LoopNet: CSFB Damns With Faint Praise; We Concur
CSFB: LoopNet is well positioned to benefit from the shift of market activity in the commercial real estate space online. This shift should continue to drive LOOP shares higher, inline with the broader internet sector. With shares trading at 17.4x '07 EV/EBITDA, we are reiterating our neutral rating.
JJ: An MLS for commercial real estate seems like an interesting concept but valuation is somewhat high and the real estate market is not that attractive right now.
Loopnet is not a commercial MLS, there is no commercial MLS, yet. The National Association of Realtors (NAR) is pushing to get one started, but that is years away. Should Loopnet turn into a MLS for commercial real estate it would be huge, and would certainly push is past CoStar Group, their competitor.
As an agent in the business and I can speak for many agents on this, we use both CoStar and Loopnet. On the East Coast there are more agents using CoStar than Loopnet, but I believe Loopnet is quite strong out West.
Just think, Loopnet is a profitable company and has over $90 million cash.
Posted by: Jake Adler | April 27, 2007 at 01:46 PM
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