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Gold/Mining/Energy : Signature Brands Ltd.: (SBX:TSE) SGNTF
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To: Shaw who wrote (601)5/18/1999 10:43:00 AM
From: Syncrude  Read Replies (1) of 776
 
Dean,

For the record, SBX/CDPlus is NOT an Internet stock. It is a limited e-commerce stock. Not the same at all. While Internet stock develop and sell high technology solutions to companies, e-commerce companies simply add a distribution channel.

In Canada for example, e-commerce has yet to make significant inroads. Distribution via the Internet will mean even lower margins as the barriers to entry are low. CDPlus announced earnings of only $1mm with a market cap of over $115,000,000. I doubt that earnings can grow to support such a huge multiple. Unless CDPlus can generate much more volume and/or new product lines, the going will be tough.

Yahoo! is a franchise stock and is accorded huge multiples because their potential is huge. SBX/CDPlus is in a market that is very limited and will perhaps start to decline in the not too distant future. There is NO comparison between the two. You can't compare an Internet stock with a plain e-commerce stock.
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