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Technology Stocks : Open Market (OMKT)

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To: ClearSky who wrote (1812)	12/3/1999 5:25:00 PM
From: SBerglowe	Read Replies (1) of 2004

BofA analyst met with OMKT. Here's dope by: b2bforecast (38/M/Seattle) 12/3/1999 2:31 pm EST Msg: 44759 of 44843 management earlier this week according to todays report. They discussed the "new" improved scenario with FutureTense in the mix. Here's some snapshots.... "Ignoring historical revenue from Folio, Open Market's e-commerce products show strong growth and is likely to further the accelerate the top line. E-commerce revenue is anticipated to be up 100% year-over-year in 1999 over 1998, totaling $72million, or 89% total. With the divestiture of Folio, e-commerce revenue is now 96% total. This puts Open Market about two quarters behind Broadvison (BVSN $108) in revenue. "Based on 100% year-over-year growth of the e-commerce business and the expectation of accelerated growth, we believe OMKT is likely to benefit from multiple expansion as investors dig below the surface." "Price target is increased from previous $26 to $58. This valuation represents a 25x multiple of our 2000 revenue forecast of $114 million and a fullly diluted share count of 49 million. IF THIS TURN-AROUND CONTINUES TO MATERIALIZE, THIS TARGET MAY BE CONSERVATIVE AS INVESTORS BEGIN TO LOOK TOWARD 2001 FORECASTS." "After discussions with all of Open Market's competitors, it is clear to us that the field is still wide open, as there appears to be limited head-to-head competition in the market. OMKT management reports that the most common competitor is Vignette* (VIGN $100) which signals to us that the customers are taking a serious look at the Future Tense technology. With the combination of both the scalable transaction processing capability (Transact) and the content management capability, (Future Tense) we believe that Open Market will be able to compete in many accounts with the Vignette/IBM combination." $60 by next week!! :-)

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