Boenning & Scattergood Announces Investment Opinion on Internet Capital Group, Inc.WEST CONSHOHOCKEN, Pa. -- Boenning & Scattergood initiated coverage of Internet Capital Group, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ICGE) with a Market Outperform market outperform An analyst recommendation that a stock is expected to outperform the overall market. rating and a 12-month price target of $13. Internet Capital Group is a holding company that invests in and assists in the development of privately held on-demand software See SaaS. companies. Our investment thesis is based largely on three key factors: * ICGE is trading at a 30-35% discount to our $13 estimation of adjusted net asset value (NAV See navigation system and navigation bar. ), and its current stock price level values its private portfolio interests at a 50-55% discount to publicly traded on-demand valuation averages. * The underlying ownership portfolio is gaining value through improving operating performance, consolidation activity and new investment activity, which should drive adjusted NAV higher in the coming quarters. * The healthy IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. and particularly M&A climate is creating opportunities to realize value on solidly performing holdings and clean up underperforming holdings. Similar to portfolio performance, increasing deal velocity in the model is likely to drive adjusted NAV higher as well. About Boenning & Scattergood: Founded in 1914, Boenning & Scattergood, Inc. is the oldest independently owned investment securities firm in the Philadelphia region. The firm offers a full complement of investment services to institutional, retail and corporate clients, including research, sales, trading, investment banking and public finance. For more information, please visit www.boenninginc.com. This release is neither an offer to sell nor a solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual to buy any securities mentioned herein. Please refer to the full report, which is available upon request, for additional details and disclosures. |
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