United Internet AG : Valuation of IONOS versus OVHcloud
>Lower sector valuation multiples since January - United Internet is planning an IPO for its webhosting business IONOS which represents ~30-35% of its valuation. ODDO BHF yesterday published a long report on one of the few European peers that can be used to value IONOS: OVHcloud (“Initiation at Underperform: grey clouds on the horizon”, Emmanuel Matot). OVHcloud is not a perfect peer (just 26% of revenues from webhosting) but still the closest in Europe for IONOS. Our...United Internet AG is a Germany-based Internet service provider (ISP) and holding company of the United Internet Group. The Company's products and technical services are divided into two key segments. The Access segment comprises narrowband, broadband and mobile access subscriptions, including the corresponding applications. The Applications segment includes such applications as home pages, e-shops, Personal Information Management applications, group work, online storage and office software. The Application segment also includes the operations of the Company's brands Sedo and affilinet, which serve customers performance-based advertising and sales possibilities. The Company's brand portfolio also includes GMX, WEB.DE, 1&1, united-domains, Fasthosts and InterNetX. In addition, the Company develops Internet based applications, such as cloud applications. The Company acts primarily via its wholly owned subsidiary 1&1 Internet AG, and Sedo Holding AG, in which it holds a majority stake.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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