1) Matchnet
2) Trintech
Hier die Gründe:
30.04.2002
MatchNet aussichtsreich
Der Aktionär
Die Analysten des Anlegermagazins "Der Aktionär" sehen in der Aktie von MatchNet (WKN 930129) ein aussichtsreiches Investment.
Die Partnersuche über das Internet erfreue sich immer größerer Beliebtheit. Von diesem Trend sei MachtNet einer der Hauptprofiteure. So sei der Umsatz überproportional um 159% auf nunmehr 4,9 Mio. Euro gestiegen. Das EBITDA sei von minus 1,3 Mio. Euro im 1. Quartal 2001 auf plus 1,2 Mio. Euro gestiegen. Das Unternehmen habe zum ersten Mal einen Nettogewinn in Höhe von 1,1 Mio. Euro ausweisen können. Dies entspreche einem Gewinn pro Aktie von 6 Cents. Im Vorjahr habe der Konzern noch ein sattes Minus von 2,2 Mio. Euro verzeichnet.
Mit Infoseek.com, Altavista und AOL Time Warner sei MatchNet auf den Seiten der Global Player vertreten. Zudem sei MachtNet auf Brautschau. Obwohl MatchNet durchaus weiter auf eigenen Füßen stehen könne, sei eine Übernahme nicht ausgeschlossen.
Den Analysten zufolge sei MatchNet eine absolute Substanzperle, gespickt mit enormen Wachstumspotenzial. Rechne man das Quartalsergebnis konservativ auf das Jahr hoch, würde sich ein Gewinn pro Aktie von 24 Cents und ein lächerliches KGV von 7,7 ergeben und dies mit einem Wachstum von knapp 160%.
Des weiteren ergebe sich aufgrund eines angestrebten Nasdaq-Listings, das für den August vorgesehen sei sowie einer evtl. Übernahme durch einen Global Player wie etwa Yahoo Fantasie für eine Kursvervielfachung. Vergleiche man MachtNet mit dem Konkurrenten udate.com werde die Unterbewertung der Aktie deutlich. Bei fast gleichen Umsätzen und Mitgliederzahlen werde udate.com für mehr als das Doppelte gehandelt.
Der Titel werde derzeit von keinem Analystenhaus gecovered. Die Analysten von "Der Aktionär" empfehlen einige Stücke der MatchNet-Aktien ins Depot zu legen.
TRINTECH:
Die Unternehmensführung wird alles versuchen um den Kurs wieder über 1 Dollar zu hieven.
Das Aktienrückkaufprogramm kann jederzeit gestartet werden, zudem ist hier die Rede von einer Übernahmephantasie. Auf dem derzeitigen Niveau nicht abwegig.
Cyril McGuire, Trintech chief executive, doesn`t believe the company is now more vulnerable than ever to a hostile takeover because of its poor share price. "Most takeovers are friendly and the few that are hostile usually don`t succeed in the long term," he said. "Takeover offers can take place at any time, regardless of whether the share price is one or two euro."
When the technology boom was at its peak, people who owned shares options were handsomely rewarded, particularly those who cashed in at the top, in technology start-ups like Nua, Formus and Baltimore Technologies.
But the shocking hangover in the technology market following the prolonged party means technology professionals are placing a higher value on the traditional reward structures, such as pensions provided by established companies in the sector.
The question is, have share options lost their cachet as a motivation and retention tool, or are they still an attractive incentive to employees in the recent market shake-down?
During the boom, the granting of valuable share options, particularly by fledgling firms, replaced company pension schemes. This had a particular appeal for younger employees who were more interested in short term gains that could be used to finance immediate needs such as house or car purchases.
What about Trintech share options?
Trintech employees saw shares in their Nasdaq listed company slip below $1 in the last fortnight.
This is because of a Nasdaq ruling which means that shares trading below $1 for six consecutive months must be dropped from the Nasdaq index.
However, it is understood that the Nasdaq is now more accommodating on the delisting rules, given the widespread problems in the technology sector.
