EXODUS---strong buy - 500 Beiträge pro Seite

[Stillhalter]

Exodus “Strong Buy” [Legg Mason]

Die Anlageexperten von Legg Mason erneuern ihre Einstufung von Exodus mit “Strong Buy”. Sie nennen 95 Dollar als Kursziel auf zwölf Monate.

[Upunkt]

MUSS SEIN!
Sind ja in meinem Depot!
Gruß u.

[TomNovy]

Endlich hat Exodus mal über 62$ geschlossen. Damit könnte der Weg nach oben frei sein.

[N.Y.]

Ein großes renomiertes Marktforschungsinstitut sieht in diesem Markt Umsätze von 20 Mrd Us Dollar ( im Jahr 2003 ). Im letzten Jahr waren es gerade 20 Mio. US Dollar!!! Habe in den letzten Tagen schwer eingekauft.
N.Y.

[aerpel]

Hallo N.Y.
Bitte um konkretere Angaben.
Danke
Gruß
aerpel

[N.Y.]

Euro am Sonntag hat sich in der Ausgabe Nr. 33 ( 13.08.00 ) mit dem Thema befasst (eine der Topstorys)"Kaufen war gestern, mieten ist heute" und bezieht sich auf das amerikanische Institut Dataquest. Robertson Stephens sieht das wohl ähnlich, Kursziel 155 €. Um die genaue Analyse zu erhalten, mußt Du Dich mit dem Redakteur in Verbindung setzen. Versuche es mal mit dieser Tel.-Nr.: 089 / 27264198
N.Y.

[sweif]

Hey,

NY ?!?

Letzes Jahr einen Umsatz von 20 Mio $ ?!?!?

lies dir den text bitte nochmals durch.
Wenns wirklich so da steht, befördere den Text ins rubbish. Rubbish.

peace

[N.Y.]

Sorry, Es wurden in 1998 ( nicht letztes Jahr ) 20 Mio. $ umgesetzt.
N.Y.

[N.Y.]

Sorry, Es wurden in 1998 ( nicht letztes Jahr ) 20 Mio. $ umgesetzt.
N.Y.

[bernsbach]

Company Description

Exodus deploys and operates co-location facilities called Internet Data Centers (IDCs) where they provide services, such as basic co-location services, connectivity and managed services, to both Internet-based and traditional companies to support their eCommerce operations. [more]

Investment Thesis

As the leading provider of co-location services, Exodus Communications should be considered for purchase by investors interested in Broadband and IP data services. The co-location market is large and rapidly growing. Epoch estimates the market for co-location services will grow from $1 billion at the end of 1999 to $16 billion by 2003. Exodus is well positioned over the next several quarters to benefit from this trend. While we are positive on the stock over the short-term, we have long-term concerns. We believe that the company will face competitive pressures from new service providers beginning in late 2001 that could impact the future growth of Exodus and have a material effect on the stock.

Key Investment Points


Leading provider within rapidly growing market: Exodus Communications is the leading provider of co-location services, a market we estimate will grow from $1 billion today to $16 billion by 2003.


Exodus` business has low churn rates: Exodus` service entails high switching costs, as evidenced by the company`s historical 2% average annual churn rates.


Exodus` customers are spending more: Average revenue per customer continues to trend up at Exodus, driving the value of EXDS stock. In 2Q 2000, average annual customer spending increased 15% from 1Q to $259,000.


Infrastructure deployment has modular, repeatable characteristics: Exodus` experience deploying facilities has allowed them to create a cookie-cutter approach that should benefit them in future installations.


Potential competition from new-breed providers: We believe next-generation service providers pose a risk to Exodus` long-term business. We expect these companies to compete against Exodus in several areas, such as managed services and bandwidth by providing more focused service offerings. This may also affect Exodus`s core co-location business.

[bernsbach]

Investment Positives


Exodus is a leading provider within a large and rapidly growing market: Exodus has been able to leverage its early start in the co-location business to assume a leadership position in this large and fast-growing industry. We estimate that the current demand for co-location space is extremely high, a point that is supported by recent industry-wide price increases for basic co-location services. Even in the face of new supply and emerging next-generation providers, we expect Exodus will continue to benefit from the high demand for its basic services. We estimate the market for co-location services will grow from approximately $1 billion at the end of 1999 to $16 billion by 2003.


