Actually, you should value the companies by unique users, at which AOL blows ATHM out of the water in terms of valuation with more than twice the ascribed value per head. As a matter of fact, ATHM is valued below the median of its comp peer group. See the following:
Consumer, Commerce and Internet on a Per User Basis
Per Unique Visitor Valuation
Real Networks
AOL
Amazon.com
AT HOME
Units
10,636,000
52,415,000
12,042,000
15,322,000
Market Capitalization (Millions)
$11,390
$189,880
$29,730
$23,220
Value per unit
$1,071
$3,623
$2,469
$1,515
Value as of:
11/30/99
11/30/99
11/30/99
11/30/99
Median value per user
$2,169
Source: NuoMedia.com - Management Commentary
nuomedia.com |
