Everything I see has a float of 6.5 million, but a corporate profile in Individual Investor (that YHOO placed there) indicated a 8 million float. I assume the acquisition shares are the difference.
Here's the quarterly revenue figures historically ($ in millions):
1.7
3.3
5.5
8.6 (Dec 31, 1996)
9.5
13.5
17.2 (Sept 30, 1997)
I've seen anywhere from 22 to 27 million for the current quarter. While the Amazon, CDnow, and electronic brokerage agreements will add some revenue (and I believe the majority of this revenue is a fixed amount, independent of page views), I'm still having a problem seeing 27 million. Also, look at last year, how revenue growth dropped off in the 1st quarter.
Finally, you just can't say double revenues, double earnings for 5 years and come up with a PE. Most of their earnings currently are from the cash/investments they have; and you'll get leverage from the revenue growth. The big question is now that the easy targets are out of the way (i.e., Amazon, ETrade, etc.), where does the revenue growth come from? And don't forget the $4 million charge for the current quarter.
KJ |
