Try IWIN...now 30..1-2months 60-80
Here's why:
IWIN has a lot of room to grow. Read this from 11/23/99 BEAR, STEARNS & CO. INC. EQUITY RESEARCH
Internet Direct Marketers: Third Quarter Review _____________________________________________________________________
Key Points
*** The online direct marketing and promotions companies (MyPoints, Webstakes, CyberGold, FreeShop, NetCentives, and YesMail) all posted strong results in the third quarter, beating their respective revenue estimates by an average of 47% and beating their loss-per-share estimates by an average of $0.14.
*** The two best performers in terms of top-line performance versus the estimates were MyPoints, with third quarter revenue 117% ahead of our estimate, and Webstakes, which was 56% ahead of our estimate on the top-line.
*** Sequential revenue growth for the group was strong, up an average of 85%. MyPoints was far-and-away the leader in this category with sequential growth of 161%, more than twice that of any other company in the space.
*** We believe Webstakes to be the most undervalued stock in the group. It currently trades at 4.2x its 2000 revenue, which is a 75% discount to the list of comparable companies, and 10.3 times its annualized 3Q99 revenue, which is a 69% discount to the comparables. Based on our view that there is significant upside from current levels, we are reiterating our Buy rating on shares of Webstakes.
*** We also reiterate our Buy rating on MyPoints, which is by far the leader in the space in terms of total revenue and revenue growth. We therefore believe MYPT should trade at a substantial premium to the pack, which implies substantial upside opportunity.
THIRD QUARTER OVERVIEW
The online direct marketing and promotions companies, which include CyberGold (CGLD), FreeShop (FSHP), MyPoints (MYPT - Buy), NetCentives (NCNT), Webstakes (IWIN - Buy), and YesMail (YESM), all reported third quarter results that were better than expected. On average, the companies reported revenue that was 47% ahead of street estimates. The notables, both of which were ahead of the industry average, include MyPoints, with revenue of $7.0 million that exceeded our estimate by 117%, and Webstakes, with revenue of $3.0 million that exceeded our estimate by 56%. The companies cited increased demand for their products as the primary drivers of the strong revenue. In addition, the loss per share for each company in the group was narrower than the First Call estimate, with the average company posting a loss that was $0.14 better than the consensus estimate. |
