Valuation of Internet and Technology Stocks PDF Download

Author: Brian Kettell
Publisher: Elsevier
ISBN: 0080520383
Category : Business & Economics
Languages : en
Pages : 223

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Book Description
Valuation of Internet and Technology Stocks offers practical information on how to value internet and high-tech companies more accurately. The book reviews previous practice, highlights the deficiencies in existing stock market techniques, and shows how to modify or replace them. It also demonstrates how the New Economics necessitates new forms of investment analysis. This book presents new ways of looking, researching and valuing internet and high-tech companies. It explains why there has been a high correlation between high loss companies and a rocketing stock price. It questions whether there is still a place for discounted cash flows when there is no cash flow to discount. It also considers what new methods are available to value super growth companies and whether these methods are any better than existing techniques. Chapters deal with a wide range of topics including: where technology/internet stocks fit in a new economy; how you value traditional common stocks; application of the Porter model to the valuation of technology/internet stocks; problems with applying traditional valuation models for technology/internet stocks; derivative markets and real options; and the lessons that can be learned by investors from the year 2000 collapse of technology/internet stocks. This text will be of interest to traders, investment managers, institutional investors, plan managers, and finance professionals. * Investigates why there has been a high correlation between high loss companies and a rocketing stock price * Questions whether there is still a place for discounted cash flows when there is no cash flow to discount * Considers what new methods are available to value super growth companies and whether these methods are any better than existing techniques

Author: Brian Kettell
Publisher: Butterworth-Heinemann
ISBN: 9780750653831
Category : Business & Economics
Languages : en
Pages : 240

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Book Description
New ways of looking, researching and valuing these companies need to be addressed. Valuation of Internet and Technology Stocks offers practical information to enable institutional investors to value internet.coms and high tech companies more accurately. The author highlights the deficiencies in existing stock market techniques and shows how they need to be modified or, in most cases, replaced with techniques more suited for the revolution in economies which had taken place since 1991. The economic rules in the financial market place have changed to the extent that strategies successfully applied in the post war era have now been relegated to the deleted items box. 'Valuation on Internet and Technology Stocks' reviews existing stock market techniques highlighting their deficiencies and show how the New Economics necessitates new forms of investment analysis. * Investigates why there has been a high correlation between high loss companies and a rocketing stock price * Questions whether there is still a place for discounted cash flows when there is no cash flow to discount * Considers what new methods are available to value super growth companies and whether these methods are any better than existing techniques

Author: Gunnar Anger
Publisher: diplom.de
ISBN: 3832426027
Category : Business & Economics
Languages : en
Pages : 154

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Book Description
Inhaltsangabe:Abstract: The purpose of this thesis is to discuss some important reasons for the recent boom of Internet stocks, and to show and assess different methods to evaluate them. The Internet is a medium which is yet in the early days of its development and which will revolutionize communication habits, trade and leisure time behavior in an unseen manner. I will show this in the chapters 2 and 3 with psychological reasons for the recent boom. After that I present 3 typical Internet companies (Yahoo!, eBay, and Amazon.com) with their business content, financial data, and future outlook. Afterwards, the analyzing part of this thesis starts, and I demonstrate which figures an investor should look at in order to have a broad overview about the investment. In chapter 5 I present some financial figures from both the income statement as well as the balance sheet, in chapter 6 I give a survey of ratios which are used from analysts and make some comments about how practical they are. Subsequently, chapter 7 deals with more traditional valuation methods, used by institutions like the Federal Bank of America. These are general methods in order to show whether markets are over-/ undervalued or not. After that, I present the valuation models used by investment banks: Economic Value Added (EVA, chapter 9), Discounted Cash Flow (DCF, chapter 10), Real options theory (chapter 11), and multiples (chapter 12). In the last part I summarize the outcome and give an outlook how Stock orders are based on expectations only. Inhaltsverzeichnis:Table of contents: 1.Introduction1 2.Day traders6 3.Principle of floating12 4.Presentation of 3 typical Internet companies: Yahoo!, eBay, and Amazon.com15 4.1Yahoo!16 4.1.1Business description16 4.1.2Financial data20 4.1.3The outlook24 4.2eBay26 4.2.1Business description26 4.2.2Financial data27 4.2.3The outlook29 4.3Amazon.com31 4.3.1Business description31 4.3.2Financial data34 4.3.3The outlook36 4.4Comparison eBay versus Amazon.com41 5.Financial figures to look at 5.1Income statement analysis45 5.1.1Sales45 5.1.2Gross margin46 5.1.3Operating expenses46 5.2Balance sheet analysis47 5.2.1Inventories47 5.2.2Cash position47 5.2.3Quality of the management48 5.2.4The competitive landscape50 5.2.5Market position50 6.Ratios51 6.1Return an marketing52 6.2Price earnings to growth52 6.3Price/earnings (P/E) ratios as a traditional method56 6.4Price/sales ratio57 6.5Debt/capital [...]

