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Subscriber Values
As the market remained roughly unchanged in the month ending January 15, 2002, ISP stocks were roughly unchanged as well, as the restructuring of Motient appeared to cause little concern as subscribers were not affected.
| [January 17, 2002] |
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Subscriber values were largely unchanged as the market remained roughly flat over the past month ending January 15 (Dow 10,000, Nasdaq 2,000, and S&P 1150). Although there have been many mergers and acquisitions in the ISP space recently, they did not affect the stock value of companies we follow. One exception was Motient, which filed for Chapter 11 bankruptcy but expects its business to continue without interruption and expects to exit bankruptcy quite soon, perhaps even within a month.
Values reflect market close on January 15, 2002.
|
ISP Subscriber Value:
$888 |
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|
Stock Symbol |
ISP |
Value per subscriber |
Market Cap |
Number of subscribers |
|---|---|---|---|---|
|
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|
[AOL] |
AOL |
$3,864 |
$132,932 |
34,400,000 |
|
[ELNK] |
Earthlink |
$353 |
$1,730 |
4,900,000 |
|
[UNTD] |
United Online |
$164 |
$205 |
1,250,000 |
|
[LOAX] |
Log On America |
$30 |
$0.9 |
30,000 |
|
[GEEK] |
Internet America |
$30 |
$4.5 |
148,000 |
|
AOL subscriber
numbers include RoadRunner and CompuServe. Juno and NetZero have merged into United Online. We report only paying subscribers for the merged company. Prodigy has been bought out by SBC. EarthLink
includes 172,000 webhosting accounts in its subscriber numbers. ISP subscriber values without AOL would average $144 per subscriber.
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Cable ISP Subscriber Value: $324 |
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Stock Symbol |
ISP |
Value per subscriber |
Market Cap |
Number of subscribers |
|
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|
[RCNC]
|
RCN
|
$482
|
$236
|
489,291
|
|
[HSAC] |
High Speed Access |
$165 |
$33 |
200,000 |
|
RCN subscriber numbers include subscribers to the StarPower joint venture (a joint venture with Pepco Communications, L.L.C., a utility's subsidiary). RCN's subscriber totals dropped, and only 104,359 of the total are high-speed—the rest are dialup customers—but the broadband business increased from 90,225 subscribers in the previous quarter. RCN's retired a significant amount of debt. High Speed Access reported a dramatic increase in subscribers, but is selling 95 percent of its infrastrcture to cable company Charter Communications.
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Mobile Wireless ISP Subscriber Value: $950 |
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|
Stock Symbol |
ISP |
Value per subscriber |
Market Cap |
Number of subscribers |
|
|
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|
[GOAM] |
GoAmerica |
$950 |
$103 |
108,446 |
GoAmerica continued to do well on various positive news items including a deal with IBM Global Services.
Motient filed for Chapter 11, and will be added back to the chart when restructuring ends, which should be soon.
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