Valuation of Internet companies - difficult or impossible?:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Aachen
Shaker
2000
|
| Schriftenreihe: | Institut für Europäische Wirtschaftsstudien <Reutlingen>: IEWS-Schriftenreihe
5 |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | 78 S. 21 cm |
| ISBN: | 3826578341 |
Internformat
MARC
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| 650 | 4 | |a Electronic commerce |x Valuation | |
| 650 | 4 | |a High technology industries |x Valuation | |
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Datensatz im Suchindex
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|---|---|
| adam_text | Table of Exhibits J
II Table of Exhibits
Exhibit 1: Revenues and operating profits: Loyalty.com vs. Turnover.com(illustrative)..... 67
Exhibit 2: Amazon.com, Inc., Sales versus Profits (actuals and estimates) 68
Exhibit 3: Justified P/S ratios for high growth companies: 68
Table of Rnuras qj
hi Table of Figures
Figure 1: Market capitalization, revenue and profit of large Internet companies (US $) 2
Figure 2: Four main market drivers of the Internet industry 5
Figure 3: Examples of well known Internet Infrastructure companies 10
Figure 4: Examples of well known Internet application companies 12
Figure 5: Examples of well known Internet intermediary companies 13
Figure 6: Examples of well known Internet commerce companies 14
Figure 7: Basic discounted cash flow equation 18
Figure 8: Example for different customer economics of Internet companies 21
Figure 9: Calculation of customer value for Internet companies 21
Figure 10: Sensitivity of DCF results to changes in cash flow growth 23
Figure 11: Sensitivity of DCF results to changes in the discount rate 23
Figure 12: Sensitivity of DCF results to changes in the terminal growth rate 24
Figure 13: Basic earnings multiplier equation 26
Figure 14: Earnings projections of Internet companies 28
Figure 15: Basic sales multiplier equation 30
Figure 16: Sales per share for different industries 31
Figure 17: Stage of Internet companies in the generic lifecycle of companies 32
Figure 18: Basic gross profit multiplier equation 37
Figure 19: Gross profit and gross profit margin forecasts 37
Figure 20: Gross profit multipliers for different Internet companies 39
Figure 21: Summarized results of EVA analysis for Yahoo!, Inc 43
Table of Figures IV
Figure 22:Market capitalization customer ratio 46
Figure 23: Market capitalization, annual revenue and profits per customer 48
Figure 24: Porter s five forces model 53
Table of Contorts y
iv Table of Contents
I Preface I
II Table of Exhibits II
III Table of Figures Ill
IV Table of Contents V
1 Introduction 1
2 Methodology 4
3 Main Drivers of the Internet Industry 5
3.1 Growth of the Internet. 5
3.2 Improved Technology 6
3.3 Business Process Redesign 7
3.4 Improved Logistics 7
4 Definition of Internet Companies 9
4.1 Internet Infrastructure Companies 10
4.2 Internet Application Companies 11
4.3 Internet Intermediary Companies 12
4.4 Internet Commerce Companies 14
4.5 Final Definition 15
5 Traditional Approaches of Valuation 16
5.1 Discounted Cash Flow Analysis 17
5.1.1 Basic Introduction to the Discounted Cash Flow Analysis 17
5.1.2 Discounted Cash Flow Valuation of Internet Companies 19
5.1.3 Conclusion on Discounted Cash Flow Valuation 24
5.2 The Earnings Multiplier Model 25
5.2.1 Basic Introduction to the Earnings Multiplier Model 25
5.2.2 Earnings Multiplier Valuation of Internet Companies 28
5.2.3 Conclusion on the Earnings Multiplier Valuation 29
Table of Contents VJ
5.3 The Sales Multiplier Model 30
5.3.1 Basic Introduction to the Sales Multiplier Model 30
5.3.2 Sales Multiplier Valuation of Internet Companies 32
5.3.3 Conclusion on the Sales Multiplier Valuation 35
6 New Approaches to the Valuation of Internet Companies 36
6. * The Gross Profit Multiplier Model 36
6.1.1 Introduction to the Gross Profit Multiplier Model 36
6.1.2 Empirical Findings on the Gross Profit Multiplier Model 39
6.1.3 Conclusion on the Gross Profit Multiplier Valuation 39
6.2 Economic Value Added Valuation 40
6.2.1 Introduction to the EVA Valuation Model 4°
6.2.2 EVA Valuation of an Internet Intermediary Company 42
6.2.3 Conclusion on the EVA Valuation Approach **
6.3 Valuation through Customer Value Analysis 45
6.3.1 Introduction to the Customer Value Analysis 45
6.3.2 Empirical Findings on the Customer Value Analysis 47
6.3.3 Conclusion on the Customer Value Analysis 49
7 Fundamental Analysis 51
7.1 The Importance of a Reasonable Business Model. 51
7.2 The Position within the Sector 52
7.2.1 Potential New Entrants 53
7.2.2 Bargaining Power of Buyers 54
7.2.3 Threat of Substitute Products and Services *•*
7.2.4 Bargaining Power of Suppliers S
7.3 The Significance of Brand 55
7.4 The Value of Public Relations 56
7.5 The Importance of Alliances 57
7.5.1 Strategic Alliances 57
7.5.2 Associate Programs *
7.6 The Impact of Real Options 58
7.7 Final Conclusion on Fundamental Analysis 59
8 Real World Approaches to Valuation of Internet Companies **
ft * Goldman Sachs ^
Table of Contents 5fl!
