headquartered in Pleasanton, Calif., Documentum has licensed its products to more than 900 Global 2000 and Internet customers in a broad range of industries.

Documentum, Inc.
Condensed Consolidated Balance Sheet
(in thousands; unaudited)

June 30, December 31,
2000 1999
ASSETS

Current assets:
Cash and cash equivalents $17,323 $18,286
Short-term investments 76,640 64,258
Accounts receivable, net of allowances 43,099 37,492
Other current assets 17,232 14,674
Total current assets 154,294 134,710

Property and equipment, net 30,826 28,030
Other assets 7,513 6,262
$192,633 $169,002

LIABILITIES AND STOCKHOLDERS` EQUITY

Current liabilities:
Accounts payable $5,754 $5,645
Accrued liabilities 33,083 33,783
Deferred revenue 23,772 18,290
Current portion of capital lease obligation 185 232
Total current liabilities 62,794 57,950

Long-term capital lease obligation -- 73
Stockholders` equity 129,839 110,979
$192,633 $169,002

Documentum, Inc.
Condensed Consolidated Statement of Operations
(in thousands, except per share data; unaudited)

Three Months Ended Six Months Ended
June 30, June 30,
2000 1999 2000 1999

Revenues:
Licenses $25,499 $15,852 $50,456 $27,086
Services 19,221 13,378 36,436 26,149
Total revenues 44,720 29,230 86,892 53,235

Cost of revenues:
Licenses 1,518 1,529 3,425 2,547
Services 9,393 7,800 17,850 15,536
Total cost of revenues 10,911 9,329 21,275 18,083

Gross profit 33,809 19,901 65,617 35,152

Operating expenses:
Sales and marketing 19,020 14,201 37,547 27,266
Research and development 8,801 6,389 16,475 12,554
General and
administrative 5,138 4,632 11,032 8,331
Total operating
expenses 32,959 25,222 65,054 48,151

Income (loss) from
operations 850 (5,321) 563 (12,999)

Interest and other income,
net 1,416 1,167 2,198 2,134
Income (loss) before
income tax provision
(benefit) 2,266 (4,154) 2,761 (10,865)

Provision (benefit) for
income taxes 748 (1,412) 911 (3,694)
Net income (loss) $1,518 $(2,742) $1,850 $(7,171)

Basic earnings (loss)
per share $0.09 $(0.16) $0.11 $(0.43)
Diluted earnings (loss)
per share $0.08 $(0.16) $0.10 $(0.43)

Shares used to compute
earnings (loss) per share
Basic 17,597 16,821 17,410 16,824
Diluted 19,391 16,821 19,425 16,824

[DimStar]

und weils so schön war, noch ne meldung hinterher. Das nenne ich einen Großkunden. oder kennt hier jemand eine baufirma, die 15 Milliarden $ umsetzt ?

Company Press Release
SOURCE: Documentum, Inc.
Bechtel Selects Documentum 4i eBusiness Edition as Their Enterprise-Wide Content Management Platform
Bechtel Powers Web Sites and Enterprise Content for 40,000 Users Globally
PLEASANTON, Calif., July 20 /PRNewswire/ -- Documentum (Nasdaq: DCTM - news), the leading provider of Internet-scale content management solutions for powering e-business applications, today announced that Bechtel, a premier global engineering-construction organization, has extended an existing enterprise site license of Documentum 4i eBusiness Edition to encompass 40,000 global users. In doing so, Bechtel demonstrates confidence that Documentum 4i can address current content management needs and anticipated requirements that are typical of complex e-business applications.

``We have been successfully relying on Documentum`s content management platform for almost five years to support our internal document control system called InfoWorks,`` said John Jahraus, Bechtel`s CTO. ``We`ve experienced first-hand the robustness of Documentum 4i eBusiness Edition in managing project documentation and other intranet applications. 4i will now be a major platform to manage our content needs, including our Web sites. These sites are critical for communications and are also becoming increasingly important to us as we become more involved in e-business environments.``

Initially, Documentum 4i eBusiness Edition, Web Developer`s Kit, and Content Personalization Services will be used to enhance Bechtel`s internal sites, streamlining the tasks of posting and managing content and boosting internal productivity by making it easier for employees to quickly find information they need. As their number of content contributors increases, Bechtel anticipates Documentum 4i will help manage the increased need of complex content requirements.

``By expanding their site license to include 40,000 users, Bechtel has made it possible to promote content management applications to all their employees throughout their global enterprise,`` said David DeWalt, Documentum`s EVP and General Manager of eBusiness Operations. ``Documentum is pleased with Bechtel`s selection and is confident that Documentum 4i eBusiness Edition will meet Bechtel`s content management needs.``

About Bechtel

Bechtel is a premier engineering-construction organization with a century of experience and about 40,000 employees worldwide. In 1999 Bechtel booked $23.3 billion in new work and worked off $15.1 billion in revenue. The company is engaged in about a thousand projects in 60 countries. Bechtel is headquartered in San Francisco, with more than 60 offices worldwide.

[DimStar]

der heutige Absturz (-33 %) ist mir ein absolutes Rätsel. Die Analystenschätzungen wurden bei den eps klar geschlagen, die gesamtumsätze lagen knapp im Rahmen der Erwartungen und der e-business-bereich boomt. Deutsche Bank Alex Brown hat ihr Strong Buy - Rating bekräftigt und die Umsatzschätzungen angehoben. sicherlich konnte man mit einigen sell-on-good-news rechnen, aber dies ist ja ohne Worte. Bei Kursen um 60 $ ist DCTM ein ganz klarer Kandidat für 200 % während diesen Jahres.

DCTM beats views by 2 cents
--10:22 am - By Michael Baron
Documentum (DCTM: news, msgs) is diving 29 3/8, or 32.5 percent, to 61 despite reporting better-than-expected second-quarter earnings. The Pleasanton, Calif., Web content management firm said its net income rose to $1.5 million, or 8 cents a share, in the three months ended June 30, besting last year`s loss of $2.7 million, or 16 cents a share, and well ahead of First Call`s average estimate of 6 cents a share. Revenue rose 53 percent in the latest three months to $44.7 million from $29.2 million in the same period a year earlier. The company attributed the improved revenue to strong demand for its Documentum 4i eBusiness Edition platform.

[Bandit]

Hallo DimStar

Dann vergleiche doch einfach mal die Bewertung mit dem , was Branchenüblich bezahlt wird.
DCTM wird dieses Jahr wohl von SER im Umsatz und Gewinn überholt.
Und an Filenet können sie noch lange nicht tippen.

Die Bewertung war viel zu hoch, und das zeigt sich heute.
Bei Ixos hat sich das schon gerächt, CE Computer wird der nächste Absturzkandidat.

Filenet, SER und Easy kann man hingegen kaufen, dort stimmen die Relationen.

Grüße
Bandit

[DimStar]

Das was DCTM interessant macht, ist der sich stark entwickelnde web-content-management-bereich. Dieser Bereich macht mittlerweile 62 % des Lizenzgeschäfts aus. Keine der anderen Ex-DMS-Firmen hat sich bislang ähnlich schnell mit seinem Portfolio in einen echten Wachstumsmarkt begeben. Die peers heißen hier daher Vignette und Interwoven. Trotzdem danke für deinen Beitrag.

[DimStar]

Documentum Stock Price Drops by a Third

LOS ANGELES (Reuters) - The stock of information management systems provider Documentum Inc. (NasdaqNM: DCTM - news) lost a third of its value on Friday, after the company reported earnings that did not completely meet Wall Street expectations.

The Pleasanton, Calif.-based company saw its stock price fall 31-1/8 to 59-1/4 on volume exceeding 3 million trades, with the second steepest losses on the Nasdaq. The stock reached as high as 106 earlier this month, and was as low as 13-9/16 a year ago.

On Thursday, Documentum reported earnings of $1.5 million, or 8 cents per diluted share, compared with a loss in the year-ago period of $2.7 million, or a 16-cent loss per share.

Although the company exceeded the consensus of analysts` earnings forecast of 6 cents a share, according to First Call/Thomson Financial, license revenue figures were lower than some predictions.

``They came in a little light on license revenue,`` Banc of America Securities analyst Greg Vogel said. He had forecast license revenues of $27.7 million for the quarter, compared with the company`s reported $25.5 milion.

Total revenue rose 53 percent from a year ago to $44.7 million in the quarter.

``Some of the larger multimillion-dollar deals got pushed out to the September quarter, but the business sounds healthy. I think this is an overreaction,`` said Vogel.

He has a strong ``buy`` recommendation on Documentum.

[Bandit]

Hallo DimStar

Auch bei der Konkurrenz tut sich was, nicht nur bei DCTM.
So wird SER dieses Jahr fast 30 % seiner Umsätze im CRM Markt erzielen. Und der Einstieg in den Knowledge-
Management Markt läuft immer besser an, wie man hört.
Auch Filenet geht über die Kooperation mit Autonomy ähnliche Wege.
Der KM Markt ist meiner Meinung nach mindesten ähnlich interessant wie der Content Management Markt.
Und angesichts der Bewertung von Autonomy.....
Auch Vignette hat keine höhere Umsatzbewertung!

Viele Grüße
Bandit

[Bandit]

!

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[Bandit]

Hallo DimStar

Wie erklärst du dir eigentlich, daß bei DCTM der Umsatz im Vergleich zum Vorquartal nur so knapp gestiegen ist.
Gerade Du setzt immer auf eine hohes organisches Wachstum...

Laut DCTM lag der Umsatz im 2. Q bei 44,720 Mio Dollar, im 1. Halbjar aber bei 86,.892 Mio Dollar
Im ersten Q. setzte DCTM 42,172 Mio Dollar um.
Das sind gerade mal 6% organisches Wachstum! Vergleiche das mal mit den organischen Wachstumsraten
von Vignette und Interwoven, und du hast deine Antwort, warum DCTM gestern gefallen ist.
Selbst deine so verschmähten "reinen DMS Aktien" weisen ein höheres Wachstum auf!

mfg
Bandit

[Bandit]

P.S. Dimstar

Jetzt noch mal eine Verständnisfrage:

Wie grenzt du Content Management und DMS -Workflow voneinander ab?
Wo beginnt Content Management?

Das Verarbeiten von XML Dokumenten, der Einbau in den e-business und das Verwalten dieser Daten (Dokumente)
paßt sowohl in die Sparte Content Management, als auch in die Sparte DMS - Workflow! Es dürfte egal sein
ob es sich um Papier-Dokumente oder um XML Dokumente handelt, wobei bei XML Dokumenten sogar
das einscannen noch wegfällt, da sie ja eh elektronisch vorliegen!
Die Archivierung und der Workflow dürfte bei beiden Arten technisch auf das gleiche hinauslaufen!
Meine Meinung nach macht diese Unterscheidung überhaupt keinen Sinn!


Ein auf deine Ausführungen sehr gespannter
Bandit

[DimStar]

Hi Bandit

Wenn Filenet mit Autonomy (und übrigens auch mit Interwoven) kooperieren muß, spricht diese doch Bände.

Der KM-Markt ist natürlich interessant, für mich allerdings zuviel Science-Fiction. Wo sind die Marktstudieen, welche Trends zu welchen Produkten ergeben sich, woraus besteht dieser Markt bisher ? Möglicherweise entsteht hier ein Markt, vielleicht wird er auch wachsen. Warum sollte ich mich folglich ernsthaft mit Autonomy auseinandersetzen, solange wenig über diesen Markt nachvollziehbar oder prognostizierbar ist. Im Gegensatz dazu haben wir im WCM-Markt ein irres Momentum. Lt. Merrill Lynch wird dieser Markt im übernächsten Jahr ein Volumen von 15 Mrd $ einnehmen. Dabei ist natürlich die Frage, welche Produkte einbezogen werden, doch ich halte es für realistisch. Besonders der B2B-Einfluß wird sich stark bemerkbar machen. Heute nutzen 10 % aller Firmen wcm-systeme, in 2003 sollen es 90 % sein.

