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Technology Stocks : Modem Media . Poppe Tyson (Nasdaq: MMPT)

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To: puborectalis who wrote (667)	4/14/1999 10:01:00 PM
From: EyeDrMike	Read Replies (2) of 821

BancBoston Robertson Stephens. excerpt of 12 page report: I N T E R N E T R E S E A R C H MODEM MEDIA.POPPE TYSON (MMPT $45) Initiating Coverage of a Leading Interactive Marketing Agency Keith E. Benjamin, CFA (415) 693-3285 keith_benjamin@rsco.com Michael Graham (415) 693-3514 michael_graham@rsco.com Rating: Buy Change in . . . Yes/No Was Is EPS 1998: $(0.38) EPS 19998E: No $(0.32) EPS 2000E: No $(0.05) 52-Week Range: 55-31 FD Shares Outstanding (MM): 13.0 Mkt Cap (MM): $585.0 Avg Daily Trading Vol (000): 122 12/98 Bk Value/Sh: $2.74 12/98 Tot Debt/Tot Cap: 30% C1999E ROAE: NM Price/Book Value: 16.4x Net Cash/Sh: $0.60 Div/Yld: 0.0% 3-Yr Sec Growth Rate: 40% FY December 1998 1999 E 2000 E EPS: 1Q $(0.02) $(0.14) $(0.04) 2Q $(0.10) $(0.08) $(0.02) 3Q $(0.13) $(0.06) $(0.01) 4Q $(0.14) $(0.05) $0.01 Year $(0.38) $(0.32) $(0.05) P/E — NM NM Revs (MM): 1998 1999 E 2000 E 1Q $9.0 $10.5 $15.5 2Q $10.5 $12.5 $16.5 3Q $10.9 $14.5 $18.0 4Q $12.1 $15.8 $20.0 Year $42.5 $53.5 $70.0 Eqty Mkt Vl/Rev. — 10.9x 8.4x · Modem Media.Poppe Tyson (MMPT) is a leading interactive marketing agency developing on-line business strategies for leading international brands. · Services include designing Web sites, developing Internet marketing cam-paigns, and implementing strategies for e-commerce transactions. · MMPT's strategy is to provide deep service and partnership to a focused number of clients, rather than a few services to many clients. · We believe this focused strategy matches the biggest opportunity, as leading brands are expected to spend a disproportionate share of the advertising and direct marketing dollars on the Web. · The current revenue model is service/consulting revenue based on cost plus profit and fees for executing on-line media buys that approximate 15% of the spending on a project. A smaller portion could come from performance-based lead generation fees, none of which are in our estimates. · We view any performance-based pay as mostly incremental to our esti-mates. We believe this enhanced service model can be successful and would facilitate faster revenue growth at higher margins. · We believe revenues will grow 30% per year and EPS much faster. We believe our estimates are conservative and that EPS before amortization in 2002 could be $0.50-1.00 or higher. April 12, 1999

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