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Investor Insights Report

Company Report

eUniverse, Inc. (NASDAQ: EUNI) Six Month Target Price: $13.18

  FY 03/00 FY 03/01 FY 03/02* FY 03/03*
Revenue (millions) $1.8 $15.7 $33.2 $52.6
Earnings per share (diluted)* ($0.42) ($1.50)** $0.18 $0.40

52-Week Range $1.031 - $8.50   Fiscal Year End March 31
Shares Outst. (fully diluted) 30.0 million   Revenue/Share (TTM) $1.03
Approx. Float 18.0 million   Price/Sales (TTM) 5.5X
Insider Holdings 40%   Price/Sales (2003) 3.7X

A Few Reasons to Consider EUNI:
  • Nielsen/NetRatings ranked the Company number 6 among the 10 most visited Web sites in the world, right behind MSN, Yahoo, and AOL
  • Fiscal year Q3 ending Dec. 31, 2001, revenue topped $10 Million Mark for the First Time. Net Profit Increased 131% sequentially to $2.0 Million. Higher Net Income than Yahoo!
  • Fiscal year ending March 31, 2001 revenue is estimated to be $33 Million with $5.4 Million in Net Income or $0.18 per share. Several Wall Street firms follow EUNI and estimates for fiscal year 2003 are $52.0 Million in revenue and an EPS of $0.40
  • EUNI entered into a strategic agreement with AT&T that is expected to reduce costs and facilitate network expansion
  • Late last year, 550 Digital Media Ventures, a Sony Corp. company, took a $17 million equity stake in eUniverse

    About eUniverse, Inc.
    EUNI operates a network of entertainment-related Websites focused on diversionary content and community offerings. EUNI's network of Websites ( consists of diversion-oriented content and community properties revolving around two main themes: family and entertainment. EUNI has also developed a proprietary email content delivery system ( that is among the largest of its type on the Internet, reaching over 25 million subscribers per day and delivering over 700 million emails per month.

    People visit EUNI's sites for animated content, newsletters, online greeting cards, streaming media, and gaming information. For its advertising partners, EUNI offers sponsorship, branding and direct marketing opportunities. With its knowledge of when, where and how EUNI reaches its audience, eUniverse provides a rich environment to deliver information, foster long-term relationships and enable transactions online. EUNI works with its partner-advertisers to understand their goals for their media campaign. Then, based on performance history, EUNI chooses the most relevant, persuasive and efficient contact opportunities in its network to convey their message. EUNI constantly tests and reevaluates the media placement and creative content within its network, working with its partners to achieve the desired result.

    Valuation and Conclusion
    In our opinion, there are 2 ways to value EUNI, one a multiple of earnings, and two a multiple of revenues. According to Multex, EUNIís peer group trades in the marketplace at 32.95 times earnings (for those few companies that earn money). Based on $0.40 per share in earnings for the upcoming fiscal year (beginning next month), this would equate to a stock price of $13.18 per share.

    If we look to value EUNI on a multiple of revenues, then we should look no further than Yahoo. Unlike Yahoo, EUNI is growing in just about all aspects of their business, the only difference for the most part is, Wall Street has not heard of EUNI. If EUNI were to trade today in the marketplace, at the same multiple of revenues as Yahoo (which is 8 times), then based on analysts forecastís of $52.8 Million in revenues for the upcoming fiscal year, this would equate to a stock price of $14.08 per share.

    With the continued positive outlook in EUNIís revenue and earnings growth, we believe that EUNI is a compelling and undervalued investment opportunity for risk oriented investors. We believe, as Wall Street catches on to the EUNI story, this could have positive effect to EUNIís share price.

    * and ** denote estimates.

    ******* Important Notice and Disclaimer: Please Read *******

    Investor Insights (II) publishes reports providing information on selected companies that II believes has investment potential. II is not a registered investment advisor or broker-dealer. This report is provided as an information service only,and the statements and opinions in this report should not be construed as an offer or solicitation to buy or sell any security. II accepts no liability for any loss arising from an investor's reliance on or use of this report. An investment in EUNI is considered to be highly speculative and should not be considered unless a person can afford a complete loss of investment. II has not been hired by eUniverse to do this profile and did not receive any compensation, of any kind, from or on behalf of eUniverse (EUNI) for this profile. II and/or its affiliates or agents have not discussed this profile with the management of EUNI. Subsequently II may buy or sell shares of EUNI stock in the open market. This report contains forward-looking statements, which involve risks, and uncertainties that may cause actual results to differ materially from those set forth in the forward-looking statements. For further details concerning these risks and uncertainties, see the SEC filings of EUNI including the company's most recent annual and quarterly reports.

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