SER mag in den CRM-Markt eintreten. Ob die neuen Produkte Wachstum schaffen, wird man sehen. Ich habe mir Eis nicht näher angeschaut, muß allerdings feststellen, daß es dort während des letzten Jahrs nicht vorwärts gegangen ist. Ganz im Gegenteil. Ich nehme an, daß Eis Marktanteile verliert und daher würde ich da einmal abwarten, inwiefern große Neukunden (denn diese werden derzeit von den crm-marktführern gewonnen) das neue Produkt annehmen.

Der Umsatz von DCTM stieg im Vgl. zum Vorquartal um 6 %, richtig, der wcm-bereich legte mit 73 % allerdings genauso stark zu wie bei Interwoven, die lt. dem San Jose and Silicon Valley Business Journal in der Gegend die am schnellsten wachsende Firma überhaupt ist. Die Schlußfolgerung lautet, daß man das Altgeschäft vernachlässigt, die sales-force umschult, etc. weg von einem die-market in einen growth-market. Nachdem ich den (ob des Kursrückgang entsetzten) CEO gestern abend gehört habe, habe ich keine Zweifel, daß DCTM in diesem Markt stark wird. Ob die DMS-Aktien vom Neuen Markt wachsen, weiß so recht kein Mensch, weil gerade mal das berichtet wird, was einem so in den Kram passt (außer bei iXOS natürlich, die ja an der naz notieren). Zu SER kann ich dabei nur sagen, daß die organischen Umsätze seit 3 Quartalen um bis zu 20 % p.a. gefallen sind.

Zu den technischen Dingen: Die kapazitäten für das management elektronischer dokumente wird selbstverständlich zunehmen und zwar nicht nur stärker als im papiergebundenen bereich sondern auch gerade als ersatz dessen. gäbe es das internet nicht, würde man anti-papierkriegsaktien sicher höher handeln. wenn aus business e-business wird, hat ein DMS-unternehmen daher nicht die richtigen produkte, weil sie z.t. überhaupt nicht für das web entwickelt wurden. die probleme, die dms-lösungen beseitigen werden mittlerweile einfach aus dem grund beseitigt, da aus business e-business wird, und ich würde deshalb dms-werte eben nicht mit wcm-werten vergleichen. web-content-management-systeme dienen nur kaum der klassifizierung oder verwaltung von daten wie im dms-bereich. mit einem dms-system läßt sich nicht einmal ein elektronischer katalog erstellen. wcm dient dem webauftritt und ist geschäftskritisch im hinblick auf crm und b2b. einfaches beispiel: Nur ein toter link sorgt nicht nur für ärger beim kunden, sondern könnte in umgebungen für b2b sogar den gesamten Geschäftsrhythmus durcheinanderbringen. hier ein kleiner auszug aus einer VIGN-Analyse von Performaxx (ich hätte es nicht besser umschreiben können):

Mit der kommerziellen Nutzung des Internets entstehen für die Unternehmen neue Möglichkeiten sich zu präsentieren, Informationen auszutauschen, Kontakt zum Kunden zu halten und Geschäfte abzuwickeln. Ebenso werden mehr und mehr unternehmensinterne Abläufe auf der Basis von Intranets abgewickelt. Ein Webauftritt zum Beispiel war Anfangs oft keine sehr diffizile Angelegenheit. Im schlimmsten Fall erhielt irgend jemand aus der IT-Abteilung den Auftrag, eine Firmenhomepage per HTML zu programmieren, weil er sich zufällig bereits privat mit dieser Technik befaßt hatte. Der Informationsgehalt war dann gering, die Seite statisch, wenig aktuell und letztendlich konnte damit kein Mehrwert erzielt werden.

Besonders die großen Firmen und Institutionen nehmen jedoch mittlerweile die Chancen und Herausforderungen, die das Internet mit sich bringt, sehr ernst. Sowohl im Internetauftritt wie auch im Intranet, verändert sich der Charakter der bereitstehenden Informationen sie werden tendenziell wichtiger, bedeutungsvoller und geschäftskritischer. Wirklich wichtige Informationen sind aber meist auch komplex, immer zuverlässig und korrekt, aktuell und nicht generell für jeden zugänglich oder von jedem veränderbar. Ein leistungsstarker Internetauftritt erfordert es daher, Inhalte dezentral zu erstellen, zu pflegen, zu strukturieren, einheitlich darzustellen (im Sinne eines Corporate Design), wieder aufzufinden, zu verknüpfen, die Integrität der Verknüpfung zu sichern und Zugriffsrechte für Lese- und Änderungszugriffe zu verwalten. Für die Autoren der Inhalte dürfen keine technischen Hindernisse (zum Beispiel die Notwendigkeit von Programmierkenntnissen oder auch nur eine komplizierte Bedienung) im Wege stehen. Dies alles macht auch eine Trennung der Inhalte vom Layout notwendig. Für ein gelungenes und einheitliches Design sorgt der zuständige Grafiker, die spezifischen Inhalte kommen von den einzelnen Fachautoren. Es sollte weiterhin möglich sein, Inhalte multimedial zu präsentieren. Wichtig ist auch, daß Inhalte erst dann im Internet der Weltöffentlichkeit zugänglich werden sollten, nachdem ein Chefredakteur oder Jurist diese geprüft und freigegeben hat. Dies erfordert einen exakt definierten Work-flow. Veröffentlichungen oder Veränderungen sollten lückenlos protokolliert werden.

Aus diesen Anforderungen ergibt sich die Folge, daß das Verwalten von Web-Sites eine zunehmend anspruchsvollere Aufgabe wird. Die Probleme potentieren sich, wenn viele Autoren an verschiedenen Lokalitäten mit unterschiedlichen Zugriffsrechten publizieren müssen. Der verantwortliche Administrator benötigt dann die Hilfe einer professionellen Software. Mit einem WCMS lassen sich die meisten der oben genannten Aufgaben automatisieren und mit einem vertretbaren Aufwand managen. Gleichzeitig unterstützt ein WCMS nicht nur den Administrator, sondern auch die Redakteure der Webseiten. Er stellt ihnen eine einfach zu bedienende Arbeitsumgebung zur Verfügung, in der sie sich ganz auf die Inhalte konzentrieren können, ohne sich um die technischen Abläufe sorgen zu müssen.

Weils so schön war, verdient es sich auch mal Werbung:
http://www.performaxx.de/index.html?topic=abonnement

Unternehmen wie VIGN, IWOV und DCTM gehen auf basis von wcm-lösungen aber noch weiter und bieten mit V/5, TeamSite und 4i mittlerweile ziemlich umfassende Plattformlösungen an, die um Applikationen aus anderen Bereichen (ob selbst oder von Partnern programmiert) erweitert wurden (z.T. Datamining, Unified Messaging (wireless), Lieferantenkettenmanagement, Produktionskettenmanagement). Viele andere Unternehmen aus anderen Bereichen wie ERP, Sales Force Automization, e-commerce-shopping/personalization gehen zwar ebenfalls in Richtung Plattform. Im Zentrum einer Entscheidung großer Kunden sollte aber in vielen Fällen das wcm-system stehen. Vignette z.b. lehnt es mittlerweile schon ab, als content-management-anbieter angesehen zu werden, weil viele große Kunden sich bereits für die Plattform entscheiden.


Schönen Gruß

[Bandit]

Hallo DimStar

Dann meine letzte Frage:
Hast du dir 4i schon mal in Natura angeschaut? Kann es sein, daß dir da Dinge als reines WCM
verkauft werden, die genau so unter DMS-Workflow eingeordnet werden können? Dieses könnte ein
Grund dafür sein, daß DCTM anders bewertet wird als deine VIGN.

P.S du meinst es gibt keine Studien zu KM Markt?
Dann solltest du dich mal ein wenig besser umschauen.
Marktforscher gehen davon aus, daß allein die Top 500 US-Gesellschaften durch effizienteres
KM über 10 MRD Dollar p.a. einsparen könnten.
Zu empfehlen ist hier auch die Studie der Gartner Group, die du unter :
http://www.AIIM.com finden solltest.

Oder bewertest du Unternehmen immer noch allein nach den Zahlen, ohne jemals einen Blick
auf die Software geworfen zu haben?
Dann könnte es dir auch passieren daß dir eine Firma E-commerce - Logistik Units verkauft (klingt gut, sind
aber auch nur LKWs ! )


Grüße
Bandit

[Bandit]

Ups sorry....
Hier ist der richtige Link:
http://www.aiim.org
und hier ein Link zu einer Studie der Gartner Group, in denen die Zusammenhänge zwischen Workflow und
Content Management gezeigt werden.

Viel Spaß dabei:
http://www.gartner.com/webletter/aiim/index.html


Viele Grüße
Bandit

[DimStar]

hehe, nein, ich bin ja kein Informatiker und auch nicht für den Softwareeinkauf zuständig sondern den Aktieneinkauf. von daher wird mir auch niemand e-commerce logistic units verkaufen. auf solche raffinessen wäre ich ja schließlich auch glatt reingefallen. diesbzgl. reichen mir eigentlich immer die angaben auf der homepage und kann produkte eben soweit bewerten wie es mir meine fachkenntnisse erlauben. sprich: wir reden m.E. über eine in den wichtigsten teilen selbstentwickelte, breit angelegte e-business-plattform, in deren zentrum das wcms steht. wenn du denn anderer meinung bist, wäre ich schon an einer begründung interessiert. mit links brauche ich dir da sicher nicht aushelfen. ansonsten siehe in diesem thread:
von DimStar 10.06.00 16:09:57
hier und da kann es sicher auch haken, vielleicht ist die ein oder andere applikation noch nicht bestens integriert, vielleicht sind hier oder da bucks und vielleicht ist der neurelease von 4i auch noch in beta. interessiert mich allerdings nicht besonders, solche kinderkrankheiten grob gesagt.

danke für die links

[DimStar]

Robertson Stephens Daily Growth Stock Update
Estimate Changes:

Documentum (Nasdaq: DCTM - news)
2000 EPS: $0.38 from $0.34
2001 EPS: $0.80 from $0.70
Long-Term Attractive
Mark Perutz, eBusiness Software
``Revenue from the company`s 4i eBusiness Edition Web content management

software grew 73 percent sequentially for the quarter," said Perutz. "Based
on the anticipated growth of Documentum`s 4i software in the Web content
management software sector, we are raising our estimates for the fiscal year
2000 to $190 million from $187 million and fiscal year 2001 to $256 million
from $186 million. We are leaving our operating earnings-per-share estimates
unchanged for the remaining quarters of 2000 and 2001, and will look for
additional signs of market acceptance and operating stability in the current
quarter."

[Bandit]

Monday, July 24, 2000

Selling continues in DCTM
--12:58 pm - By Michael Baron
Documentum (DCTM: news, msgs) is plunging for a second straight session, diving 9 5/8, or 16.3 percent, to 49 1/2 after a plus-33 percent drop
Friday. After Thursday`s closing bell, the Pleasanton, Calif., Web content management firm reported second-quarter net income of $1.5 million, or 8
cents a share, besting last year`s loss of $2.7 million, or 16 cents a share, and topping First Call`s average estimate for a profit of 6 cents a share.
Revenue rose 53 percent in the latest three months to $44.7 million from $29.2 million in the same period a year earlier. David Hilal, an analyst at
Friedman, Billings, Ramsey & Co., attributed the weakness to some shakey elements in the quality of the company`s earnings report and the
run-up in the share price prior to the report. "The results were good, but not great," said Hilal, who has a "buy" rating on the stock. "They met our
overall revenue target but missed on the licensing number, a key metric." Hilal was looking for licensing revenue of $26.5 million and Documentum
came in at $25.5 million. "Also, some of the earnings upside was the result of a one-time foreign currency gain," Hilal added. The other element of
the sell-off is the volatility of the shares, which recovered to the high-90s in mid-July after falling to the low-40s in May. "The wind is going out of
their sails to some extent," he said.