8.2 Morgan Stanley Dean Witter 61
8.3 Salomon Smith Barney. 62
8.4 Conclusion on Investment Banks Valuation Approaches 62
9 Conclusion 63
10 Epilogue A Stock Market Perspective 65
VII Appendix 1: Exhibits 67
VIII Appendix 2: Short Company Profiles 69
IX Bibliography 75
|
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| discipline | Wirtschaftswissenschaften |
| format | Book |
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| id | DE-604.BV013387335 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-09T18:44:57Z |
| institution | BVB |
| isbn | 3826578341 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-009132386 |
| oclc_num | 49721592 |
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| owner | DE-739 DE-19 DE-BY-UBM DE-M382 |
| owner_facet | DE-739 DE-19 DE-BY-UBM DE-M382 |
| physical | 78 S. 21 cm |
| publishDate | 2000 |
| publishDateSearch | 2000 |
| publishDateSort | 2000 |
| publisher | Shaker |
| record_format | marc |
| series | Institut für Europäische Wirtschaftsstudien <Reutlingen>: IEWS-Schriftenreihe |
| series2 | Institut für Europäische Wirtschaftsstudien <Reutlingen>: IEWS-Schriftenreihe |
| spelling | Resch, Andreas Verfasser (DE-588)1152037897 aut Valuation of Internet companies - difficult or impossible? Andreas Resch Aachen Shaker 2000 78 S. 21 cm txt rdacontent n rdamedia nc rdacarrier Institut für Europäische Wirtschaftsstudien <Reutlingen>: IEWS-Schriftenreihe 5 Corporations Valuation Electronic commerce Valuation High technology industries Valuation Unternehmensbewertung (DE-588)4078594-4 gnd rswk-swf Internet (DE-588)4308416-3 gnd rswk-swf Electronic Commerce (DE-588)4592128-3 gnd rswk-swf Unternehmen (DE-588)4061963-1 gnd rswk-swf Unternehmen (DE-588)4061963-1 s Internet (DE-588)4308416-3 s Unternehmensbewertung (DE-588)4078594-4 s DE-604 Electronic Commerce (DE-588)4592128-3 s Institut für Europäische Wirtschaftsstudien <Reutlingen>: IEWS-Schriftenreihe 5 (DE-604)BV013449964 5 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009132386&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Resch, Andreas Valuation of Internet companies - difficult or impossible? Institut für Europäische Wirtschaftsstudien <Reutlingen>: IEWS-Schriftenreihe Corporations Valuation Electronic commerce Valuation High technology industries Valuation Unternehmensbewertung (DE-588)4078594-4 gnd Internet (DE-588)4308416-3 gnd Electronic Commerce (DE-588)4592128-3 gnd Unternehmen (DE-588)4061963-1 gnd |
| subject_GND | (DE-588)4078594-4 (DE-588)4308416-3 (DE-588)4592128-3 (DE-588)4061963-1 |
| title | Valuation of Internet companies - difficult or impossible? |
| title_auth | Valuation of Internet companies - difficult or impossible? |
| title_exact_search | Valuation of Internet companies - difficult or impossible? |
| title_full | Valuation of Internet companies - difficult or impossible? Andreas Resch |
| title_fullStr | Valuation of Internet companies - difficult or impossible? Andreas Resch |
| title_full_unstemmed | Valuation of Internet companies - difficult or impossible? Andreas Resch |
| title_short | Valuation of Internet companies - difficult or impossible? |
| title_sort | valuation of internet companies difficult or impossible |
| topic | Corporations Valuation Electronic commerce Valuation High technology industries Valuation Unternehmensbewertung (DE-588)4078594-4 gnd Internet (DE-588)4308416-3 gnd Electronic Commerce (DE-588)4592128-3 gnd Unternehmen (DE-588)4061963-1 gnd |
| topic_facet | Corporations Valuation Electronic commerce Valuation High technology industries Valuation Unternehmensbewertung Internet Electronic Commerce Unternehmen |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009132386&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| volume_link | (DE-604)BV013449964 |
| work_keys_str_mv | AT reschandreas valuationofinternetcompaniesdifficultorimpossible |