Relatively to AOL, one can even claim that ODIS is undervalued, and by a large margin: +/-66% on the Price/Sales basis.
Moreover, if one includes some other factors as the degree of competitiveness in each of these businesses then ODIS looks even more undervalued. For instance, you mention Amazon.com which is neither a portal nor a network-related firm: it's an e-bookseller. But remember that a few months after AMZN went public, Barnes & Nobles, a leading ''brick-and-mortar'' bookseller in the US followed suit...
The next stage of the story happened when AMZN started offering music stuff in addition to its core book business... But then again, what will happen when the music majors (Sony, Warner,...) will start pushing AMZN around by starting their own e-bookselling outfit?
As you can see, the competitiveness in this e-commerce activity is intense and so are the risks involved with any of its contenders. How different the picture looks for the ODBMS sector: we've got one clear leader, that is ODIS, and one ''heavy'' with a second-class offering (CA). And far behind, a bunch of little challengers whose most likely fate will be getting gobbled up by some other IT powerhouse. Again, from this standpoint, ODIS is undervalued.
Regards,
Gustave. |