[Bandit]

July 24, 2000 1:13pm

Documentum shares stuck in
reverse

By Larry Barrett ZDII


Documentum shares fell another 9 15/16, or 17 percent,
to 49 1/8 Monday as investors continue to unload
shares of the information management systems
provider in the wake of its disappointing second-quarter
results.

Documentum (Nasdaq: DCTM) posted a profit of $1.5
million, or 8 cents a share, on sales of $44.7 million.

While First Call Corp. consensus pegged the
Pleasanton, Calif. company for a profit of only 6 cents a
share, analysts were put off by the company`s
lackluster licensing revenue in the quarter.

Its shares were trading at a 52-week high of 106 earlier
this month.






Sound off here!!


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Latest News on DCTM

Documentum shares stuck in
reverse...
Robertson Stephens Daily
Growth Stock Update On INTW,
DCTM, WATR, EBNX and CRTK...

UPDATE 1-Documentum slips
by a third after earnings...







DCTM:
News
Profile
Chart
Estimates




In the quarter, Documentum posted licensing sales of
$25.5 million, roughly $2 million to $3 million below
most analysts` estimates.

However, the $44.7 million in sales marked a 53
percent jump from the year-ago quarter.

Mark Perutz, an analyst at Robertson Stephens, on
Monday raised his sales estimate from $187 million to
$190 million for fiscal 2000 while bumping his fiscal
2001 target from $186 million to $256 million. He also
raised his fiscal 2000 and fiscal 2001 earnings
estimates to 38 cents a share and 80 cents a share,
respectively.

"Revenue from the company`s 4i eBusiness Edition
Web content management software grew 73 percent
sequentially for the quarter," Perutz said in a research
note. "We are leaving our operating earnings-per-share
estimates unchanged for the remaining quarters of 2000
and 2001, and will look for additional signs of market
acceptance and operating stability in the current
quarter."

First Call Corp. consensus expects it to earn 11 cents
a share in its third quarter and 38 cents a share in the
fiscal year.

The stock fell to a 52-week low of 13 3/4 last July.

Six of the seven analysts following the stock rate it
either a "buy" or "strong buy."




Hallo Dimstar

Auf Basis der neuen Gewinnschätzungen hat DCTM immer noch ein 2001er KGV von über 50. Angesichts des
prognostizierten Wachstums von knappen 25% ist das meiner Meinung nach schon recht gut gepreist!

Es gibt DMS Werte, die in den nächsten Jahren höhres Umsatz und Gewinnwachstum aufweisen werden, organisch!

Grüße
Bandit

[DimStar]

Also gut, dann frage ich dich jetzt folgendes:

Welchen Sinn macht die Betrachtung nach einem KGV oder einem Gewinnwachstum ? Warum ist ein KGV von 10 billig und ein KGV von 100 teuer und warum entwickelt sich die teurere Aktie doch meist besser ? Warum sollte die Zahl des KGV so hoch sein wie die Zahl des Gewinnwachstums des folgenden Jahres ? Was für ein Schwachsinn. Vielleicht bietet es eine Vergleichsmöglichkeit, aber lenkt es nicht von den wirklich bedeutenden Dingen ab ?

Stelle dir vor, ein Investor würde ein Unternehmen kaufen, egal ob jetzt börsennotiert oder nicht. Es wird verhandelt und beide Seiten erstellen Gutachten, die jeweils zu einem Ergebnis kommen, daß die Firma in Zukunft einen bestimmten Profit abwerfen wird und man einigt sich in der Mitte. Für die Firma müsste er einen Preis zahlen, der sich an den Gewinnen der Zukunft orientiert, denn das wird seine Rendite sein. Dabei sollte er nicht 10 Mark für eine Firma zahlen, wenn in der gesamten Zukunft 10 Mark Gewinn erwartet wird, denn er bekommt die Gewinne ja nicht sofort. Daher wird er künftig erwartete Gewinne auf den heutigen Tag abzinsen. Dies geschieht mit einem Zinsfuß einer bestimmten Risikoklasse zzgl. dem aktuellen Marktzins. Daher wäre der heutige faire Wert vielleicht nur 9 Mark. Wenn er es billiger bekommt, macht er eben ein Schnäppchen, denn die Annahmen der Gutachten hält er noch für ziemlich konservativ, weil er vom Unternehmen begeistert ist. Genauso gehe ich vor. Professionelle Analysten schwören ebenfalls darauf. Alle anderen Parameter sind reine Vergleichsmöglichkeiten, führen aber nicht zu einem exakt fairen Wert auf Basis heutiger Zukunftserwartungen. Ich schaue mir also einen Markt an und überlege, welches Volumen er in einigen Jahren einnehmen könnte und welchen Marktanteil das Unternehmen dann bekommen könnte. Über einen Zeitraum von (bei mir) 7 Jahren gebe ich eine konkrete Wachstumsprognose vor. Nach diesem Zeitraum rechne ich nur noch mit einem ewigen Wachstum von 3 % (Inflation). Dann überlege ich, wie sich die Nettomarge über den Zeitraum von 7 Jahren und langfristig entwickeln könnte. Ich erhalte eps anhand der "basic and fully diluted shares", die ich abzinse. Die höchsten Profite errechnen sich bei einem Wachstumsunternehmen dabei in den 10 Jahren nach dem Prognosezeitraum. Dann allerdings nimmt der Zinsfaktor ja weiterhin mit 10-15 % (je nach Risikoklasse) zu und der Umsatz nur um 3%. Wegen dieses Zinseszinseffekts fallen die Gewinne über den weiteren Zeitraum (vielleicht 50-70 Jahre) sukzessive. Daraus ergibt sich letzten Endes, daß (vielleicht im 80. Jahr) kein Penny mehr als Gewinn übrigbleibt, so daß ich die eps zusammenzählen und auf den fairen Wert komme. Alle Gewinne der Zukunft gehören mir als Aktionär und wenn ich ein Unternehmen entdecke, was vielleicht 50 % unter dem von mir abgeschätzten fairen Wert gehandelt wird, greife ich zu (und das wird bei DCTM weiterhin der fall sein, da ich immer noch 50 % cash halte - by the way: 49 is a joke). Wichtig ist dabei natürlich, daß die Schätzungen möglichst konservativ sind, wobei mir meist gar nichts anderes übrigbleibt, weil es sich manchmal um nicht lange bewiesene Geschäftsmodelle handelt. Es setzt auch voraus, daß man eben augiebig recherchiert (und das nicht nur bzgl. einer Firma, Bandit, hehe). Gut, mit Vorstandsleuten kann ich nur hierzulande reden, hierzulande gibt es aber in den allermeisten fällen keine Unternehmer, die ein echtes Produkt, eine neue Idee oder eine echte Vision haben. Zuguterletzt ist der NM nun wirklich nicht ein Platz, an dem man sein Geld langfristig anlegen kann, weil nur 5 oder 6 Leute die Preise bestimmen und Sicherheitsbestimmungen oder Bilanzierungsvorschriften nicht auf dem neuesten Stand sind, um es einmal vorsichtig auszudrücken. Soviel zu deinen DMS-Werten incl. Filenet, wobei mich DMS generell nicht mehr interessiert, wie du ja weißt.

[DimStar]

bzw. 51 5/8 is a joke


vielleicht ist DCTM nun aus dem gröbsten raus. heute lag das Volumen 10mal höher als an sonstigen handelstagen. bei solch mickrig gehandelten werten gibt es auch an der nasdaq oft das problem mit den marketmakern, die ihre spielchen mit den shorties und stopp-setztern spielen. bist hier stets gern gesehen, Bandit, denn sonst scheint den wert ja auch nicht viele hier zu interessieren, oder ?

[Bandit]

Falls du es immer noch nicht mitbekommen hast, SER ist zwar mein größter Wert im Depot aber bei weitem
nicht mein einziger! (Anzahl der Titel in meinem Depot ist 2stellig(DEAG, VMR,Telegate,MBX...))

Aus deinen Äußerungen entnehme ich , daß du dich immer noch nicht mit Brainware beschäftigt hast.
Da du anscheinend auch keine Studie zum KM Markt gelesen hast frage ich dich nur: Wieso hat Autonomy eine
mehr als 5 mal höhere Umsatzbewertung wie eine Vignette!

Der Markt ist der interessanteste des nächsten Jahrzehnts! KM ist die Basistechnologie ohne die WCM in einer
effizienten intelligenten Form gar nicht möglich ist!

DimStar komm von deinen Zahlen Hype endlich runter und schau dir mal die realen Produkte (Ja , Software ist
auch real!) an!

Anfang September ist die DMS in Essen.
Schon im letzten Jahr habe ich mir einige Firmen vor Ort angeschaut: Filenet, Easy, Documentum, Kleindienst,
Dicom und SER!

Wieso wird DCTM mit 50% Kurssturz abgestraft ,wenn sie doch über den meisten Prognosen liegen?
Macht dich das nicht stutzig? Das begleitet von weiteren Empfehlungen erinnert mich an.... (ich glaube das
brauche ich nicht sagen).


Grüße
Bandit

[DimStar]

nein, sie haben die Lizenzumsatzschätzungen insgesamt leicht verfehlt, wobei ich dies noch als "im rahmen der erwartungen" bezeichnen würde. WallStreet verkauft derzeit solche Werte ziemlich rabiat. Siehe Macromedia, C1, Copper Mountain, E.piphany oder Lucent. Alle haben sie die earningsschätzungen geschlagen. doch wenn auf der umsatzseite ein bischen dampf rauszugehen scheint, wirft WS sie weg. Was bei richtigen Verfehlungen oder Gewinnwarnungen passiert ist, brauche ich ja wohl nicht aufzuzählen.

Produkte bilden einen Teil der Geschäftsgrundlage einer Firma. Deshalb schaue ich sie mir auch genau an. Aber nicht in Panik. Brainware ist mir bekannt. Vielleicht nicht so gut wie dir, aber im Endeffekt kommen wir wohl zu der selben Einschätzung über diese Technologie. Aber offenbar nicht über das Unternehmen, und das kaufe ich mir mit einer Aktie.

[Bandit]

DCTM befindet sich haarschaft am langfristigen Aufwärtstren, Dimstar
Heute hats gerade noch gehalten

Ich drücke dir die Daumen.

[DimStar]

ui, sieht wirklich übel aus, habe die letzten tage nur daily-charts verfolgt. ohne daß ich mich als chart-fan oder gar analytiker outen möchte, aber bei 50 $ liegt ein starker support. ich verweise auf den chart im 2. posting.