Paul Byrne, chief financial officer with Trintech, is determined that it will not be de-listed from Nasdaq.
He believes that share option schemes retain their pulling power, despite the fact that Trintech shares have crashed from a high of $75.43 to their current value of about $0.91.
"Over the past three years, our share prices have actually fared quite well. They stayed at a high level post-flotation until just under 12 months ago when they dropped in value," said Byrne.
But in the past six months the share price has dropped 41 per cent from $1.55 to $0.91.
Rather than have staff saddled with worthless share options, Trintech has offered its employees (but not its directors and officers to whom it could have offered the same deal) a stock option replacement programme which closed in December 2001. This programme allows them to surrender their old options for new re-priced share options price which will be granted at the June 2002 price.
"Stock options are still a very motivational tool because our employees can benefit from stock price increases," said Byrne. "They also help to retain loyal staff who have been with the company virtually from the beginning. Trintech doesn`t have a company pension scheme. We motivate staff via share options and are fully confident that the price will recover when we return to profitability."
"We`ve a profitability plan in place to ensure this doesn`t happen," said McGuire. "Trintech has also received shareholder approval to engage in a share buy-back programme when the time is appropriate."
Reverse share splits can also be used to push the share price above the $1 limit: for instance, instead of buying two shares at €1 each, the company could reverse this and double up, buying one share for €2.
Should Trintech shares be de-listed from the Nasdaq, employees would obviously suffer from reduced liquidity (the ease of buying and selling their shares). However, it is understood that the shares could be traded (bought and sold) on the US small-cap market which lists small companies with market capitalisations of $5 million or more. At least employees would not be dependent on looking to the company to make a market (offer a `buy` and `sell` price) in the share price.
Trintech has no plans to suspend the granting of stock options as part of its cost-cutting programme. Administering the scheme doesn`t pose any additional cost to the company`s bottom line. The only drawback, according to Byrne, is the potential dilution to shareholders that results from these schemes.
By Emer Hughes
Dublin, Ireland, 14 April, 2002
2) Trintech
Hier die Gründe:
30.04.2002
MatchNet aussichtsreich
Der Aktionär
Die Analysten des Anlegermagazins "Der Aktionär" sehen in der Aktie von MatchNet (WKN 930129) ein aussichtsreiches Investment.
Die Partnersuche über das Internet erfreue sich immer größerer Beliebtheit. Von diesem Trend sei MachtNet einer der Hauptprofiteure. So sei der Umsatz überproportional um 159% auf nunmehr 4,9 Mio. Euro gestiegen. Das EBITDA sei von minus 1,3 Mio. Euro im 1. Quartal 2001 auf plus 1,2 Mio. Euro gestiegen. Das Unternehmen habe zum ersten Mal einen Nettogewinn in Höhe von 1,1 Mio. Euro ausweisen können. Dies entspreche einem Gewinn pro Aktie von 6 Cents. Im Vorjahr habe der Konzern noch ein sattes Minus von 2,2 Mio. Euro verzeichnet.
Mit Infoseek.com, Altavista und AOL Time Warner sei MatchNet auf den Seiten der Global Player vertreten. Zudem sei MachtNet auf Brautschau. Obwohl MatchNet durchaus weiter auf eigenen Füßen stehen könne, sei eine Übernahme nicht ausgeschlossen.
Den Analysten zufolge sei MatchNet eine absolute Substanzperle, gespickt mit enormen Wachstumspotenzial. Rechne man das Quartalsergebnis konservativ auf das Jahr hoch, würde sich ein Gewinn pro Aktie von 24 Cents und ein lächerliches KGV von 7,7 ergeben und dies mit einem Wachstum von knapp 160%.
Des weiteren ergebe sich aufgrund eines angestrebten Nasdaq-Listings, das für den August vorgesehen sei sowie einer evtl. Übernahme durch einen Global Player wie etwa Yahoo Fantasie für eine Kursvervielfachung. Vergleiche man MachtNet mit dem Konkurrenten udate.com werde die Unterbewertung der Aktie deutlich. Bei fast gleichen Umsätzen und Mitgliederzahlen werde udate.com für mehr als das Doppelte gehandelt.
