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Technology Stocks : AUTOHOME, Inc
ATHM 20.90+1.1%Feb 6 9:30 AM EST

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To: Neal davidson who wrote (12696)7/19/1999 7:11:00 PM
From: cardcounter  Read Replies (7) of 29970
 
ATHM is overvalued based on a per subscriber valuation.

As of 3/31/99, ATHM had 460,000 subscribers (source 10Q). I don't have the current figures, but I'll use 500,000 subscribers (use your own # if you have a better one).

With a current market cap of $11.27 bln, valuation per subscriber is $22,540. This is far above the per subscriber valuation for comparables.

>>As of March 31, 1999,we had launched the @Home service through our cable partners in portions of 68 cities and communities in the United States and Canada and had more than 460,000 subscribers.
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