Hier mal eine auswahl von DCTM-kunden, die die neuen Produkte nutzen:
Ford, Yahoo, Ebay, Bea, Bechtel, Aerospaciale, Bristol-Myers, Novartis, JCPenneys, Ericsson

Die Partner heißen heißen dabei u.a. E.piphany, IBM, PriceWaterhouseCooper, Razorfish, Sapient, Macromedia, Scient, Art Technology, Broadvision, Entrust, Hewlett Packard, Peoplesoft, SAP, Sun Microsystems und Verity.

bad company ? you decide

[DimStar]

Hi Bandit

Um noch mal auf Vergleiche mittels des PEG-Ratios zurückzukommen, auch wenn es m.E. wenig Sinn macht: Um einen Vergleich anstellen zu können, müssten zunächst einmal vergleichbare Bilanzierungsvorschriften her. Wenn z.B. SER so bilanzieren würde wie es Documentum tut, ergäbe sich bei ihnen ein Verlust. Wir würden also nicht über ein KGV reden, sondern müssten den Börsenwert aufgrund anderer Dinge rechtfertigen, wie z.B. das starke Wachstum, durch welches SER mit skalierbaren Produkten irgendwann einmal steigende Gewinne ausweisen würde. Generell gesagt sind mir alle Unternehmen mit selbstgesteckten Planzahlen und vom Vorstand vorgegebenen Kurszielen suspekt. Umso peinlicher ist es nur, wenn man dann Planzahlen und die Analystenschätzungen regelmäßig verfehlt. Der Umsatz ist in den letzten 3 Quartalen um 20 % p.a. gefallen (wenn man Umsatzsteigerungen wie die SEC definiert, die vorgibt, dass die Nasdaq-Firmen Proforma-Zahlen vorzulegen haben, in denen die vergangenen Werte um Übernahmen bereinigt werden). Von daher ist es auch nicht angebracht, von einer Wachstumsperspektive auszugehen. Wenn es also so bleibt, kann SER bestenfalls mit der Höhe des Eigenkapitals bewertet werden, während ein Unternehmen wie Documentum profitabel arbeitet und derzeit mit gut 50 % p.a. organisch wächst. War mir wichtig, dies noch mal klarzustellen. Wann läuft die DMS ? Kennst du schon die Unternehmen, die sich dort präsentieren ? Vielleicht treffen wir uns dann einfach mal.

Grüsse

[Bandit]

Die DMS ist vom 5. - 7. September in Essen.

http://www.dms21.de/dms.htm


Im letzten Jahr waren alle aus der Branche dort:
DCTM , Easy, Filenet, PC Docs, SER, Ixos, CE, Dicom u.v.a
Hier ist die komplette Ausstellerliste:
http://www.dms21.de/aussteller.stm

An welchen Tag ich dort sein werde , weiß ich noch nicht .

Es wäre schön, wenn wir uns dort mal treffen könnten.

Grüße
Bandit

[DimStar]

danke für die links !!
da sind ja teilweise sehr interessante unternehmen dabei, die doch eigentlich dort nichts zu suchen haben sollten. Ich hoffe mal, daß dort nicht nur DMS-lösungen präsentiert werden, denn dann wäre ich an Firmen wie Excalibur, Poet, Documentum, SER und Matrix One sehr interessiert. das hätte ich nicht gedacht. wir sollten uns im September absprechen.

[Bandit]

Ich habe ja schon oft gesagt:
Man kann die einzelnen Disziplinen - DMS , Workflow, WCM und Knowledge Management nur
schwer unterscheiden! Die Übergänge sind fließend, nicht starr!

Grüße
Bandit

[Bandit]

Tuesday July 25, 8:32 am Eastern Time

Company Press Release

Documentum and Starbase Announce Integration Partnership

SANTA ANA and PLEASANTON, Calif.--(BUSINESS WIRE)--July 25, 2000--


The Leading Internet-Scale Content Management Platform Pairs with
Best-of-Breed Development Management Solution, Expanding Web Content

and Code Solution To End-to-End E-Business For Large Enterprise

Environments

Starbase Corp. (Nasdaq: SBAS - news), and Documentum Inc. (Nasdaq: DCTM - news), Tuesday announced a formal integration partnership. The combined
solution of Starbase`s StarTeam and Documentum`s 4i eBusiness Edition will enable cross-functional Web site teams to manage their code and content in an
integrated environment.

This partnership marks the first in a series of planned technology integrations as part of Documentum`s Open Source Code Integration (OSCI) initiative.
Documentum`s OSCI initiative facilitates integrations with leading application development vendors, enabling delivery of a best-of-breed e-business solution.

``Essential to any e-business environment is an efficient and collaborative process for creating, publishing, and managing integrated code and other types of leveraged
content,`` said David De Walt, Documentum`s executive vice president of Documentum`s product operations. ``The combination of Starbase`s StarTeam and
Documentum`s 4i eBusiness Edition provides exactly that type of solid infrastructure, enabling any Global 2000 company to move ahead quickly and efficiently with
their e-business initiatives. We are delighted to be working with Starbase.``

``By 2002, escalating costs of managing Web content and components will drive more than 80 percent of Global 2000 enterprise sites to purchase packages or
build applications to automate these functions,`` said Victor Votsch, GartnerGroup analyst, in GartnerGroup`s `The Checklist of Core Criteria for Web Content
Management.` ``Web content management (WCM) is the process of controlling the Web site content through the use of specific tools. WCM solutions offer core
functionality that goes well beyond simply managing HTML pages. Not all vendors today offer all elements, but many point users to partnerships and custom
consulting.``

``We believe our integrated solution will address a number of critical issues facing large enterprise sites today,`` stated James Smith, executive vice president of
Starbase Customer Group. ``The content management marketplace is rapidly expanding, to include everything from pure software code to Web, transactional and
shared content.``

``StarTeam`s collaborative and integrated code management solution delivers a new developer perspective to Documentum`s 4i eBusiness Edition, and at the same
time will enable StarTeam users to benefit from the dynamic Web content management capabilities of 4i eBusiness Edition,`` continued Smith. ``As a result, both of
our solutions will be extended to create an end-to-end B2B and B2C management solution.``

The alliance calls for both companies to adopt each other`s solution in their own environment. Starbase is currently implementing Documentum`s 4i eBusiness Edition
for the ongoing management of the Starbase Web site utilizing 4i`s dynamic content personalization and management capabilities to manage and enhance the
experience of Web visitors. Documentum uses StarTeam as its development management solution, managing its projects and releases within the StarTeam
object-linking repository.

About Documentum

Documentum Inc., develops, markets and supports Internet-scale content management solutions that accelerate organizations` online presence. These solutions
enable customers to create, deliver, and personalize content of all formats, from internal and external contributors, for business processes that extend across and
beyond the enterprise, to all delivery channels.

Documentum customers apply trusted content within and between their organizations for online commerce and personalized promotions, 24x7 customer and partner
self-service, online exchanges, electronic procurement, collaborative planning and innovation and related e-business applications.

The company, with 21 offices worldwide, also offers a full range of global consulting services and programs, including worldwide technical support and education
services through its Professional Services organization. With headquarters in Pleasanton, Documentum has licensed its products to more than 900 Global 2000 and
Internet customers in a broad range of industries. Visit Documentum`s Web site at www.documentum.com

About Starbase

Starbase is the leading provider of collaboration products for the creation and management of integrated code and content eBusiness applications. Collaboration is
the simultaneous coordination, management and communication of geographically dispersed contributors of both code and content for eBusiness applications. With
more than 1,300 StarTeam customers worldwide, our technology supports the continuous cycle of creating, linking and managing digital assets, which comprise
complex eBusiness applications. Starbase products enable users with differing technical and functional backgrounds to collaborate on the production of Web sites
and eBusiness initiatives from multiple locations.

StarTeam, the company`s flagship product, was labeled as ``StarTeam fuels team exchange`` in an early release review from InfoWorld in January 2000 and received
``Two Thumbs Up`` from New Media in May 1999 and Four Stars from Software Development in August 1999. Starbase was named to the ``Software 500`` for
2000, Software Magazine`s 18th annual ranking of the worlds largest software and services providers. Microsoft and CMP Media named Starbase the 25th fastest
growing ISV for Windows in April 1999. StarTeam also received the ``Best of the Test Center`` award by InfoWorld in January 1998.

Companies and organizations, including leading corporations such as Lucent Technologies, Intel, BMC Software, Motorola, PepsiCo, Seagate Technology,
Hollywood Entertainment, eTour.com, Oxygen Media, and Ann Taylor have selected StarTeam to manage their eBusiness development projects. Starbase has
headquarters at 4 Hutton Centre Drive, Suite 800, Santa Ana, CA 92707. Tel: [phone]. Fax: [phone]. Visit Starbase`s Web site at
www.starbase.com.

Starbase and its product names are trademarks of Starbase Corp. Documentum is a trademark of Documentum Inc. in the United States and other countries. All
other product and company names herein are trademarks of their respective owners.

Forward-Looking Statements

When used in the preceding discussion, the words ``believes, expects, or intend to`` and similar conditional expressions are intended to identify forward-looking
statements. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking
statements. Such risks and uncertainties include, but are not limited to, (i) conditions in the general economy or the software industry, (ii) the timely development and
market acceptance of products and technologies, (iii) competitive factors, (iv) demand for team productivity software products, (v) sell-through of products in the
sales channel, and (vi) other risks described in Starbase Corp.`s SEC reports and filings.

Contact:

Starbase Corp., Santa Ana
Ann Jones, (Investor Relations), 714/445-4440
[e-mail]
or
Martha Ray, (Public Relations), 714/445-4531
[e-mail]
or
Edelman Public Relations Worldwide (for Documentum Inc.)
Michelle Surkan, 650/968-4033
[e-mail]

[DimStar]

Documentum 4i im Test ...
http://www.infoworld.com/cgi-bin/deleteframe.pl?story=/artic…
...
Then again, today`s ebusiness environment demands that you find ways to publish critical content quickly and efficiently. Because Documentum 4i eBusiness Edition 4.0 does this so well and also has most other components needed to fuel online sales and business-to-business information exchanges (such as document conversion into multiple languages), it scores Very Good.
...

[Bandit]

Glückwunsch, Dim Star es geht wieder aufwärts.

Dieser Auftrag kann sich sehen lassen:

Documentum Content Management Platform Will Be Implemented for
156,000 Global Users at Ford Motor Company

Documentum 4i eBusiness Edition Chosen to Improve Global Enterprise Content Management Performance Across the Board

PLEASANTON, Calif., Aug. 15 /PRNewswire/ -- Documentum (Nasdaq: DCTM - news), the leading provider of Internet-scale content management solutions for
powering e-business applications, today announced that Ford Motor Company (NYSE: F - news) has established Documentum 4i eBusiness Edition for managing
corporate records, enterprise content, and Web content. The platform, selected for its unmatched performance, ease of use, and virtually unlimited scalability, will be
rolled out to the 156,000 users throughout Ford`s global enterprise.

Ford was seeking a globally effective content management solution -- a platform whose performance would not degrade with increasing volumes of content or
number of contributors. Documentum 4i eBusiness Edition allows for migration of content from their previous application, it supports their need for global replication
services, provides unlimited scalability across their extensive organization, and is expected to provide performance in transaction response times. In addition, 4i was
unique in providing a rich set of out-of-the-box functionality for managing all forms of content, making it easy to use and cost-effective to implement throughout their
global enterprise.

Documentum 4i eBusiness Edition`s open, scalable architecture supports centralized management over multiple, distributed instances of the applications. These
``federations`` support a high-availability environment, enable the building of local content management applications adhering to local standards, and optimize global
response time.

Ease of use features of Documentum 4i eBusiness Edition that Ford favored include seamless integration with existing enterprise applications, Microsoft metaphors
that provide the same look and feel as other desktop applications, and full support for the Microsoft COM development environment. In addition, the platform
streamlines Web content management through its support for XML and its ability to easily leverage and re-use content.

Ford also valued 4i`s integrated records management features, including a lifecycle services engine. This engine can be used to establish automated workflows and
automated retention policies for records, thereby eliminating the potential for human error in managing these vital corporate documents over their lifecycles.

``A company as large and prestigious as Ford knows what it takes to be successful in e-business. Ford`s selection of Documentum 4i eBusiness Edition to service its
156,000 global users speaks to the strength of 4i`s industry leading scalability and other performance and ease-of-use attributes,`` said Dave De Walt, Documentum`s
executive vice president of product operations. ``This selection also validates the leadership position of Documentum 4i eBusiness Edition for powering
enterprise-scale content management applications for the Global 2000.``

About Documentum

Documentum Inc. develops, markets and supports internet-scale content management solutions that accelerate organizations` online presence. These solutions enable
customers to create, deliver, and personalize content of all formats, from internal and external contributors, for business processes that extend across and beyond the
enterprise, to all delivery channels.

