We were recently shooting the breeze about what’s “not hot” on the web. This was actually a refreshing topic as so often in VC and Techcrunchland the focus is on Hot! New! Cool!
A quick strawpoll around the office and we answers of “portals” i.e. Yahoo, Blogs (evidence this blog post frequency vs my tweet frequency), social networks (aka myspace not facebook) and “old-fashioned search engines”.
However, being a classically trained investor, I wanted to see what the market was telling us and it was very interesting. The list is below, and it surprised me.
Internet and digital Media Public company stats from 28th January 2011
Enterprise Value / EBITDA based on 2011E.
The Oscar for the most unfashionable online sector goes to...Multichannel retail 4.6x,
Mobile and casual games 5.6x,
On&offline media 7.3x,
Online services 10.9x ,
Digital marketing 12.5x,
And finally the least unfashionable (AKA the most highly rated) is .....Online Travel 17.7x
Update: just posted on Quora here: I wonder if there's a better way to analyse it....