Author: Tom Gats
Publisher: Cork University Press
ISBN: 9780852976197
Category : Business & Economics
Languages : en
Pages : 276

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Book Description
A simple , realistic guide to adopting an investment strategy for internet and technology stock. Now is the time to get back into the market after the boom and bust of the dot com days has settled. By adopting a long-short portfolio and trading according to some simple rules, any investor can make a good return.

Author: Michael J. Isimbabi
Publisher:
ISBN:
Category :
Languages : en
Pages : 60

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Book Description
This monograph provides an overview of the emerging empirical research evidence on Internet stocks. It is primarily intended to serve an informational and educational purpose - as a primer for researchers, investment analysts and managers, financial and technology sector executives, investors, writers, educators, students, policy-makers, etc. It also includes an extensive bibliography of papers, articles, books, and other documents that provide additional details on the issues covered. The monograph covers the following:An overview of perspectives on the valuation of Internet stocks, with particular reference to two valuation approaches that attempt to incorporate the unique characteristics of the Internet industry: (i) quot;adaptedquot; discounted cash flow (DCF) models and (ii) real options models.The empirical research evidence on the quot;value-relevancequot;, for Internet stocks, of nonfinancial variables (measures of website traffic and related factors such as strategic alliances, firm visibility, etc.) relative to financial variables (such as earnings, book value of equity, revenues, advertising and marketing expenses, product development expenses, etc.). This includes evidence on the differences in investor perceptions of the relative value-relevance of these factors during the bubble and post-bubble periods. The evidence from empirical studies on market irrationality and the mispricing of Internet and other high technology stocks: (i) the underpricing and performance of Internet IPOs; (ii) over-reaction and irrationality of analysts and investors in the pricing of securities; and (iii) the market valuations of equity carve-outs in relation to those of their parent companies.Some directions for future research on Internet stocks are also provided.

Author: Mark Hirschey
Publisher: Academic Press
ISBN: 9780123497048
Category : Business & Economics
Languages : en
Pages : 316

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Book Description
The contribution of research and development to a company's market value has grown considerably in recent years. In the mid-1970s, accountants were able to capture on their ledgers 90-95% of a firm's book value, but by 2000 the importance of intangible assets had grown to the point where they could account for only 13-15%. Financial economists and accountants have investigated the link between a firm's market value and its R & D spending, and various factions advocate a variety of positions on the amount and rate of investment, investors' ability to capture returns on that investment, and ways to measure value, investment, and returns. 'Tech Stock Valuation' extends the R & D literature by providing detailed direct evidence on the market value implications of inventive and innovative output. Specifically, the book demonstrates that stock-price effects of patent output are most pronounced in the case of of high-quality patents, where patent quality is measured by scientific merit. Scientific measures of patent quality give tech stock investors and R & D managers a valuable new tool that can be used to measure R & D program effectiveness. At the same time, it gives investors a new tool to help them assess the value of hard-to-measure intangible assets. *Provides detailed direct evidence on the market value implications of inventive and innovative output *Based on recent research, much of which Dr. Hirschey has pioneered *Gives financial professionals a new tool for assessing R & D quality and its relation to market valuation.