Documentum customers apply trusted content within and between their organizations for online commerce and personalized promotions, 24x7 customer and partner
self-service, online exchanges, electronic procurement, collaborative planning and innovation and related e-business applications.

The company, with 21 offices worldwide, also offers a full range of global consulting services and programs, including worldwide technical support and education
services through its Professional Services organization. Headquartered in Pleasanton, Calif., Documentum has licensed its products to over 900 Global 2000 and
Internet customers in a broad range of industries. For more information, visit www.documentum.com.

NOTE: Documentum and the Documentum logo are trademarks of Documentum, Inc. in the US and throughout the world. All other company and product names
are used for identification purposes only and may be trademarks of their respective owners.

SOURCE: Documentum



P.S. was hältst du von den EASY, IXOS und SER Zahlen?

Grüße
Bandit

[DimStar]

danke, bin gespannt wie es weitergeht, gestern gabs einen monster-blocktrade zum schluß.

die sache mit ford wurde im grunde nur mal aufgewärmt. hier und da ist es vielleicht so, daß kunden nicht sofort genannt werden wollen, um dem eigenen wettbewerb etwas voraus zu sein oder aber weiter auf gute it-angebote warten, solange das system noch nicht im hause getestet und angenommen wurde. ansonsten müssen i-r-leute schließlich für ihr geld auch mal was tun. wie schlecht diese bei dctm ist, hat der absturz gezeigt. der vorstand hat wohl eine zu enthusiastische stimmung unter den analysten erzeugt und wenn sich die fonds getäuscht fühlen, werden die stücke einfach auf den markt geworfen.

Grüsse

[DimStar]

Dieser Wert ist wirklich verrückt. Kaufen würde ich erst wieder in den 40ern, weil meine Position schon groß genug ist. Ich fühle mich eigentlich auch nach ./. 30% in 3 Tagen mit dem Wert noch wohl. Sollte der CFO aber die Unwahrheit sagen, fliegt er und der Rest seiner Kollegen nach dem nächsten Report aber hochkantig ins soziale off.


DJ Documentum Dn-2: CFO Denies Rumors, Says Co Has No News
[ By Elena Molinari
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Shares of Documentum Inc. (DCTM) plunged 25% Tuesday, continuing
a three-day plunge for which the company has no explanation, the chief financial officer
said.
But an analyst who covers the stock and asked not to be identified mentioned a rumor
about the company slashing off its sales force as a possible reason for the decline.
Bob L. Corey, Documentum chief

...

DCTM drops 18.5 percent
--2:39 pm - By Michael Baron
Documentum (DCTM: news, msgs) is plunging $12.31, or 18.5 percent, to $54.19, on volume of 1.2 million shares. Average daily volume is 276,500. Bob Corey, the company`s chief financial officer and an executive president, attributed the drop to rumors that Documentum had terminated a portion of its sales force, which he denounced. "These rumors are untrue," Corey said. "There have been no lay-offs in our sales force or unusual developments in our business." Shares of the Pleasanton, Calif., provider of online content management software are well off their March 10th 52-week high of $106 but still well above last September`s levels when they traded for under $20 each.

...

14:07 ET Documentum (DCTM) 53 3/8 -13 1/8 (-19.8%): Talk is that stock under pressure on rumor that company`s salesforce has been called into a meeting to address shortfall in sales numbers. However, sources telling us that they think the quarter is intact.

...

Sep 12 2000 1:21PM
theflyonthewall.com: 13:21 EST Documentum-DCTM 3Q is tracking at or above plan says MONT 56-10½
Sep 12 2000 11:23AM
theflyonthewall.com: 11:23 EST Documentum-DCTM CFO & head of sales says biz looks good -MONT (56 7/7 -9 5/8)

...

Recommendations

Sep 12 2000 9:31AM
Documentum (DCTM) FBCO Brent Thill Morning
maintain rating; "transition continues; visibility slowly rebuilding" -- BUY

[DimStar]

Published Wednesday, September 13, 2000
Software firm`s stock plummets
Documentum`s shares fall nearly 19 percent on rumors that it is laying off sales staff
By Chris Metinko
TIMES STAFF REPORTER

PLEASANTON -- For the third straight trading session, shares of Documentum Inc. dropped amid rumors -- which the company denied -- that the software maker was laying off sales staff.
The Pleasanton-based company saw its stock drop 18.8 percent, or $12.50, to close at $54 on Tuesday. The stock closed last Thursday at $80. Trading volume was also unusually heavy, as nearly two million shares changed hands, well above the average of 330,818.
"There is absolutely, positively, no truth to the rumors," Documentum Chief Executive Officer and President Jeff Miller said of the layoff speculation, which has been discussed in Internet chat rooms and on some financial news sites. "In fact, I would say that we are doing the opposite."
Miller said the company plans to expand its sales staff from 80 people to 110 by year-end, just as it said it would in its last quarterly earnings statement in mid-July.
"Right now, we are on schedule for that expansion," he said.
Miller added that the only recent change that has affected the sales staff has been an increase in training sessions the representatives must attend.
"I don`t think that`s necessarily a bad thing," Miller said. "This is a highly competitive marketplace. People need to be prepared."
The company`s biggest daily drop during its current slump also coincided with a Credit Suisse First Boston analyst`s report that maintained a "buy" rating on the stock. The report did state the company was still in "transition," and it was "slowly rebuilding." The company`s focus has changed from developing software for managing off-line documents to creating software for managing Web pages.
The report also pointed out some good news for the company, including the introduction of 17 new applications and the generation of higher e-commerce revenue.
"I would be surprised (in the drop) if I hadn`t been watching the market over the last year," Miller said. "I think a lot of people who are currently trading, especially in high tech, are gambling and not investing," Miller said. "I don`t think that`s a good thing."
Miller said he saw no reason that would prevent Documentum from rebounding after the rumors subside.
"The proof is in the pudding," he said. "As long as we perform, we`ll be all right.
"I`d rather be judged on what we`ve done than on rumors," Miller added.

http://www.contracostatimes.com/biztech/stories_business/odo…

[Bandit]

Hi DimStar


Ich habe mich heute richtig erschrocken, als ich mal wieder auf den DCTM Kurs geschaut habe... habe das gar
nicht mitbekommen....

Trotzdem viel Glück

Bandit

[DimStar]

Deine Glückwünsche haben geholfen. BVSN und ARTG vertiefen ihre Kooperationen mit DCTM. Wenn man sich die stratosphärische Bewertung von IWOV anschaut, kann man nur erahnen, was ein Paradigmenwechsel für diese Firma bedeuten könnte. Die neu angekündigten Produkte zeigen, daß sie diesen Weg beschreiten wollen.

BroadVision Extends Strategic Partnership to Resell Documentum`s Content Management PLATFORM
http://biz.yahoo.com/prnews/000926/nv_documen_2.html

Documentum and ATG Strengthen Alliance; Announce Integrated Solution for Web Content and Customer Relationship Management, Streamlining Time to Web for e- Business Applications
New Solution Combines Documentum 4i WCM Edition and ATG Dynamo 5 e-Business Platform
http://biz.yahoo.com/prnews/000926/nv_documen_3.html



Documentum 4i eBusiness Platform Editions:

Documentum 4i Web Content Management (WCM) Edition (Now available) The 4i WCM Edition is designed for dramatically shortening time to Web by enabling companies to shift the burden of Web content production from the technical team charged with building, maintaining, and deploying the site, to the business owners of the content. This streamlines the entire Web content production process while, at the same time, providing a trusted content environment that supports the accuracy and integrity of Web sites.

Documentum 4i Compliance Edition (Now available)

The 4i Compliance Edition is designed to enable compliance with standards and regulatory rulings that govern how a company does business. The Edition provides the full set of products required to control, audit, report, and secure the processes, which produce trusted content that is the basis for companies bringing their products to market -- even for the most stringent regulatory requirements. From discovery through customer delivery, the 4i Compliance Edition facilitates the achievement of trusted content when content must be regulated in a specific way.

Documentum 4i Portal Edition (Available Q4`00)

The Portal Edition enables companies to deploy two types of portals - collaborative and corporate portals -- with a common content infrastructure facilitating content syndication and other portal applications. Managing and linking unstructured content from both front- and back-office systems are unique capabilities provided in this Edition. Workgroup and project team collaboration is also efficiently enabled in this Edition. End users can easily get to the information they need, in the desired context, from Documentum, as well as other enterprise applications.

Documentum 4i B2B Edition (Available Q1`01)

The 4i B2B Edition will enable companies to manage content between partners, suppliers and integrators for comprehensive e-commerce exchanges and marketplaces. Key to this Edition are the capabilities to aggregate and syndicate content for re-purpose in commerce activities. Included will be extended services for these and other business-to-business transactions and integrations with leading B2B technology providers.

http://biz.yahoo.com/prnews/000925/nv_documen.html

[DimStar]

September 27, 2000 - 10:47am

CREDIT SUISSE FIRST BOSTON CORPORATION
Equity Research
Americas
U.S./Technology/eBusiness Applications


BUY
MID CAP
Documentum (DCTM)
Update from DCTM User Conference

Summary

We believe DCTM will announce over the next week a major win with a very
large b2b marketplace. In a deal that would make DCTM the content management
foundation for this notable venture, we believe the DCTM deployment would be
complementary to the content services of one of the large b2b marketplace
application companies.

Announcement is meaningful because it demonstrates the breadth of the content
management opportunity beyond just b2c (Meta Group estimates this will be a $
10B category within 3-4 years).

Deployment could potentially spread across multiple suppliers in the
marketplace community providing meaningful revenue streams and cross-sell
opportunities.

We expect to learn more about DCTM`s next generation product footprint and
new partnerships over the course of the user conference. We will follow up
with additional details as they become available. Maintain BUY.

Price Target Mkt.Value 52-Week
09/25/001 (12mo.) Div. Yield (MM) Price Range
USD 71.31 None $1,383.4 $106-19.88
Annual Prev. Abs. Rel. EV/ EBITDA/
EPS EPS P/E P/E EBITDA Share
12/01E $0.96 74.3X
12/00E $0.38 187.7
12/99A ($0.50) NA
March June Sept. Dec. FY End
2001E $0.13 $0.20 $0.29 $0.33 Dec.
2000E $0.02 $0.08 $0.10 $0.18
1999A ($0.26) ($0.16)($0.08) $0.01

ROIC (06/00) NA
Total Debt (06/00) NA
Book Value/Share (06/00) $6.70
WACC (06/00) NA
Debt/Total Capital (06/00) NA
Common Shares 19.4
EP Trend2 NA
Est. 5-Yr. EPS Growth NA
Est. 5-Yr. Div. Growth NA

1On 09/25/00 DJIA closed at 10808.15 and S&P 500 at 1439.03.
2Economic profit trend.

Documentum is a leading provider of document and content-management solutions
that power e-business.

N.B.: CREDIT SUISSE FIRST BOSTON CORPORATION may have, within the last three
years, served as a manager or co-manager of a public offering of securities for
or makes a primary market in issues of any or all of the companies mentioned.

Copyright © CREDIT SUISSE FIRST BOSTON, and i

[DimStar]

hmm, komisch. Das Update ist vom 27.9.00, ein deal mit einem größeren Marktplatz wurde m.W. nach aber nicht announced. Zumindest haben sie eine Lösung und konnten die Analysten auf der user conference überzeugen.

