Banyan (BNYN $8.75) as an internet play Message Board

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Technology Stocks : Banyan (BNYN $8.75) as an internet play

BNYN 0.000001000

-99.5%

May 1 11:25 AM EST

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To: James H. Irwin who wrote (744)	3/22/1999 3:31:00 PM
From: ChrisZ	Read Replies (3) of 1006

I looked at the Unique Visitors/month numbers & market caps for some of the publicly traded portals and directories, and came up with the following $/Unique Visitor ratios YHOO: $1169/U.V. Lycos: $141/UV Excite: $411/UV Infoseek: $180/UV Infospace: $265/UV If we drop YHOO out(since it's probably not a good idea to associate YHOO's market cap with any realistic expectation of what Switchboard would acheive, and average out the remaining $/UV numbers, we get $250/UV. If you take Switchboard's 2.925M UV's/month(from MediaMetrix) and multiply that by $250/UV, you get a value of $731M. Compared to Banyan's current $231M market cap, that means the price would be at $39.80. That doesn't include Banyan the software company's value all on its own(which could be significantly less that the current $231M market cap given the recent run-up). If nothing else, that's good support for the idea that Switchboard.com could be valued at ~$750M, and probably not too far different from what internet stock analysts would do in trying to figure out Switchboard.com's relative worth. What do you think? Are there other factors that should be taken into account when trying to extrapolate Switchboard.com's market value by comparing it to other web real estate?

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