Exodus` serves an important need for eCommerce and Internet operations: The basic co-location services offered by Exodus through its Internet Data Centers (IDCs) provide an industrial strength environment for the eCommerce and Internet equipment of enterprise and service provider customers. These services have become a critical part of the growth in eCommerce and Internet use. As companies become more dependent on eCommerce and the Internet, demand for these services is likely to continue to increase.


Exodus` business has produced low customer churn rates: Exodus` service presents high switching costs to existing customers. This results from the fact that Internet and eCommerce operations that are deployed into Exodus` co-location facilities are generally very complex, as well as being mission-critical aspects of customers` businesses. Exodus` average annual customer churn rate has been only 2% over the past three years. We believe that for most customers, the risks of site down time or networking problems that may result from switching co-location providers outweigh the cost savings that the customer may be able to get from an Exodus competitor. With a large installed customer base of over 3,000 customers and low churn rates, Exodus is likely to have a stable business for the foreseeable future.


Exodus` facilities deployments benefit from being repeatable and modular in nature: The company`s experience in deploying and operating facilities has enabled Exodus to build co-location facilities in a "cookie-cutter" fashion. By using this cookie-cutter model, the company can deploy these facilities rapidly while maintaining high quality. Furthermore, these facilities can operate independently (in other words the revenue generating capabilities of an Exodus site is not completely dependent on the build-out of other Exodus sites). This modular nature reduces the risk of a single-site deployment affecting the network or business as a whole, as well as external factors, such as a shutdown in the capital markets effecting existing facilities.

[bernsbach]

Investment Risks


Next-generation providers may soon offer better solutions for various Exodus services: We believe that Exodus will face increasing challenges from next-generation providers over the long term. The Exodus business model is split equally between co-location facilities (space), connectivity (bandwidth) and managed/professional services. We believe next-generation broadband service providers will break up this model; in other words, a raft of new businesses are emerging to challenge different pieces of the Exodus revenue stream. These include neutral co-location facilities providers (providers that do not bundle their own network or managed services with their co-location services offering) such as Colo.com; focused broadband bandwidth providers such as Enron, Sigma Networks or Telseon; or platform service providers such as Loudcloud, MimeCom or Logictier. We believe that these companies, and others like them, will grab a portion of Exodus` future market by offering more focused service offerings to the core customers that have become Exodus` bread and butter. This is in keeping with our views on focused vs. integrated business.


Exodus may be succumbing to the flaws of the vertical model it once broke apart: We think that Exodus` recent adoption of a more managed-services approach to delivery will weaken its leadership position in the co-location services market. Exodus has historically demonstrated an incredibly focused approach to its infrastructure deployment and service enhancements. Using a horizontal business model aimed at a specific portion of the data-service market, Exodus has emerged a category leader, with best practices and a market-leading valuation. However, Exodus`s reliance on revenue streams from managed services and bandwidth do not allow the company to change directions quickly should it become clear that more focused models are winning in the marketplace. Over the long run, Exodus` integrated services model (where it attempts to sell multiple services to a single customer) may impair the company`s ability to compete for service revenues in certain market segments and reduce the company`s overall growth rate.


Growing complexity: Exodus has grown rapidly over the past 18 months, and its current deployment plans are still extremely aggressive. Part of its service is to provide managed services for customers that are deployed in multiple Exodus data centers, so the complexity of networking operations and engineering support grows with each new facility added. The company`s ability to provide high-quality services to a growing customer base whose demands are increasing is a central concern.


Significant debt-to-capitalization: With the completion of its most recent public debt offering, Exodus has a significantly leveraged balance sheet. We estimate the company`s current debt-to-capitalization ratio is in excess of 80%. As a result, the company will have significant fixed interest obligations that could impede its ability to generate positive net earnings or cash flow in the future.

[bernsbach]

Company Description

Based in Santa Clara, Calif., Exodus began as an Internet service provider (ISP) in late 1995. The company opened its first co-location facility in August 1996 and quickly shifted from the ISP business to the co-location business. The company employs approximately 2,500 people. Exodus operates approximately 22 co-location facilities worldwide and is scheduled to open an additional 14 facilities by the end of 2000. The total operational square footage of Exodus`s IDCs is approximately 3.9 million square feet. The company provides services to more than 3,333 customers within its network of co-location facilities located in North America, Europe and Asia.