Robertson Stephens Daily Growth Stock Update
Documentum (NASDAQ: DCTM $81.25)
Buy from Long-Term Attractive
Mark Perutz, eBusiness Infrastructure
Alex Baluta, Internet & eCommerce Applications
“We believe that Documentum is transforming from a document management vendor to a leading vendor of Web-based content management,” said Perutz and Baluta. “This view is based on discussions with management, feedback from the recent user conference, customer calls, and a review of the 4i product line. The rapidly maturing 4i product line is scalable, technically solid and fully Web-based. In our view, as the Web content management market expands from simply B2C to include B2E and B2B, Documentum will leverage its enterprise document management roots and Global 2000 customer base to emerge as one of the top two vendors. We expect third quarter results to meet or exceed our estimates, as indicators of the current market demand for the 4i product line are strong. We believe DCTM is undervalued versus other eBusiness software infrastructure comparables. We are raising our rating to Buy from Long-Term Attractive.”

[DimStar]

Press Release
SOURCE: Documentum
Documentum Reports Record Third-Quarter Revenue; Announces Two-for-One Stock Split
License Revenue Increases 61 Percent; EPS Jumps 263 Percent

http://biz.yahoo.com/prnews/001018/ca_documen.html

[DimStar]

die Zahlen sind in line würde ich mal sagen. Fallende Anzahlungen hasse ich aber wie die Pest. Dies könnte allerdings auch mit kürzeren verkaufszyklen im wcm-bereich zusammenhängen. in diesem dunstkreis ist es außerdem üblich, daß anfangs des jahres jährliche wartungsverträge bezahlt werden, so daß die anzahlungen im laufe des jahres fallen. ich bete darum. oder ich trinke noch einen kaffee und zieh mir den 4. conference call für heute rein.

Documentum Inc. Reiterated `Buy` at Wasserstein Perella
By Donna Mcdonald
Princeton, New Jersey, Oct. 19 (Bloomberg Data) -- Documentum Inc. (DCTM US) was reiterated ``buy`` by analyst Jeannette W Sing at Wasserstein Perella Securities. The price target was raised to $115 from $100 per share.


Documentum Inc. Reiterated `Strong Buy` at Banc of America
By Sybil Carlson
Princeton, New Jersey, Oct. 19 (Bloomberg Data) -- Documentum Inc. (DCTM US) was reiterated ``strong buy`` by analyst Greg P Vogel at Banc of America Securities. The 12-month price target was raised to $118 from $108.

[DimStar]

CSFB 10/20/00

Summary

Q3:2000 revenue up 53% y/y to $51.7M, $3.1M ahead of our est. License revenue of
$31.4M (23% q/q growth) beat our $28.7M est.

EPS of $0.13 was $0.03 above our estimate and $0.02 above the street`s estimate.

Modestly raising 2000 revenue estimates to $194.2M (52% growth) from $188.9M
(48% growth). Raising 2001 revenue estimates to $280.0M (44% growth) from
$254.7M (40% growth).

Increased Sales Direct Sales Force to 110 reps, targeting 240 by end of 01.52
new customers were added in Q4 (up from 49 last quarter), now totaling 1,000+.
Installed base derived 75% of total rev.

Maintain BUY

Price Target Mkt.Value 52-Week
10/19/001 (12mo.) Div. Yield (MM) Price Range
USD 85.38 None $1,707.6 $106-13.56
Annual Prev. Abs. Rel. EV/ EBITDA/
EPS EPS P/E P/E EBITDA Share
12/01E $0.96 $0.94 88.9X
12/00E $0.38 $0.37 224.7
12/99A (0.50) NA
March June Sept. Dec. FY End
2001E $0.12 $0.20 $0.31 $0.37 Dec.
2000E $0.02A $0.08A $0.13 $0.18
1999A (0.26) (0.16) (0.08) $0.01

ROIC (09/00) NA
Total Debt (09/00) NA
Book Value/Share (09/00) $6.70
WACC (09/00) NA
Debt/Total Capital (09/00) NA
Common Shares 20.0
EP Trend2 NA
Est. 5-Yr. EPS Growth NA
Est. 5-Yr. Div. Growth NA

1On 10/19/00 DJIA closed at 10142.98 and S&P 500 at 1388.76.
2Economic profit trend.

Documentum is a leading provider of document and content-management solutions
that power e-business.

Investment Summary

Table 1
Updating Revenue Estimates

2000E 2001E
New Old Change New Old Change
Rev $194.2M $189.9M +$4.3M $280.0M $266.5M +$13.5M
EPS $0.40 $0.38 +$0.02 $1.00 $0.96 +$0.04

Source: CSFB Technology Group Estimates

52 new eBusiness customers

Revenue: DCTM reported total revenue of $51.7M (53% y/y), comfortably beating
our $48.6M expectation by $3.1M. EPS was $0.13, ahead of our estimate by $0.03.
License revenue increased 61% y/y to $31.4M, above below our estimate of
$28.7M. Service revenue increased 43% y/y to $20.3M, ahead of our estimate of
$19.9M. License revenue represented 61% of total revenue (vs. 57% in Q2:00 and
58% in Q3:1999).

DCTM added 52 new customers during Q3:00 vs 49 last quarter, bringing its
cumulative total to over 1000. Seven customers signed $1M+ contracts during
the quarter. International represented 34% of license revenue, in line with
the company`s 30-40% target. Average license revenue increased 25% sequentially
to $180K, and revenue/head increased from $236K last quarter to $245K in Q3:00.

DCTM grew the direct sales force by 23% sequentially to 100 reps from 81. DCTM
is expecting to have 120 reps (110 previous target) by the end of the calendar
year and 240 by the end of 2001.

Operating margin better than expected

Expenses: Operating margin was 5.3%, slightly better than the 3.8% we expected.
DCTM`s total operating expenses of $37.1M were $2.3M higher than we expected,
as DCTM grew headcount from 620 in Q3:99 to 816. Research & development
expenses of $9.2M were $350K higher than expected, as DCTM continues to
successfully invest in new eBusiness content management products.

Positive operating cash flow

Balance Sheet: (1) Cash increased $6.1M sequentially to $100.1M, and operating
cash flow was positive. (2) Deferred revenue of $21.3M decreased $2.5M
sequentially, with around $100K Ericsson deferral being recognized and about $2M
of deferred services during the quarter. Management noted that deferred revenue
will grow y/y, but will be out of synch. (3) DSO of 84 was down 3 days
sequentially, well within management`s target of 60-90 days.

[DimStar]

ok, jetzt nochmal komplett. Den CC habe ich nicht mehr gehört. War wohl nichts mit den Entlassungen in der sales force.

CSFB 10/20/00

Summary

Q3:2000 revenue up 53% y/y to $51.7M, $3.1M ahead of our est. License revenue of
$31.4M (23% q/q growth) beat our $28.7M est.

EPS of $0.13 was $0.03 above our estimate and $0.02 above the street`s estimate.

Modestly raising 2000 revenue estimates to $194.2M (52% growth) from $188.9M
(48% growth). Raising 2001 revenue estimates to $280.0M (44% growth) from
$254.7M (40% growth).

Increased Sales Direct Sales Force to 110 reps, targeting 240 by end of 01.52
new customers were added in Q4 (up from 49 last quarter), now totaling 1,000+.
Installed base derived 75% of total rev.

Maintain BUY

Price Target Mkt.Value 52-Week
10/19/001 (12mo.) Div. Yield (MM) Price Range
USD 85.38 None $1,707.6 $106-13.56
Annual Prev. Abs. Rel. EV/ EBITDA/
EPS EPS P/E P/E EBITDA Share
12/01E $0.96 $0.94 88.9X
12/00E $0.38 $0.37 224.7
12/99A (0.50) NA
March June Sept. Dec. FY End
2001E $0.12 $0.20 $0.31 $0.37 Dec.
2000E $0.02A $0.08A $0.13 $0.18
1999A (0.26) (0.16) (0.08) $0.01

ROIC (09/00) NA
Total Debt (09/00) NA
Book Value/Share (09/00) $6.70
WACC (09/00) NA
Debt/Total Capital (09/00) NA
Common Shares 20.0
EP Trend2 NA
Est. 5-Yr. EPS Growth NA
Est. 5-Yr. Div. Growth NA

1On 10/19/00 DJIA closed at 10142.98 and S&P 500 at 1388.76.
2Economic profit trend.

Documentum is a leading provider of document and content-management solutions
that power e-business.

Investment Summary

Table 1
Updating Revenue Estimates

2000E 2001E
New Old Change New Old Change
Rev $194.2M $189.9M +$4.3M $280.0M $266.5M +$13.5M
EPS $0.40 $0.38 +$0.02 $1.00 $0.96 +$0.04

Source: CSFB Technology Group Estimates

52 new eBusiness customers

Revenue: DCTM reported total revenue of $51.7M (53% y/y), comfortably beating
our $48.6M expectation by $3.1M. EPS was $0.13, ahead of our estimate by $0.03.
License revenue increased 61% y/y to $31.4M, above below our estimate of
$28.7M. Service revenue increased 43% y/y to $20.3M, ahead of our estimate of
$19.9M. License revenue represented 61% of total revenue (vs. 57% in Q2:00 and
58% in Q3:1999).

DCTM added 52 new customers during Q3:00 vs 49 last quarter, bringing its
cumulative total to over 1000. Seven customers signed $1M+ contracts during
the quarter. International represented 34% of license revenue, in line with
the company`s 30-40% target. Average license revenue increased 25% sequentially
to $180K, and revenue/head increased from $236K last quarter to $245K in Q3:00.

DCTM grew the direct sales force by 23% sequentially to 100 reps from 81. DCTM
is expecting to have 120 reps (110 previous target) by the end of the calendar
year and 240 by the end of 2001.

Operating margin better than expected

Expenses: Operating margin was 5.3%, slightly better than the 3.8% we expected.
DCTM`s total operating expenses of $37.1M were $2.3M higher than we expected,
as DCTM grew headcount from 620 in Q3:99 to 816. Research & development
expenses of $9.2M were $350K higher than expected, as DCTM continues to
successfully invest in new eBusiness content management products.

Positive operating cash flow

Balance Sheet: (1) Cash increased $6.1M sequentially to $100.1M, and operating
cash flow was positive. (2) Deferred revenue of $21.3M decreased $2.5M
sequentially, with around $100K Ericsson deferral being recognized and about $2M
of deferred services during the quarter. Management noted that deferred revenue
will grow y/y, but will be out of synch. (3) DSO of 84 was down 3 days
sequentially, well within management`s target of 60-90 days.

Color Commentary

Over the past several quarters, DCTM has delivered a new suite of web-based
content management solutions to augment its core enterprise document management.
This release has received broad adoption from a number of key customers
including Abbott Labs, Old Mutual, Morgan Stanley, Niku and Covisint.

DCTM has created a robust platform that is fully integratable with ATG, BEA, and
BVSN. With four new product offerings including the Web Content Management
Edition, DCTM 4i Compliance Edition, DCTM 4i Portal Edition, and the DCTM 4i B2B
Edition, we believe DCTM has delivered a comprehensive solution to address
every flavor on an enterprises content management needs.

DCTM has aggressively grown their sales force in order to rollout the extensive
product line. They now have over 110 quota carrying sales reps. The target is to
have 120 on board by the end of 2000, and 240 by the end of 2001. Most reps are
responsible for 10 accounts, with a focus on bringing in new leads, and mining
existing relationships. A small, but growing telesales team of 20 will augment
the growing sales force. This group will be responsible for smaller deals at
larger accounts, farming the leads at the beginning of the sales cycle.

The newly developed product suite is complemented by an array of partnerships
that have already played a sizeable role in successfully driving business.
External systems integrators (SIs) such as PwC, Andersen Consulting and Deloitte
& Touche have ramped up to in excess of 2,500. PwC specifically is approaching
1,000 SIs working around the globe and has assisted in the development of
untapped markets such as Hong Kong and Singapore. IBM Global Services has also
played a large role in the development, deployment, and selling of applications
and DCTM`s relationship has strengthened over the past couple quarters. The BEA
relationship has also been in an upward trend. BEA has been funneling business
towards DCTM`s sales force. The first week that DCTM products were offered on
the BEA web-site, DCTM obtained 75 leads from registered BEA clients. In this
agreement, BEA users have the option to download and register for support IDs.
This allows sales leads to flow back to the partner, meaning to DCTM`s
advantage. DCTM has also formed meaningful relationships with Art Technology
Group, Broadvision, Commerce One (Covisint), Plumtree, and Top Tier.