Author: Sundeep Bajikar
Publisher: BAJIKAR TECH INVESTOR
ISBN:
Category : Business & Economics
Languages : en
Pages : 200

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Book Description
This book describes an equity research approach which combines principles of value investing with domain specific expertise in the technology industry. The book also provides an overview of the financial services industry and the different types of conflicts of interest that drive market participants toward objectives that may not be aligned with those of the individual investor. The book describes an equity research process that I have followed throughout my career as a financial analyst, and shows that equity research is difficult not just for the technical skills involved but also due to behavioral issues that one has to deal with quite frequently when it comes to investing. Equity Research takes a lot of work - much more than an individual investor is likely to be able to commit given that her main profession is probably something other than investing. A central message of the book is for the individual investor to find an independent investment manager who she can trust to pursue an investment strategy that is aligned with her goals.

Author: Eli Bartov
Publisher:
ISBN:
Category :
Languages : en
Pages : 38

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Book Description
We empirically investigate valuations of Internet firms at various stages of the initial public offering (IPO) from two perspectives. First, we examine the association between the valuation of Internet IPOs and a set of financial and nonfinancial variables, which prior anecdotal or empirical evidence suggests may serve as value drivers. Second, we document differences in IPO valuations between Internet and non-Internet firms as well as across different stages in the IPO processi.e., initial prospectus price, final offer price, and first trading day pricewithin each set of firms. Our primary two conclusions are as follows. First, there are noticeable differences between valuations of Internet and non-Internet firms, especially at the prospectus and final IPO stage. Specifically, the valuation of non-Internet firms generally follows the conventional wisdom regarding valuation: positive earnings and cash flows are priced, while negative earnings and negative cash flows are not. The valuation of Internet firms, however, departs from conventional wisdom, with earnings not being priced, and negative cash flows being priced perhaps because they are viewed as investments. This difference between the two classes of firms may be expected, given the age and unique nature of the Internet industry. Second, there are significant differences between the initial valuation of firms at the prospectus and IPO stage and their valuation by the stock market at the end of the first trading day. For non-Internet firms, the difference is largely ascribed to the relative offering size. For Internet firms, however, the differences are with respect to positive cash flows, sales growth, Ramp;D, and high-risk warnings, in addition to the relative offering size.

Author: Dr Elmar P Selbach
Publisher: CreateSpace
ISBN: 9781505420395
Category :
Languages : en
Pages : 50

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Book Description
This text is a short version of the book: The Millionaire Investor: Better than gold, diamonds or real-estate: Graphene http: //amzn.to/1q8EPvR While that book features the whole story, gives valuable information and outlines the pros and cons of relevant companies in that technology area, this second excerpt gives a short overview on how the 2-D technology is related to 3D printing and internet of things (IoT). Who hasn't heard about people who restlessly scan the market for stocks that perform extraordinarily? One of the companies that has skyrocketed in the past years is Microsoft. Whatever you'd invested in the 1980s - you became rich within 15 years. In this book, I want to show that a similar scenario is possible. One can become rich by investing in the right stocks. But, not by tricks, cheats or any other miraculous recipe. No. Just by observing the dramatic changes in an area of technology that is so far only known to insiders. We will see the dawn of a fascinating new era. The consequences of the changes ahead of us will change our world much more than any event before. Whoever invests in at an early stage could make a lot of money. This book could become an investing guide for stock investments

Author: J. Briginshaw
Publisher: Palgrave Macmillan
ISBN: 9781349663903
Category : Business & Economics
Languages : en
Pages : 454

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Book Description
The 1990s saw a rapid rise in the proportion of market value represented by internet companies. At the peak of the market, the value of US internet stocks alone exceeded $2 trillion, making these stocks nearly as valuable as the entire UK market. However, since March 2000 many internet stock values have declined precipitately. How can we make sense of these rapid swings in value and what is a sensible framework for the future? This book establishes a robust cashflow based methodology for internet valuation in relation to strategic issues, and includes compelling and topical case studies of leading players including Amazon.com and NTT DoCoMo.