Today we published a short 4 page note looking at Limelight Networks, scheduled to price this Thursday at the high end of their $10-12 range or better.
SUMMARY: Limelight Networks (LLNW) is a rapidly growing player in the very hot segment of content-delivery networks. Investors are already familiar with the space thanks to the stellar success of Akamai (AKAM – $44.) Limelight products and services have a few extra bells and whistles owing to its more recent start but are largely similar to those already available. We expect competition to come from many places, and the company is facing a lawsuit from Akamai. We have incorporated royalty payments in our long-term valuation model (LTV), which suggests a current fair price for LLNW shares of $20.
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