Der Chart sieht zwar seeeehr nach "falling knife" aus, aber jetzt liegt der Wert wieder in Nähe des Emissionskurses - da wird (hoffentlich) massiv gepflegt.
Sonst :
Varetis - 51% Kurspotenzial
WKN: 691190 VARETIS AG Schroder SalomonSmithBarney 11.07.2000
Varetis is one of the world’s leading vendors of software supporting the provision of value-added information services by telephone and Internet.
Operating in a dynamic growth market
Varetis operates in a market undergoing dynamic growth. Telecom subscriber numbers are rising on the back of the spread of mobile communications, while telecom deregulation is enabling new service providers to enter the market. As new technologies come onstream (Internet, mobile communications, database technologies), service providers are developing entirely new types of information service, and subscribers are taking them up.
Vareti´s software is mission-critical
Varetis’ software supports a key interface between a telco and its subscribers. It does so under operating conditions that can be extremely demanding, making it a mission-critical application for the customer. Information services arefrequently key differentiation tools for telcos and they generate additionalhigh-margin revenue streams and incremental network traffic. These and other considerations mean Varetis’ software contains a high level of inherent value-added for the customer, so price is not the main selling criterion.
Competitive position is well defended
Varetis focuses on the converged telco/Internet market and on information services. Business focus enables the company better to understand and address the strategic, process and technology issues its target customer base faces. Varetis has accumulated an extensive, high-quality list of reference customers (DT, BT, AT&T, Telegate, etc), for which the company is almost always the de facto sole software supplier in directory assistance and information services. The company estimates that it has a 40% market share in Europe, and in most cases its key customer relationships have been in place for years. These factors are strong evidence of product and service differentiation and of partnership-based customer relationships.
Valuation suggest s 12-month share price upside of 51%
We expect Varetis to see a 39% CAGR in sales in 1999-03. Key growth drivers include the substantial investment needs of telcos in the field of enhanced DA, and the launch of new, complementary products that the company cancross-sell into its existing customer base. Our favourable evaluation of thecompany’s products and market leads us to expect its EBIT margin to hit17.5% in 2002 and top 20% by 2003. Based on our forecasts, Varetis shares are currently valued at 1.9x 2002E sales and 22.1x 2002E EPS. SYBIL and EV/sales both flag the existence of valuein the forecast period, a strong ‘buy’ signal for a company with this competitive quality and growth outlook. Based on EV/sales fair value for 2003, our 12-month fair value share price is 74.9 (+51%).
KGV 2001 laut ARIVA unter 10 (!!!!)
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