SIGNUM-RESEARCH GMBH
Artnet AG Research Analysis result BUY
SIGNUM-RESEARCH GMBH / Miscellaneous Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Company: Artnet AG, Berlin ISIN: DE0006909500 Financial analysis: Initial study based on Artnet´s 2007 Q3 report Price target: EUR 11,25 Analysis result: BUY Artnet is the world's leading provider of information on the art market. Artnet’s Web-based service provides information to participants in the art market. Its two best known services are its database of auction prices – with illustrations for each work of art – and its gallery network. The price database can be used as a basis to value works of art. The gallery network is a marketing tool for galleries, allowing them to display the works of art they are offering for sale on Artnet's Web site. Artnet's network of galleries provides a representative, market-wide offering of works of art by over 20.000 artists. Art collectors use the network to find work by the artist in whom they are interested, and can value the artwork based on the prices reached at auction for comparable work using Artnet’s price database. The art market is a high-growth market with a long-term horizon, presenting enormous potential for growth for Artnet. Artnet is a prime mover and has created the Internet-based art market. It now leads the market, enjoying double-digit growth rates since mid-2004. Artnet holds a hegemonic position in the market because of the benefits its network offers to Internet-based companies. It continually adds new services to the existing ones. Artnet launched Internet auctions at the end of February. Artnet is organizing these auctions on its own platform. This project has incurred substantial start-up costs in 2007 and 2008. However, we believe that the requisite conditions for success (awareness, market requirements, cost advantage, first mover advantage) have been established. We believe that earnings will increase dynamically in 2008, and project continued growth at approximately 25% per year based on the existing services, irrespective of the success or failure of the Internet art auctions. EPS are forecast to total EUR 0.45 in 2008, and we have determined that the P/E ratio of 25 is fair. As a result, the current price target for Artnet's shares is EUR 11.25 over a 12-month period. You can download the entire study at: www.signum-research.com Legal note The legal note as well as publications according to §34b WpHG and FinAnV regarding the companies analysed in this report are publicated at the internet adress www.signum-research.com / Disclaimer. The legal note is part of this financial analysis and should certainly be taken into account when making decisions based on this analysis or initiated by it. Copy right This analysis including all of its parts is protected by copyright. Any use outside the boundaries of the copyright act is not permitted without our written permission, and may be penalized. This applies in particular to duplications, translations, microfilming, storage and processing in electronic media for the entire contents or parts thereof. Contact for inquiries: SIGNUM RESEARCH GmbH Postfach 11 07 13 40507 Düsseldorf GERMANY www.Signum-Research.com SIGNUM RESEARCH GmbH Postfach 11 07 13 40507 Düsseldorf GERMANY 14.03.2008 Financial News transmitted by DGAP ----------------------------------------------------------------------
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