After a rather disappointing post-IPO performance, Facebook’s share price has finally been able to start picking-up again this summer and currently trades significantly above the IPO-Price. In light of the upcoming twitter IPO:
“What is your current assessment regarding long-term perspectives of publicly traded social media companies? To what extent is twitter’s IPO comparable with Facebook’s intitial public offering back in May 2012?”
Tandberg-Johansen:
"Twitter hat am ersten Handelstag nahezu 80 Prozent zugelegt, Aktien wie LinkedIn und Facebook haben ihren Wert im Jahresverlauf mehr als verdoppelt. Wir fragen uns, ob der Preis selbst unter Berücksichtigung visionären Managements und rosiger Zukunftsaussichten gerechtfertigt ist oder doch eher an eine neuerliche Blasenbildung erinnert. Zur selben Zeit ist die Old Economy des Technologiesektors günstig bewertet: Unsere größte Einzelposition Samsung ist für ein bereinigtes KGV von sechs zu haben. Der Margendruck im Smartphone-Geschäft mag für Samsung zunehmen, aber wir sehen hier ein deutliches besseres Chance-Risiko-Verhältnis für unsere Anleger als in der New Economy wie Social Media oder 3D Printing."
Van der Biest:
" Even if we are today significantly above the IPO price, I still think that Twitter has been too early to come to the market. One of the reasons is that they still don’t make any money (at least , Facebook and Linkedin were making a small profit at the time of their IPO), another reason being the possible lack of intellectual property (IBM sued them already for patent infringement, and others could follow). As far as Social Media concerns, the only thing that matters is monetization of the users base in order to be able to gather a piece of the growing online advertising pie. As such, I think there are better/easier ways to play this theme. Google is an excellent example: extremely well exposed to online advertising, lots of other interesting initiatives in the pipeline, decent valuation and free cash flow generation, solid track record for their management,… As an investor, we don’t see an urgent need to chase the typival social media stocks (FB, LNKD, TWTR), but prefer names as Google, Ebay, Yahoo,…"
Die Experten im aktuellen "Sector Update | Technology"
Anders Tandberg-Johansen
Head of Global Technology
DNB Technology Fund
DNB Asset Management
Johan Van der Biest
Senior Asset Manager
Dexia Equities B Global Technology
Dexia Asset Management
