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,
Personals 8.5x,
Infocommerce 8.5x,
Ecommerce 9.5x
Networks 9.6x,
Portals 10.5x,
Online services 10.9x ,
Digital marketing 12.5x,
Marketplaces 13x
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....
What's your opinion of models such as http://www.gilt.com/
http://www.businessinsider.com/henry-blodget-the-future-challenge-for-gilt-groupe-et-al-2009-7 Would this work simply using membership economies of scale for the wider market?
I am mindful of "Kiddicare.com and Morrisons Announce Long Term Strategic Partnership to Drive Future Growth" The development & exit strategy for Nursery / Children's / Kids niche portals has great potential to multinational retailers. Morrison has opened another store entrance / profit stream while enhancing - protecting the Morrison food retail brand???
Posted by: Jonathan | March 05, 2011 at 12:24 PM
Very interesting roll out for local business
http://memeburn.com/2011/03/google-partners-with-yola-for-small-businesses-online/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+memeburncom+%28memeburn%29
Posted by: Jonathan | March 31, 2011 at 02:31 PM
Love the pictures above. AS to the market, it always works itself out. Smart investors will always discount a company to make a profit.
Posted by: Bandorah Mandy | June 04, 2011 at 03:42 PM
Interesting to see if the old establishment corporate money pays out enough to buy in or will it be new money Quinstreet - Google / Amazon dominate the highways
http://www.marketwatch.com/story/allstate-paying-1-billion-for-esurance-answer-2011-05-18
Esurance Online from 1999 http://en.wikipedia.org/wiki/Esurance
The competition is moving up in response to http://www.quinstreet.com/ acquisitions =
http://domainnamewire.com/2010/11/08/quinstreet-buys-carinsurance-com-for-49-7-million-says-its-done-for-now/
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