What a difference a month makes. In the throes of June the average value per unique user to one of the top 10 Web sites was held at my estimated $430 each. As of July 12 that figure popped to $487. The median value jumped even further, from $213 to $250.
June 10’s numbers reflect an overall weakness that limped through the Internet stock sector on interest rate fears and investor jitters like a group of guests in the green room on Jerry Springer.
|website user valuation||Users||Market cap or PMV*||Market cap or PMV*||User||User||change|
|GO Network (SEEK)||20.9||$2,904||$2,838||$139||$136||-2.3%|
|Time Warner web sites||13.1||$1,825||$2,500||$139||$191||37.0%|
|Blue Mtn Arts||10.1||$650||$700||$64||$69||7.7%|
AOL.com and Microsoft.com as well as private companies are valued based on comparables, estimates, growth, peer group. Valuation by Steve Harmon
In the interim a few successful IPOs and better-than-expected earnings propped the group up. Yahoo (NASDAQ:YHOO), in particular, beat expectations and found renewed legs on it nascent. At 3.8% the tally is’nt significant as much as I think the trend and what GeoCities and Broadcast.com mean to Yahoo going forward.
Go.com (NASDAQ:SEEK), with Disney finally taking control of majority, looks to me like a long-term value play. Disney has ABC TV, shows, TV, films, stores, plays, several characters and more–all leveragable in my view into Web assets.
I think there’s still some work to be done at Go.com, mainly which I see its reach on the Web is not on par with the top 4. A large gap exists between Lycos (NASDAQ:LCOS) at 30 million unique users vs. Go.com with 21 million.
On a larger trend that I think may be developing consider that Yahoo, Amazon.com (NASDAQ:AMZN) may find it more difficult to grow market value from their already-large base.
In that arena I see AOL.com and Microsoft.com getting more valuable. Certainly AOL (NYSE:AOL) with 46 million monthly users dwarfs the #2 and so on.
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