netVALUE: Valuing Dot-Com Companies - Uncovering the Reality Behind the Hype

by VBM Consulting's Peter J. Clark and Stephen Neill

(Amacom, Autumn 2000).

The underlying presumption of netVALUE is that the end of the first phase of the Net boom is rapidly approaching. This book looks beyond the shakeout to the key areas of importance in the key second phase. And why.

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Table of Contents

PREFACE: FINALLY VALUE GETS DOWN TO BUSINESS
CH. 1 : WHO IS THE DOT-COM VALUTION?
Chapter examines a wide range of valuation approaches assessing for Internet companies from the highly dependable and defendable at one extreme, to homespun and laughable at the other. Key selection criteria? Self-interest.
CH. 2 : NOTHING SUCCEEDS LIKE NET EXCESS
The Commercial Internet’s first phase started in 1996 and ended in at the end of first quarter 2000. netPhase I was characterized by spectacular excess: alarming at the time, but consistent with historical precedent.
CH. 3 : EFFICIENT MO
Efficient Market Rational Theory effectively says that the (Internet) company is worth whatever the market says it is worth. During netPhase I, carefully managed (manipulated?) markets were confused with free exchanges, enforcing the momentum wave taking over valuation of Internet stocks.
CH. 4 : NETENOMICS AND VAPOR MODELZ
With little hard data, Phase I net companies extend early pitch stories into ‘models,’ often referring to dubious make-it-up-as-you-go-along economic theories: ‘netenomics’.
CH. 5 : WHICH SHAKEOUT?
A post-April 14 shakeout looms, cleaning out the hubris so the Commercial Internet can soar in its second phase.
CH. 6 : TRANSITION TO netPHASE II - DOT-COMS GROW UP
Key changes in corporate objectives, operations and financing mark the transition from netPhase I to netPhase II.
CH. 7 : REDISCOVERING THE B2B VALUE CASE, SELECTIVELY
Runaway fad of late 1999, whipping boy of Spring 2000, the volatile market for independent B2B companies appears poised to soar—but only clear leader firms with the right technology and market positioning.
CH. 8 : AFTERMATH
Super-tech P/E valuation ranges, bifurcated markets, accelerated efforts to actively root out the weaker Dot-Com companies so that prosperous netPhase II can begin earlier.

 
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