Market Valuations (eBanking, financial/transaction processing companies with >$15 million market capitalization)

Share

Market

Enterprise

T12M

2001e

2002e

Revenue

EV/ '02Rev /

Cash

Price

Cap.

Value

Net Inc.

Sales

Sales

Growth

Rev Growth

Company

Ticker

(mm)

9/25/01

(mm)

(mm)

(mm)

(mm)

(mm)

Rate

Rate

CheckFree

CKFR

$180

$17.95

$1,648

$1,649

($363)

$431

$542

26%

11.9x

S-1

SONE

$141

$8.25

$636

$759

($1,085)

$276

$340

23%

9.6x

Corillian

CORI

$26

$1.98

$85

$66

($35)

$63

$93

48%

1.5x

Digital Insight

DGIN

$57

$13.36

$479

$430

($64)

$98

$142

46%

6.7x

BillServ

BLLS

$7

$0.88

$25

$18

($1)

$4

$6

50%

6.1x

InteliData

INTD

$17

$3.10

$143

$126

($27)

$19

$33

81%

4.7x

Source: Bloomberg, IBES, Company Reports, and Stonegate estimates as of 9/25/01

First Data Corp

FDC

$880

$57.95

$23,197

$24,609

$939

$6301

$6990

11%

32.2x

Fiserv

FISV

$78

$32.97

$6,307

$6,748

$186

$2022

9%

37.3x

Average of these companies which are high growth and becoming profitable:

38%

7.1x

$1856

Average of these companies which are profitable, but lacking the growth potential:

10%

34.8x

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