To: uthabros who wrote (2944 ) 4/15/2000 8:27:00 PM From: CuttotheCore Read Replies (1) | Respond to of 3198
This is from Piper Jaffray, B2B Analyst. As Doc related, defining when profit happens is still the key. Check how well driv compares in revenues and sales, but fails miserably in price comparison. I still think that driv is a long term player in the b2b marketplace, as well as the software download aspect. I went to 95% cash on Friday, and should have cleaned everything up before, sitting through this downturn with internet and tech stocks was very painful. This is not going away anytime soon,like downtimes have before. Driv may still have its time, but it will have to define its gameplan and profitability further. The comparison is favorable and maybe as investors research the companies driv will come out more favorable. IV. B2B Comp Chart The chart of comparable B2B e-commerce companies below provides an overview of the different types of players in the universe and how the stocks are performing relative to their peers. Given the B2B Index's recent performance, it is no surprise that across the board these companies are trading at deep discounts to their 52-week highs and at greatly reduced price/revenue multiples. Ticker, Company, Consensus FY01E Sales, Price 4/13/00, Market Cap($M), Price/FY00 Sales, Price/FY01 Sales, Price/FY01E Sales, % of 52 Week High E-Commerce Enablers SPNW SHOPNOW.COM INC(#@)* 163.4 7.44 247.3 2.9 1.5 29% GNET GO2NET INC 117.2 57.61 1,760.9 25.3 15.0 51% FSHP FREESHOP.COM INC 34.9 9.13 136.4 7.0 3.9 15% CYBS CYBERSOURCE CORP(#) 25.9 17.50 450.5 36.9 17.4 25% DRIV DIGITAL RIVER INC(#)* 214.1 15.00 326.3 2.5 1.5 29% FAIM FAIRMARKET INC(#@)* NA 12.50 797.5 NA NA 23% BFRE BE FREE INC 28.4 12.25 642.3 49.4 22.7 20% NCNT NETCENTIVES INC(#)-GAAP Rev* 84.5 15.88 549.0 18.7 6.5 17% NCNT NETCENTIVES INC-Cash Rev*+ 197.0 15.88 549.0 7.6 2.8 17% MYPT MYPOINTS.COM INC 116.7 17.88 513.2 7.6 4.4 18% B2B E-Marketplaces and Enablers CMRC COMMERCE ONE INC(#@) 258.6 84.56 6,544.0 50.4 25.3 26% ARBA ARIBA INC 219.0 65.06 12,506.4 99.9 57.1 35% PPRO PURCHASEPRO.COM 95.2 30.50 824.0 23.9 8.7 17% SQST SCIQUEST.COM INC(#)* 16.1 12.66 437.9 136.8 27.2 14% FMKT FREEMARKETS INC(#)* 91.2 55.00 1,951.5 40.4 21.4 15% VERT VERTICALNET INC(#)* 204.2 37.06 2,639.3 23.0 12.9 25% VNTR VENTRO CORP 33.8* 31.00 1,116.0 129.8 33.0 13% NEOF NEOFORMA.COM INC 24.8 9.13 514.1 54.2 20.8 12% HLTH HEALTHEON WEBMD CORP 454.6 22.69 4,092.9 13.5 9.0 18% ICGE INTERNET CAP GROUP INC NA 41.81 11,050.4 NA NA 20% B2B "Point Solutions" Enablers ITRA INTRAWARE INC 166.2 17.50 429.7 4.7 2.6 18% ROWE ROWECOM INC 680.9 9.63 100.0 0.2 0.1 18% FATB FATBRAIN.COM INC(#@)* NA 8.50 97.0 1.3 NA 20% ONVI ONVIA.COM INC 270.0 10.88 864.6 6.7 3.2 14% ESTM E-STAMP CORP NA 4.00 149.4 NA NA 9% STMP STAMPS.COM INC 68.4 10.56 512.0 24.1 24.1 11% * Represents Companies Under Coverage, +Represents USBPJ Estimates