The Why, What and How of Exodus

Exodus` business is centered on the deployment and operation Internet Data Centers (IDCs) for customers` Internet and eCommerce operations. The company`s IDCs are temperature- and humidity-controlled facilities that provide around-the-clock security and power supply for customers` networking operations. Exodus` provides IDC customers with Internet access and data-communications connectivity, and managed professional services in conjunction with its co-location services. In providing network services, the company operates an international, fully redundant, fiber-optic dedicated network that connects its facilities to its numerous private networking peering points. The company sells its service (rack space, power, network access and other managed services) to Web-centrics, ASPs, IDNs and other network providers on a monthly basis under annual contracts. The company also receives one-time fees for site installations and professional services.

Exodus` Business Strategy

Exodus is focused on deploying the largest and most robust co-location facility network in the world. The company uses this network of facilities to deliver a broad array of managed and professional services to increase revenue. The company has been very successful so far on both fronts.

Exodus has deployed the largest and most expansive collection of co-location facilities, and has done so faster than any of its competitors. Deploying large facilities in major metropolitan markets ahead of its competition has provided the company incredible first-mover advantages. According to Media Metrics, the company claims 40% of the top Web sites as customers. Along with being a first-mover in the markets it enters, the company has focused making sure its facilities are state-of-the-art. The company`s experience in deploying and operating facilities has provided Exodus a formula for the design and deployment of future facilities. Having refined and tested this formula over the past four years, the company is now able to deploy new high-quality facilities in a repeatable, cookie-cutter manner. This repeatable model allows the company to deploy these facilities quickly while maintaining high quality levels.

Upon securing a new customer, Exodus attempts to leverage this customer relationship by layering on network services and managed services in addition to its basic co-location facility services. As a result, Exodus is evolving into a managed-solutions business, and away from being a pure-play infrastructure provider. Exodus believes that, as the Internet and eCommerce become more crucial to businesses, and these operations will become more complex. As a result of this increase in complexity, customers will demand higher-value, solutions-based services and products to operate their sites.

[bernsbach]

In an attempt to capture revenues associated with these customer needs, the company has rolled out managed services such as data management and storage, server and bandwidth usage reporting and caching or content distribution services. The company also provides professional consulting services to help customers implement additional site functionality, performance and security testing. The company`s acquisitions of Service Metrics and Key Labs were undertaken to support the development of the company`s managed and professional services offering.

While moving into these higher-value services increases Exodus` revenue and can help retain customers, Exodus must draw a clear line between offering its customers more services and competing against the customers that rely on Exodus` core offering ­ co-location space. We see the communications services market continuing to disaggregate into more focused players. As this occurs, it opens up the more integrated providers to channel conflict (in other words, they may lose customers of core co-location services if they compete against them in the managed services arena). Given a choice, we believe other service providers, who require co-location service, are more likely to choose a co-location provider that does not compete against their service offering.

A good example of this channel conflict and the pitfalls of Exodus` vertically integrated services model is the company`s recent strategic alliance with Intelligent Distribution Network (IDN) provider, Mirror Image. Under this alliance, Exodus and Mirror Image will combine their infrastructures and Exodus will be the exclusive reseller of Mirror Image`s content distribution service. Exodus also invested $637.5 million in Mirror Image as part of the alliance. While this combination can be beneficial to Mirror Image and Exodus (combining their core competencies to address a larger combined market), the service offering clearly competes with other IDNs that might co-locate in Exodus` facilities.

We believe this conflict as a common pitfall of vertically oriented, integrated service providers who operate in high growth markets that are rapidly changing. In such a market, we think more focused providers are better-suited to properly execute and meet customers` needs (see our industry report for a more in-depth discussion of the emergence of the horizontal model for communications services). For more examples of the channel conflict that arises through the adoption of this integrated delivery model, see our Competitive Landscape Discussion.

Exodus` Technology and Service Platform

Co-location service providers are excellent examples of the movement toward outsourcing data services, a main driver within the overall broadband and IP data service market. Before these co-location services existed, customers needed to go to companies such as AT&T and IBM to solve these needs. With such limited options, many data-centric enterprises built their own facilities to (at a high cost) house their data networking equipment. Because these facilities were (and still are) expensive to deploy, enterprises were forced to limit their functionality, scalability, redundancy and security.

[gustav-gans]

Hallo Leute!
Ich möchte euch gerne mein Lieblingsportal im asiatischen Raum (Hongkong) vorstellen,da gibts unter anderem eine sehr gute Finanz,-sowie Businessseite.Schaut doch hin und wieder mal rein und schreibt uns wie es euch gefällt.
Wer weiß vielleicht könnt ihr damit irgend wann etwas anfangen,den link gibts hier Thread: Hongkong.com Part 38 !!!



mfg die Crew vom Hongkong.com Part