ppt课件-i n t e r n e t s t o c k s a g o o d i n v e s t m e n t（i n t e r n e t s t o c k s g o o d i n v e s t m e n t）.pptVIP

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2017-01-25 发布于四川
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ppt课件-i n t e r n e t s t o c k s a g o o d i n v e s t m e n t（i n t e r n e t s t o c k s g o o d i n v e s t m e n t）.ppt

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INTERNET STOCKSA GOOD INVESTMENT? INTRODUCTION Internet Stocks: The Modern Day Tulip (\background.htm, viewed 03/26/02) No profits, no assets, no experience-So what’s the big deal?1 By April 2000 market capitalization of Internet companies was $1.1 trillion Any company with “.com” in its name was awarded a very large valuation Valuations based on assessments of the future1 Many Internet companies experience rapid growth and make a lot of money but still more will not turn the corner Fall victim to increasing losses Sell out Go out of Business What is the best way to value a single Internet company? Traditional valuation methods2 Why Do Investors Put Their Money In Internet Stocks? “The next Microsoft” Mentality-winning the lottery3 New Technology-getting in on the ground floor4 Rapid growth-high growth potential5 Low operating expenses-characterize most e-businesses6 Consumer Investor Interest-recommendations by investment firms7 Disproportionate market share-first and second firm8 Characteristics of Start-up Internet Companies High start-up costs and low initial revenue9 Start-up costs relate to software and marketing Few Internet programmers Valuation by Investment analysts Start-up scenario: idea, business plan, programming, open website, need for additional capital10 Investors place bets on their confidence in the idea, the entrepreneur or both Value determined by present value of future cash flows11 History dictates that a majority of companies never meet much less exceed their initial business plan Valuation of Established Internet Companies Discounted cash flow-present value of future cash flows12 Comparable Method12 Revenue trends (Negative) earnings trends Competitive position relative to other e-business firms Comparison to Big four-Microsoft, AOL, Yahoo Amazon Initial Public Offering (IPO’s) Investment in IPO’s-Getting in on the ground floor-Buy low sell high attempts13 Primary Market Secondary Market Examples13 VA Software Corporation (LNUX) A (AMZN