To: Lizzie Tudor who wrote (12102 ) 6/19/2002 4:10:24 PM From: Bill Harmond Read Replies (2) | Respond to TMP Worldwide (TMPW) 24.32 -0.60: When asked to name successful dot-com companies, the typical response is eBay (EBAY) and Amazon.com (AMZN)... Every now and then, you'll also hear Yahoo's (YHOO) name added to the list... But one company you rarely hear mentioned is TMP Worldwide... Yet its Monster.com career management unit is one of the more successful sites on the Net... According to independent research conducted by Media Metrix, Monster is the number one destination for career seekers, registering an impressive 49.4% share of online career eyeball minutes (unique visitors*average number of minutes spent on site per month)... The nearest competitor had a 14.3% share... The study showed that Monster.com was also the 16th most visited property overall on the Internet, which was its highest ranking ever... Report out of Nielsen/NetRatings was equally encouraging, as it noted that Monster.com received over 13.5 mln unique visitors, or more than 3x that of its closest competitor oat 3.9 mln uniques... TMPW also stands to benefit from the bigger trend, which shows that more and more people are turning to the Internet to conduct job postings/searches... Last year, newspapers saw their help-wanted advertising revenues fall roughly 35%, while revenues from online job sites rose by nearly the same amount... With Monsters.com's recent foray into localized job sites focusing on hourly workers, look for a continuation of the trend... Even so, TMPW has seen its overall revenues slide a bit due to the soft job market... While FY02 is shaping up to be a challenging year due to tough macro-conditions, management is working to control costs and position company for renewed growth long-term... Given the growing presence of Monster.com, we expect it to succeed... Consequently, patient, long-term investors might want to use any near-term price weakness to jump on the long-side... TMPW trades at 28x and 19.5x estimated FY02/FY03 earnings of $0.86 and $1.25, with a trailing twelve month p/s ratio of 2.04. -- Robert Walberg, Briefing.com
