Application Service Providers C.E. Unterberg, Towbin
Summary of Selected ASPs & Comparable Valuation Companies
(Dollars in millions, except per share data)
(LTM = Latest Twelve Months)
(LQA = Latest Quarter Annualized)
Stock Market Net Net Mkt. Value/ Total
Price Value of Market Revenue: LQA/ 99/ Debt/
Ticker 8/25/99 Low High Equity Value 1999 2000 LFY 00 Total Cap.
ASPs
Brightstar Technology Group BTSR $3.31 $2.88 $11.00 $27.1 $23.0 0.2 0.1 79% 28% 0.7%
Critical Path CPTH 36.31 31.13 150.25 1,385.5 1,131.7 87.1 23.1 792% 277% 2.6%
Futurelink Distribution Corp. FLNK 7.88 1.19 9.50 228.9 228.5 20.8 3.4 186% 518% 42.3%
Interliant INIT 12.63 10.50 23.31 533.0 467.3 11.7 5.1 768% 130% 0.0%
USinternetworking USIX 18.88 17.75 60.00 714.8 661.6 22.1 6.0 550% 267% 15.6%
Median 20.8 5.1 550% 267% 2.6%
Network Infrastructure Providers
Concentric CNCX 23.19 7.13 57.63 960.7 801.7 5.5 3.0 60% 83% 34.7%
Digex DIGX 26.00 14.63 31.13 312.0 152.0 3.0 1.5 66% 100% 0.0%
Exodus EXDS 86.81 3.88 82.88 7,146.4 7,391.5 34.4 16.3 222% 111% 92.3%
Median 5.5 3.0 66% 100% 34.7%
Traditional Application Outsourcers
Cambridge Technology Group CATP 14.63 10.63 45.00 880.5 821.2 1.2 1.0 7% 25% 0.3%
Computer Sciences Corp. CSC 63.44 46.25 74.88 10,149.2 10,537.4 1.4 1.2 8% 19% NA
EDS EDS 59.13 30.44 67.38 29,146.0 30,567.6 1.6 1.3 9% 21% 17.2%
Sapient SAPE 71.00 24.25 82.88 1,965.4 1,882.2 7.0 4.7 60% 50% 0.8%
Median 1.5 1.2 9% 23% 0.8%
Page Median 6.3 3.2 72% 91% 2.6%
Net Market Value is defined as Mkt Value plus total debt minus cash & short-term investments
Earnings estimates from First Call Consensus & C.E. Unterberg, Towbin research reports.
NE = No Estimate, NA = Not Available, NM = Not Meaningful.
52-Week Stock Price
Revenue Growth |
