Tomorrow Internet-da ist was im Busch - 500 Beiträge pro Seite

[wayne01]

Hallo zusammen,

die Aktie der Tomorrow Internet AG scheint aussichtsreich. Sein Tagen stemmt sich der Kurs erfolgreich gegen den Abwärtssog. Nachdem der Wert gestern schon einer der Tagesgewinner war, macht Tomorrow heute weiter-aktuell schon mit knapp +5%!! Von Gewinnmitnahmen keine Spur-im Gegenteil: Als der Wert heute kurz auf 4,04 Euro war, schoß er sogleich wieder auf 4,25 Euro!! Am Donnerstag kommen außerdem Zahlen, die nicht schlecht ausfallen dürften. Die Commerzbank setzt ihr Kursziel sogar bei 14 Euro an!!!

Tomorrow Internet - Kaufen 26.04.2001

Quelle: ComSec (Commerzbank Securities)

Die Analysten von Commerzbank Securities haben die Aktien von Tomorrow Internet von akkumulieren auf kaufen gestuft.

Commerzbank Securities upgrades Tommorrow Internet from ACCUMULATE to BUY


TOMORROW Internet AG is one of Germany’s leading Internet content companies. Its Net portals are based on exploiting the magazine brands of Milchstrasse, one of the most successful German publishers. The company has now built a four-pillar strategy out of its core business. ComSec is reducing its price target slightly from €16 to €14 due to changes in WACC. However, due to the clear under-valuation we change our recommendation from ACCUMULATE to BUY.

· The first out of four segments comprises the advertising and e-commerce business with the three theme Networlds: 1) entertainment especially with brands like Tomorrow, Amica, Cinema, Fitforfun, Max and TV Spielfilm etc.), 2) business (Business networld) and 3) real estate (BELLEVUE Networld).

· Last year TOMORROW Technologies GmbH was established as the second segment, offering clients complete and extensive ASP solutions as well as technical services especially in the field of next-generation content management systems. The third segment, TOMORROW New Media GmbH, set up at the beginning of this year, offers broadcast platforms, streaming videos, movies on demand, electronic programme guides and internet TV via set-top boxes. Mobile Internet will be the fourth segment, developing products and services for WAP, GPRS and UMTS. All the technologies and applications are based on the idea of using existing in-house content several times in order to generate high margins.

· Outlook 2001E: The company’s outlook given last month for 2001 was generally good. The company expects to be affected slightly by the worldwide downturn in online advertising that accounts currently for around 80% of total sales. Reason for that is especially the concentration of advertising spent at high quality content providers like Tomorrow’s theme Networlds. Additionally due to high-quality content, new and innovative advertising formats the group should be able to achieve growth (y-o-y) rates of more than 50% in this area.

· Q1 performance: Traditionally the first quarter of a year is affected by a cautious start in online-advertising, picking up pace in the second quarter, a good third quarter and normally an excellent forth quarter in terms of online-advertising. The company’s cautious forecasts for 2001 have already taken into account the weaker start in terms of online-advertising in Q1 this year. Nevertheless, ComSec believes this could be more than balanced by contributions from the other new segments and the new partnership with GMX starting in May this year. On an long term view ComSec believes the share of online-advertising will be reduced due to contributions from the other segments. Q1 results will be released on 8 May.

Valuation: Our new price target of €14 is derived from an EVA model that uses a WACC of 11.0% due to a change of beta from 1.0 to 1.25 (risk-free rate 5.3%, market risk 6.0%, tax rate 41%). An EV/sales valuation for median and maximum peer group multiples respectively indicates a wide range of €7 to €27 for 2001E and €5 to €26 for 2002E. Due to the outstanding business model in ComSec’s view that wide range currently is not reasonable to value the stock by multiples



Mein Fazit lautet Strong Buy.


Gruß
wayne01

[wayne01]

Na Leute,

hab´ ich es nicht gesagt?!?!

mfg, wayne01