AUTOHOME, Inc Message Board

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Technology Stocks : AUTOHOME, Inc

ATHM 23.37

-0.8%

1:24 PM EST

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To: Jay Lowe who wrote (17695)	12/9/1999
From: Jay Lowe	Read Replies (3) of 29970

Here's my hack at two alternate valuation models. The first is an attempt to consider the effect of ATHM effectively unbundling it's access (transport) fee from it's ISP service fee. Such unbundling may be viewed as the result of adding competitive ISPs at the IP transport layer. I have randomly used the assumption that ATHM would keep 100% of access subscribers and 50% of ISP subscribers -- for whatever reason. The share price is projected on a sum of the parts basis. The second is a valuation of ATHM on a subscriber annual value basis similar to that often used for AOL, etc. Just fiddling around to see what happens in the unbundling scenario ... comments/corrections welcome. Interesting that the first model predicts $44 at 1M subs. I swear I didn't cook the number. Cook your own. ;-) halcyon.com

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