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Artnet AG Analysis Result
BERLIN, September 29 /PRNewswire/ -- BUY - Current price target EUR 12.00 In the first half of 2008, artnet grew by 25% on a US dollar basis. Translated into euros, the company's reporting currency, the growth rate fell to 8.5%, however. This has prompted us to revise our 2008 forecast for revenue growth measured in euros to 9% excluding revenue from online auctions and 12% including online auctions. artnet online auctions has demonstrated its efficiency. The platform is being well received by the art market, with commission income of EUR 62 thousand generated in the second quarter alone. June and July saw a surge in consignments and revenues. We are therefore maintaining our projection of commission income from online auctions of EUR 323 thousand in 2008. Once the platform is out of Beta, the product will be publicized to a wider audience through a marketing campaign. We expect online auctions to become established as an art auction platform... Analyst: Marcus Sühling, Date of publication: August 28, 2008, Editorial deadline: August 20, 2008 Legal note The legal note as well as publications according to section34b WpHG and FinAnV regarding the companies analysed in this report are published at the internet address http://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. Copyright. 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. Marcus Sühling SIGNUM RESEARCH GmbH Postfach 11 07 13 40507 Düsseldorf GERMANY Phone: +49-(0)211-6504980, Email: info@signum-research.com http://www.Signum-Research.com
