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Technology Stocks : eBay - Superb Internet Business Model

EBAY 85.36

+1.1%

3:09 PM EST

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To: soylent who wrote (743)	11/11/1998 8:47:00 AM
From: soylent	Read Replies (3) of 7772

FROM BRIEFING.COM NOTE THE LAST LINE! ALSO DLJ DOWNGRADE! Forget valuations, when you're analyzing Internet stocks, the only issue that seems to matter these days is the law of supply and demand and right now demand is far outstripping supply... Gains over the past few weeks have been fantastic even by Internet standards... For example: eBay (EBAY) has advanced 418% since bottoming on 10/8/98; K-Tel (KTEL) surged 98% yesterday and is up 359% since 10/15/98; Inktomi (INKT) has rallied 56% in the past five trading days; and Yahoo! (YHOO) is up 199% since its late summer low... Recent mania being fuelled by growing consensus that e-commerce will come of age this holiday season... No question, sales over the net will explode on a percentage basis, but many of these companies are now so aggressively priced that the fact of good news is more than priced in... Sets sector up for a sell on the fact reaction... EBay newest poster child for netmania, as stock now trades at 873x projected FY98 earnings and 176x TTM sales... Yahoo! and America Online (AOL) two kings of the Internet space trade at comparable multiples of 535x/110x and 135x/12.2x... Which would you rather own for the long haul? Us too.

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