Der Titel werde derzeit von keinem Analystenhaus gecovered. Die Analysten von "Der Aktionär" empfehlen einige Stücke der MatchNet-Aktien ins Depot zu legen.
TRINTECH:
Die Unternehmensführung wird alles versuchen um den Kurs wieder über 1 Dollar zu hieven.
Das Aktienrückkaufprogramm kann jederzeit gestartet werden, zudem ist hier die Rede von einer Übernahmephantasie. Auf dem derzeitigen Niveau nicht abwegig.
Cyril McGuire, Trintech chief executive, doesn`t believe the company is now more vulnerable than ever to a hostile takeover because of its poor share price. "Most takeovers are friendly and the few that are hostile usually don`t succeed in the long term," he said. "Takeover offers can take place at any time, regardless of whether the share price is one or two euro."
When the technology boom was at its peak, people who owned shares options were handsomely rewarded, particularly those who cashed in at the top, in technology start-ups like Nua, Formus and Baltimore Technologies.
But the shocking hangover in the technology market following the prolonged party means technology professionals are placing a higher value on the traditional reward structures, such as pensions provided by established companies in the sector.
The question is, have share options lost their cachet as a motivation and retention tool, or are they still an attractive incentive to employees in the recent market shake-down?
During the boom, the granting of valuable share options, particularly by fledgling firms, replaced company pension schemes. This had a particular appeal for younger employees who were more interested in short term gains that could be used to finance immediate needs such as house or car purchases.
What about Trintech share options?
Trintech employees saw shares in their Nasdaq listed company slip below $1 in the last fortnight.
This is because of a Nasdaq ruling which means that shares trading below $1 for six consecutive months must be dropped from the Nasdaq index.
However, it is understood that the Nasdaq is now more accommodating on the delisting rules, given the widespread problems in the technology sector.
Paul Byrne, chief financial officer with Trintech, is determined that it will not be de-listed from Nasdaq.
He believes that share option schemes retain their pulling power, despite the fact that Trintech shares have crashed from a high of $75.43 to their current value of about $0.91.
"Over the past three years, our share prices have actually fared quite well. They stayed at a high level post-flotation until just under 12 months ago when they dropped in value," said Byrne.
But in the past six months the share price has dropped 41 per cent from $1.55 to $0.91.
Rather than have staff saddled with worthless share options, Trintech has offered its employees (but not its directors and officers to whom it could have offered the same deal) a stock option replacement programme which closed in December 2001. This programme allows them to surrender their old options for new re-priced share options price which will be granted at the June 2002 price.
"Stock options are still a very motivational tool because our employees can benefit from stock price increases," said Byrne. "They also help to retain loyal staff who have been with the company virtually from the beginning. Trintech doesn`t have a company pension scheme. We motivate staff via share options and are fully confident that the price will recover when we return to profitability."
"We`ve a profitability plan in place to ensure this doesn`t happen," said McGuire. "Trintech has also received shareholder approval to engage in a share buy-back programme when the time is appropriate."
Reverse share splits can also be used to push the share price above the $1 limit: for instance, instead of buying two shares at €1 each, the company could reverse this and double up, buying one share for €2.
Should Trintech shares be de-listed from the Nasdaq, employees would obviously suffer from reduced liquidity (the ease of buying and selling their shares). However, it is understood that the shares could be traded (bought and sold) on the US small-cap market which lists small companies with market capitalisations of $5 million or more. At least employees would not be dependent on looking to the company to make a market (offer a `buy` and `sell` price) in the share price.
Trintech has no plans to suspend the granting of stock options as part of its cost-cutting programme. Administering the scheme doesn`t pose any additional cost to the company`s bottom line. The only drawback, according to Byrne, is the potential dilution to shareholders that results from these schemes.
By Emer Hughes
Dublin, Ireland, 14 April, 2002