The core R&D has completed porting the application to support a variety of
foreign languages. One key differentiation of DCTM`s suite is the ability to
store multiple languages in one repository. This particular feature assists
in the acquisition of large scale, worldwide deals.

DCTM currently has over 1000 customers, all of which are Global 2000 clients.
They have signed several multi-million dollar deals including a $5.6M deal with
Merck who has purchased over 10,000+ licenses for the enterprise-wide
deployment. These licenses were purchased specifically for research and
development, manufacturing, and portal related offerings for scientists and
development teams to manage documents and submissions to the FDA. Another
pronounced victory was with Old Mutual, well over the $1M mark. In this win,
DCTM was able to benchmark the storage of over 100M objects in 44,000 concurrent
transactions, by 2,000 different users. DCTM is also involved with Covisint, in
which GM and Ford have setup a global marketplace linked with over 30,000
suppliers across the globe. The prototype site was up in a week and live within
a month, showing both the scalability and rapid implementation time that DCTM`s
product has to offer. The initial order was a few hundred thousand dollars, but
we expect to see a large ramp-up in growth (exceeding $5M) as the rollout
trickles into its partner base. DCTM has already tapped into the top 30
suppliers. As the number of suppliers grow, DCTM will benefit. Since DCTM is now
considered part of the Covisint infrastructure, they will be responsible for
dynamically assembling content and connectivity to the Oracle portal interface
and the Commerce One Buyside application. Finally, DCTM has begun the rollout
with Abbot Laboratories, yet another multi-million dollar deal.

On the management front, DCTM announced the promotion of David DeWalt to Chief
Operating Officer. Prior to the promotion, DeWalt served as Executive Vice
President of Product Operations and has been with DCTM since August 1999. Dave
has been charged with being the driving force behind the new product line and we
believe he fully understands the dynamics of eBusiness content management.
DeWalt will be a valuable asset to the executive management team.

[DimStar]

Robertson Stephens...

Documentum, Inc. (Nasdaq: DCTM) ($85.38)
2000 EPS: $0.41 from $0.38
2001 EPS: $1.00 from $0.80
Buy
Mark Perutz, eBusiness Infrastructure
Alex W. Baluta, Internet & eCommerce Applications
"Documentum reported very good third quarter results yesterday, as revenues increased 16% sequentially, said Perutz and Baluta. "Documentum is establishing itself as a key vendor in the Web content management space with a distinct positioning. We are raising our fourth quarter, and 2001 estimates to reflect the company`s improving growth prospects and operating performance. We reiterate our Buy rating."

[DimStar]

wie ich diese Aktie liebe ... Land unter an der Nasdaq, aber DCTM korrigiert kein bißchen - nichts. Geht der Index rauf, zeigt sie sich als Momentummonster. Kommentare von Charttechnikern ?



Spottbillig ist die Aktie nicht mehr, aber für mich immer noch etwa 50 % unterbewertet. Ans Abbauen denke ich noch nicht, denn bei stärkerer Nasdaq wird auch DCTM steigen.

[DimStar]

Einer der bedeutendsten Application Software Analysten an Wall Street, Chuck Phillips (Morgan Stanley), hat DCTM als einen seiner Top Picks dargestellt.

http://www.netcog.com/ArticleView.ASP?articleid=83264

[DimStar]

Wir befinden uns im Irrenhaus. DCTM halbiert sich innerhalb von 30 Stunden.



Das ist mal wieder ein Riesenbrüller. Vor einer Woche (letztes posting) pusht Philips DCTM noch und ändert nun das Ranking auf "Neutral". Pump & Dump. Allerdings hat MSDW heute auch viele andere Techs wg. der sich abflachenden IT-Ausgaben abgestuft.

Stellungnahme DCTM:
Documentum Reaffirms Strong Content Management Demand Driven by Growth in E-Commerce
http://biz.yahoo.com/prnews/001221/ca_documen.html

[DimStar]

Press Release
SOURCE: Documentum, Inc.
Documentum Transforms Static Intranets Into Dynamic, Interactive E-Business Portals
New Content Management Offerings Feed Portals Fresh, Personalized, and Trusted Information for Real-Time Collaboration and Communication Anywhere, Anytime

...

The new Portal CM Edition offers:

-- Single Point of Interaction -- Enables users to access, retrieve and
receive personalized content from either the corporate content
repository or the interactive desktop
-- Core Content Management Services -- Ensures the accuracy and timeliness
of content with robust versioning, format management, relationship
management and automation
-- Real-time Collaboration and Communication -- Enables virtual workgroups
to collaborate on projects through a unified workspace that manages all
aspects of a project (discussion groups, schedules, resources,
deliverables, ad issues)
-- Multi-Channel Delivery and Content Reuse -- Ability to reuse and
distribute aggregated portal content to other channels, including Web
sites, CD-ROMs and wireless devices

http://biz.yahoo.com/prnews/010123/ca_documen.html

[DimStar]

Documentum Reports Record Fourth-Quarter Revenue
Total Revenue Increases 44 Percent; Sequential EPS Jumps 83 percent to $0.11
Annual License Revenue Increases 64 Percent

http://biz.yahoo.com/prnews/010125/ca_documen_2.html

Ich glaube man kann hier ganz zufrieden sein. Earnings um 1 Cent geschlagen, Umsatzschätzungen um 5 % übertroffen. Richtige Killerzahlen hätten mich natürlich gefreut, aber ich finde, DCTM ist weiter auf dem Weg.

[DimStar]

Bank Of America:

DOCUMENTUM, INC.* (DCTM) STRONG BUY Price: $45.13 Target Price: $65

DCTM: Positive 4Q00 With Positive 2001 Outlook- As Anticipated; Maintain Strong Buy

Documentum reported EPS of $0.11 on revenue of $59 million. These results were nicely ahead of
our modeled $0.09 and revenue of $55.9 million. The consensus estimate was $0.10.

Despite broader concerns on the IT spending environment, management contends that pipeline and
business outlook are extremely bullish.


CSFB:

Documentum (DCTM, $48.13, BuY) Target (12 Months): $62


Solid Q4 Results
DCTM posted a relatively strong quarter and visibility remains similar to Q2
& Q3 levels.
Q4:00 rev $58.9M, $3.4M or 6% above our $55.6M estimate. EPS was $0.11, $0.
02 above our $0.09 estimate. License rev was $36.0M, $1.5M above our
estimate and represented 15% seq. growth.
Modestly raising CY01 revenue estimate by $300K to $280.3M (42% growth), and
establishing CY02 revenues at $400.1M (43% growth). Raising CY01 EPS by $0.02
to $0.52 (due to reduction in effective tax rate) and establishing CY02 EPS
at $0.97.
Record setting 89 new customer (vs. 60 in Q3) and 80% of total revs coming
from repeat customers (vs. 75% in Q3), DCTM is closing in on an installed
base of 1,100.
Opportunities growing as b2b marketplaces continue to build out critical
infrastructure and need common architecture to aggregate content.
Based on an updated DCF valuation (5-year revenue CAGR to 2004 of 42%; 19%
discount rate; 25% operating margin target), we are establishing our year-end
2001 price target at $62, representing 29% upside from yesterday`s close.
Annual
EPS
12/02E $0.97
12/01E $0.52
12/00A $0.22


UBS Warburg:

DCTM - reiterated buy – positive 4Q results


Friedman Billings:

Documentum Inc DCTM from Buy to Accumulate


Deutsche Bank Alex Brown:

HIGHLIGHTS:
* Reports solid 4Q results that beat our and Street license, total revenue and EPS
estimates as Documentum continues to build momentum as a leader in enterprise
content management software.
* License revenue of $36.0 million, up 42% y/y, ahead of $35.0 million estimate.
Total revenue of $59.0 million, up 44% y/y, ahead of $56.0 million estimate. EPS,
helped by non-operating income, beat our $0.10 estimate, coming in at $0.11
compared to a breakeven y/y and up 80% sequentially.
* We are raising our estimates for 2001 and 2002 and reiterate our STRONG BUY
investment rating.
* Documentum has successfully managed a major transition over the past 5-6
quarters and is now a web-based solutions provider with a strong product suite and
growing direct and indirect sales channel. We expect strong growth in 2001 and
beyond.

[Schluri]

Hallo,
ich würde mich gerne an weiteren Diskussionen über DCTM beteiligen. Habe Erfahrung mit 4i. Gibt es (noch) Interesse?

[DimStar]

ja
ich denke, daß bei DCTM schon eine Senkung der Prognosen eingepreist wird. Ausschließen kann man das gerade nach der Oracle-Warnung wohl kaum. Ich habe auch gehört, daß 4i zwar ein Topprodukt, aber nicht leicht zu installieren ist. Und gerade in solchen Zeiten verschieben Kunden schon mal lieber die komplizierteren Projekte. Ich gehe trotzdem davon aus, daß sie nicht enttäuschen und würde die Aktie bei dieser Bewertung eigentlich kaufen.

[Schluri]

Vielleicht helfen einige Beobachtungen zum Produkt und aus dem Umfeld in Deutschland:
* Kern und solides Fundament von Documentum ist der eContent Server, der auch sehr umfangreiche Content Management Anforderungen zuverlässig abdeckt.
* Die mit 4i komplett erneuerten Clients (NT und Web) inkl. Entwicklungsumgebung sind zu komplex und fehlerhaft. Der technische Support ist überfordert. Dies macht Projekte aufwendig und teuer.
* DCTM verkündet in rascher Folge neue Technologien, Komponenten, Schnittstellen, Bundles, Partnerschaften etc. Deren konkreter Einsatz ist jedoch eher ernüchternd (sofern überhaupt verfügbar...)
* Es existiert eine vergleichsweise große Anzahl von Konzernlizenzen, was zu regelmäßigen Einnahmen für Wartung führt.
* Der Bedarf an unternehmensweitem Content Management nimmt ständig zu. Information und Wissen als Kapital, E-Commerce und weltweite Märkte sind hier treibende Themen. Dies sollte Documentum weitere Kunden bringen.
* Das erste Quartal wird auf jeden Fall schwierig werden. Ich rechne mit schlechteren Zahlen.

Und was können wir draus lernen? Grundsätzlich stellt sich u.a. die Frage, was einen Aktienkurs mehr beeinflusst: Die Positionierung und Konzepte einer Firma oder die technische Qualität der Produkte? Auf jedenfall sind Quartalszahlen, Analystenmeinungen und das Gesamtumfeld zu beachten. Und da sehe ich momentan wenig Chancen für positive Überraschungen.

Was meint ihr dazu?

[DimStar]

alle infos für eine firma sind mehr oder weniger interessant. neupositionierungen bergen immer die gefahr, unzufriedenheit bei bestehenden kunden oder partnern heraufzubeschwören und das management wird wissen, wie weit sie es treiben dürfen. eine installed base (bei DCTM immerhin 1100 der Global 2000) und das mindshare der SIs macht ja im Grunde die Substanz solcher Firmen aus. Für noch wichtiger halte ich allerdings, mit welcher Zielstrebigkeit eine sales force zusammengetrommelt werden kann bzw. umgeschult wird und wie consulting-firmen die produkte aufnehmen. Der Erfolg einer Neuorientierung hängt schließlich nicht davon ab, für wie gut sich der Service im Nachhinein erweist, sondern wie stark sich die Produkte vom Start weg verkaufen. DCTM geht hier sehr aggressiv vor und wird die direct salces people von 123 auf über 200 bis Ende 01 verstärken. Allein PriceWaterhouseCoopers, Accenture und Deloitte & Touche haben schon 2500 Leute auf die DCTM-CM-Lösungen trainiert. von den 4 4i-content-management-editionen sind 3 released, vielleicht läuft erst die erste bugfrei, aber das problem gibt es in jedem laden. Im Grunde würde ich sogar soweit gehen, daß es bei zunehmender Größe für mich ein Negativkriterium wäre, wenn eine Firma den größeren Teil mit Services anstatt mit Lizenzen verdient, weil dann a) weniger Wachstum und b) weniger skalierbare Gewinne möglich werden.

