JJ - There is no site. as such, that will give you the whole picture. The current valuation is high, by traditional metrics, because it's in a hot sector; by comparison with its peers, it is low. One can choose Aether for a rough comparison - currently at $260 US. I expect IW to achieve similar valuations when it lists on NASDAQ; that listing should be imminent; management targeted the first half of 2000.
The most informed board on this subject is at Raging Bull
ragingbull.com
then go here...
ragingbull.com
And the latest analyst's report from Canaccord, their Canadian MM -
Canaccord
Infowave Software Inc. (IW : TSE : $59.60) Paul Bradley
Recommendation: STRONG BUY
Web site address: www.infowave.com
Target price: n/a
52-week price range: $63.85-2.95
Shares O/S: basic 17.6M
fully diluted 20.4M
Shareholders: Management, 40%
Long term debt: Nil
Weekly trading volume: 1.5M
Market capitalization: $1,049M
In the past few days Infowave has signed two key deals that we believe signify the strategic direction the company will take over the next few quarters as it begins to ramp up revenues from its wireless activities.
The first transaction is the Value Added Service Cooperation Agreement signed with Nokia Networks. Nokia is now offering a WAP (wireless application protocol) server solution to wireless network operators, which will allow operators to offer data access from WAP-enabled phones. Infowave forms part of this solution by providing access to Microsoft Exchange data. This is an extension of the company's traditional product offering Infowave for Exchange. As demonstrated at the Wireless2000 show this was running over a GSM network, which suggests that the near-term market might be Europe rather than North America.
We would also point out that in December Infowave announced that it was joining the Phone.com Alliances and Developer programme. This move was designed to ensure that Infowave could work with Phone.Com's market-leading WAP server technology. This technology has already been deployed on the Bell Mobility and Sprint PCS CDMA networks. In fact, Bell Mobility was the first network to offer WAP-enabled phones and access to Web-based data, in North America.
In our opinion, Nokia is now challenging Phone.Com's market dominance and Infowave is rightly ensuring that it has the opportunity to work with all the potential providers of WAP technology. We would anticipate deals with other equipment providers, such as Ericsson, Nortel and Lucent.
In summary, Infowave is ensuring that its core technology offering of access to Microsoft Exchange is proliferated to as many networks and access devices as possible, thus broadening the revenue potential.
The second announcement was a marketing agreement with Pivotal, the supplier of customer relationship management (CRM) software. The purpose of the agreement is to support wireless access for mobile workers to Pivotal's Relationship2000 product family. We see this as a second important component of the development of Infowave's business model. This arrangement extends the company beyond simply supporting Microsoft Exchange to providing access to other forms of corporate data. If this strategy is followed to its natural conclusion this might eventually include agreements to provide wireless access to other vendor's sales force automation or ERP systems. Similarly, there is nothing to prevent Infowave working with other CRM vendors. Given the anticipated level of corporate spending on CRM systems in 2000, this would seem to be a significant market opportunity.
We would also highlight that the company has two other product capabilities about which it did not make any announcements on this past week. Infowave for the Net offers corporate Intranet access and rounds out the ability to gain access to corporate data through mobile wireless devices. The Symmetry product offers the ability to push Microsoft Exchange data out to a variety of wireless devices. Symmetry currently operates on desktop machines, but we suspect that a server version will be offered in the near future. In our opinion, this product would be a strong messaging solution for TDMA network operators, who will not have WAP or two-way messaging functionality for some time yet.
We believe that Infowave has a strong product portfolio and that the company is moving to broaden and deepen its offerings. We continue to recommend Infowave as a STRONG BUY and see the opportunity for price appreciate to 30% above current levels.
Finally, there are a multitude of wireless, communications, and tech sites that offer insight into IW's business opportunities. I posted this one a while back, here:
Message 12923837
Hope this all helps.
Good luck,
Jim |
