I:FAO AG

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Internet and e-Commerce: Internet Travel
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Short Term:
STRONG BUY
Long Term:
STRONG BUY
6KDUH3ULFH
52 week range:
± Volume:
11320
Performance 99, YTD:
n/a, -38%
6KDUH,QIRUPDWLRQ
Bloomberg / Reuters: FAO2 NM / FAOG.F
Primary market:
Neuer Markt
Capitalisation:
PLOOLRQ
Shares outstanding:
5.443 million
Free float:
24%
&RQWDFW,QIRUPDWLRQ
Author:
Aurélie de Dax
+ 33 (0) 1 56 59 82 31
[email protected]
Trading room:
+ 33 (0) 1 53 75 35 61
• The number of customers of core product cytric® totalled 273 in
Q2, higher than our expectation of 220. A new version coded in
Java for the operation under Unix or Solaris is available in
prototype and will be tested soon. It can handle up to 50,000
bookings a day. It has been developed in the I:FAO Software
Development Centre in Sofia, Bulgaria.
• Cabana®‘s members were 32,000 thanks to the marketing
activities (total expenses amounted to PGHYHORSHGVLQFH4
and intensified in Q2. Cabana® and eHotel service will be
transferred into a separate legal entity via a joint venture.
• Despite the increase in personnel costs from P WR P LQ
Q2 00 due to the acquisition in Bulgaria, expenses per head fell
from WR *A charges rose from PWR PLQ4
due to the growth of marketing expenses totalling PLQ+
• I:FAO has set up software solutions for “mobile professionals” to
use Cytric® under WAP, UMTS and other wireless devices.
• The purchase of QuixData in California is completed. QuixData’s
tools analyse all the pre- and post- travel data from business trips.
I:FAO is to take a 15% stake in US i.itinery.com, that identifies
customer’s preference when booking a holiday. The deal will be
completed in October. The company is focusing on expanding in
the European market, especially in Austria, Switzerland, Great
Britain and Switzerland. Cash balance was P DW WKH HQG RI
June.
• We are increasing our sales estimates from P WR P LQ
2000 and from PWR LQ7KHFRPSDQ\LVXQGHUWDNLQJ
huge restructuring and we expect first sign in October. We
maintain our Strong Buy rating.
2000 Copyright Close Brothers Equity Markets SA. All rights reserved. Additional information on any security discussed is available on request. The information contained herein is based on sources
believed to be reliable but is neither all inclusive nor guaranteed by our firm. Opinions reflect Close Brothers Equity Markets SA’s judgement at this time and are subject to change. In the course of its
regular business, Close Brothers Equity Markets SA may be long or short in the securities mentioned and may make purchases and/or sales of them from time to time in the open market or
otherwise. This document (I) does not constitute an invitation to subscribe for or to purchase, nor does it constitute a solicitation to subscribe for or to purchase any securities (II) and does not
constitute a binding contract of any sort. SPOT REPORTS : Close Brothers Equity Markets SA publishes brief spot reports covering recent or developing events or situations regarding companies or
industries covered. These reports are made available to interested clients of Close Brothers Equity Markets SA on a request basis. They often contain only partial information in very brief, often in
outline form. Their purpose is to provide rapid information and preliminary evaluations of such events or situations which may very rapidly be changed as a result of subsequent additional information
and analysis. Please contact your account executive or the analyst for additional detail.
&ORVH%URWKHUV(TXLW\0DUNHWV, 42 rue Washington, Immeuble Friedland, 75408 Paris cedex 08, France
Page 1 of 2
,)$2$*
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Internet and e-Commerce: Internet Travel
August 2, 2000
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Earnings/Share and P/E Ratio
Sales/Share and P/S Ratio
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2000 Copyright Close Brothers Equity Markets SA. All rights reserved. Additional information on any security discussed is available on request. The information contained herein is based on sources
believed to be reliable but is neither all inclusive nor guaranteed by our firm. Opinions reflect Close Brothers Equity Markets SA’s judgement at this time and are subject to change. In the course of its
regular business, Close Brothers Equity Markets SA may be long or short in the securities mentioned and may make purchases and/or sales of them from time to time in the open market or
otherwise. This document (I) does not constitute an invitation to subscribe for or to purchase, nor does it constitute a solicitation to subscribe for or to purchase any securities (II) and does not
constitute a binding contract of any sort. SPOT REPORTS : Close Brothers Equity Markets SA publishes brief spot reports covering recent or developing events or situations regarding companies or
industries covered. These reports are made available to interested clients of Close Brothers Equity Markets SA on a request basis. They often contain only partial information in very brief, often in
outline form. Their purpose is to provide rapid information and preliminary evaluations of such events or situations which may very rapidly be changed as a result of subsequent additional information
and analysis. Please contact your account executive or the analyst for additional detail.
&ORVH%URWKHUV(TXLW\0DUNHWV, 42 rue Washington, Immeuble Friedland, 75408 Paris cedex 08, France
Page 2 of 2