Grüsse

[DimStar]

Robertson Stephens:

Documentum, Inc.
NASDAQ: DCTM $14.06
Buy
2001E EPS: $0.49, down from $0.52
2002E EPS: $0.83, down from $0.88


Mark Perutz, eBusiness Infrastructure
“For DCTM we are reducing our FY:01 revenue estimates by 5% from $286.4MM to $273.2MM, and our EPS estimate by 4%, from $0.52 to $0.49,” said Perutz. “For FY:02 we are reducing our revenue estimate by 6% from $396.8MM to $373.0MM, and our EPS estimate by 6%, from $0.88 to $0.83. In spite of current economic environment, we believe that Documentum will continue to establish itself as one of the leading Web content management vendors. Even in a difficult economic environment, we believe Web content management remains a key spending priority of large corporations. Documentum appears to be getting solid traction for its new WCM, B2B, Portal and Compliance 4i editions, especially with its large installed base. As more companies extend and scale their old document management system into a Web-based platform that supplies content to all of their eBusiness applications, we see substantial opportunity for Documentum in the quarters ahead.”

http://investor.cnet.com/investor/brokeragecenter/newsitem-b…

[DimStar]

Monday March 19, 8:03 am Eastern Time
Press Release
SOURCE: Documentum
Documentum`s 4i eBusiness Platform Ranks No. 1 in the March 2001 Forrester Research Content Management TechRankings(TM)
PLEASANTON, Calif., March 19 /PRNewswire/ -- Documentum (Nasdaq: DCTM - news), the leading provider of Internet-scale content management solutions for powering e-business applications, today announced that Forrester Research, Inc. ranks Documentum`s 4i 4.2 eBusiness Platform first in its eBusiness TechRankings(TM) product testing and analysis of twelve content management vendors.

Referring to Forrester`s TechRankings analysis of the Momentum attribute, ``The vendor has built on its success as a document management vendor, and its product is well-positioned for longevity in the content management market.`` Forrester`s TechRankings scored Documentum higher than all other vendors in the `Capabilities` and `Customer Support` product attributes. Documentum also received 5.0/5.0 scores within the following sub-attributes: `Product Vision,` `Operating Systems` and `Training.`

``Documentum`s enterprise content management value is in the ability to address four critical business areas that companies are addressing: personalizing interactions, mobilizing business networks, accelerating product availability and globalizing their businesses,`` said Nazhin Zarghamee, vice president of worldwide marketing for Documentum. ``Documentum is uniquely qualified to address these content management requirements which are critical for today`s extended digital enterprise.``

Forrester`s eBusiness TechRankings, which is updated monthly to reflect changing trends and advancements in the technology industry contains detailed, objective research to help companies select and implement the best technology for their eBusiness initiatives. The eBusiness TechRankings` continuous research combines product testing results and market analysis to help firms understand rapidly changing technology markets, accelerate and improve product selection, and effectively gauge implementation costs and effort.

To view Documentum`s complete Forrester TechRankings Scorecard during the month of March, 2001, visit: http://www.forrester.com/TechRankings/Scorecard/1,2901,20-53… . For ongoing information about Forrester`s TechRankings, visit: http://www.forrester.com/TR/ .

About Forrester`s TechRankings Methodology

Forrester`s eBusiness TechRankings(TM) methodology is open, rigorous, and unbiased. TechRankings combines the results of hands-on lab tests, strategic market analysis, and in-depth research into the needs of technology users. Forrester does not charge vendors in any way to participate in TechRankings, and it tests and analyzes all products with Doculabs, Inc. in a given category using identical, publicly available criteria. Forrester extensively checks and verifies results and updates the research and rankings monthly. Any vendor wishing to be ranked may apply by contacting Forrester`s TechRankings research team at [e-mail]. To learn more about TechRankings, visit www.forrester.com/TR.

NOTE: Forrester Research, Inc. Forrester and TechRankings are trademarks of Forrester Research, Inc.

http://biz.yahoo.com/prnews/010319/sfm069.html

[DimStar]

Monday April 2, 5:00 pm Eastern Time
Press Release
SOURCE: Documentum, Inc.
Documentum Announces Preliminary First Quarter Revenue
PLEASANTON, Calif., April 2 /PRNewswire/ -- Documentum, Inc. (Nasdaq: DCTM - news), the leading provider of Internet-scale enterprise content management solutions for powering e-business applications, today announced that, based on a preliminary analysis of its results of operations, it expects to report revenue for the first quarter ended March 31, 2001 in the range of $43 million to $46 million. License revenue is expected to be in the range of $19 million to $21 million. At this level of revenue the Company will report a net loss for the current quarter.

``As we approached the end of March, we experienced delays and cancellations of customer orders that had been projected to close prior to March 31,`` said Jeffrey A. Miller, chairman and chief executive officer for Documentum, Inc. ``I believe this is clear evidence that the slowdown in the U.S. economy is beginning to have a direct impact on our business. We are uncertain of the extent or duration of the impact that the economic slowdown may have on our business.``

``These statements regarding estimated results are preliminary and based on partial information and management assumptions. The Company will announce its actual results for the first quarter and provide more detailed financial guidance for future quarters on April 19, 2001,`` said Bob L. Corey, chief financial officer for Documentum, Inc.

Miller continued, ``Documentum has long-standing customer relationships with over 1100 of the Global 2000. Our expanded product suite and Editions orientation allow us to focus on our customers` needs for content management to fuel their e-business, CRM and Supply Chain initiatives. We continue to experience strong win rates against our competition, and with our arsenal of great employees and dedicated partners, Documentum is well poised to capture the customer beachhead as market conditions begin to improve. We are confident that our focus on our sales and marketing engines, coupled with the leadership position of our product will enable us to win market share in this economy.``

http://biz.yahoo.com/prnews/010402/sfm163.html

[DimStar]

At this level of revenue the Company will report a net loss for the current quarter.

Schlimmer gehts nimmer.

[Schluri]

Das war zu erwarten.
Ich bin einerseits immer wieder überrascht wieviele Konzerne Documentum einsetzten, andererseits sind die Projekte komplex und teuer - was die tatsächliche Ausbreitung (in den Konzernen) deutlich bremst.

Mittelfristig sehe ich gute Chancen für den Wert, zur Zeit kann ich mich jedoch beherrschen.

[DimStar]

Die Analysten verbreiten ihre Downgrades mittlerweile in Pressemitteilungen, warscheinlich um die Konkurrenz zu treffen, die noch nicht ausgestiegen ist.

Tuesday April 3, 8:45 am Eastern Time
CSFB cuts Documentum 2001, 2002 earnings outlook
NEW YORK, April 3 (Reuters) - Credit Suisse First Boston cut its 2001 and 2002 earnings outlooks for Documentum (NasdaqNM: DCTM - news) on Tuesday, one day after the maker of Internet content management controls reported expectations for a quarterly net loss.

CSFB analyst Brent Thill said in a research note that he now expected Pleasanton, Calif.-based Documentum to post a 2001 loss of 48 cents per share versus earlier estimates for a gain of 52 cents.

He reduced his 2002 earnings estimate to 12 cents per share from 97 cents.

Thill also said he now expected Documentum to post a loss in the first quarter of 15 to 20 cents versus earlier estimates for a gain of 7 cents.

http://biz.yahoo.com/rf/010403/n03239157.html

Aber im Grunde würde ich mir bei solch einer Gewinnreihe (Q4 99-Q1 01) wirklich mal Gedanken machen, in was man hier investieren soll. Wir haben hier ein überaus vorausschauendes Management, das selbst in Glanzzeiten auf die Kostenstruktur acht gibt, so daß bei temporärer Schwäche nichts anbrennen kann

0,150 0,332 1,518 2,569 4,320 -45,000

[FLOTSAM_AND_JETSAM_US]

DCTM hält die nach unten gesetzten Zahlen ein.
Für das nächste Qurtal wurde nicht gewarnt.


Documentum Reports Second Quarter Results
Beats Wall Street Estimates
PLEASANTON, Calif., July 19 /PRNewswire/ -- Documentum, Inc. (Nasdaq: DCTM - news), the leading enterprise content management provider, today announced financial results for the second quarter ended June 30, 2001. Total revenue, net loss and loss per share (excluding one-time charges and restructuring costs) exceeded the published Wall Street Estimates for the June quarter.

Revenue for the second quarter of 2001 was $45.6 million, a 2 percent increase over revenue of $44.7 million for the same period last year and a 1 percent increase over the first quarter of fiscal 2001. Net loss for the second quarter of 2001, excluding one-time charges and restructuring costs, was $7.7 million, as compared to net income of $1.5 million reported for the same period last year and net loss of $14.7 million for the first quarter of fiscal 2001. Earnings per share for the second quarter of 2001 was a loss of $0.20 per share, excluding one-time charges and restructuring costs, compared to diluted earnings of $0.04 per share for the same period last year and to a loss per share of $0.40 in the first quarter of fiscal 2001.

The company added 64 new license customers including Nestle, Marconi, CIBC World Markets, Maytag, and Nextel and had competitive wins at such notable accounts as Cincinnati Financial, Barr Laboratories, Kimberly-Clark, AIMR, Exxon, and Detroit Water and Sewer, bringing the total customer base to over 1,200 Global 2000 companies. Also supplementing Q2 revenue was significant additional sales at long-time Documentum customers such as, Samsung, American Home Products, Allergan, and BHP.

``Q2 was a good quarter where both our sales and cost control performance exceeded expectations,`` said Chairman and chief executive officer Jeffrey A. Miller. ``Although we remain cautious given the global economic slowdown, the strength of our product line, coupled with our sales capacity positions us well to gain market share in this difficult period. These competitive advantages led to a significant increase in the number of transactions closed, as well as, an increase in the number of competitive Web Content Management wins during the quarter.``

The company recorded a previously announced restructuring charge in the second quarter of 2001 in the amount of $3.8 million resulting from an approximate 12 percent reduction in its workforce. Separately, the company recorded a one-time write-off of its investment in preferred securities in the ASP marketplace in the amount of $2.0 million. The reported net loss and loss per share after inclusion of the restructuring and one-time write-off of the investment in preferred securities was $14.1 million and $0.37 per share, respectively.

Q2 Highlights


-- Retained high marks for five consecutive months from Forrester Research
TechRankings.
-- Shipped 22 products, certified on 16 platforms in six languages.
-- Named one of InfoWorld`s Top 5 Picks for e-commerce.
-- Received top web content management award from Network Computing.
-- Received CMP Media`s RealWare Award for providing measurable business
advantages and innovative use of information technology.
-- Reaffirmed leadership position in adopting and driving industry-wide
standards for XML content management.
-- Released Documentum 4i Web Content Management Edition in French, German
and Spanish.
-- Expanded presence in Europe with New Sales and Service Office in Spain.


Investors can listen to a teleconference of Documentum`s Second Quarter 2001 financial results on Thursday July 19, 2001 at 1:30 p.m. PDT by calling [phone]. A recording of the conference call will be available beginning July 19, 2001 at approximately 5:30 p.m. PDT through July 26, 2001. The dial-in number for the replay is [phone]. The passcode for both the live call and replay is 415448.