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Technology Stocks : Big Flower Holdings(BGF)-The next CMGI?
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To: Glenn Petersen who wrote (17)3/21/1999 6:33:00 PM
From: .com  Read Replies (2) of 66
 
Good work Glenn. It seems like we are both looking through the same sources (SEC documents) to verify these Internet holding claims and we both are looking at the impact per share that each issue will have on BGF's intrinsic value.

I think your conclusion that, under a best case scenario (ie, BGF actually owning 100% of the shares in each of these Internet companies that some people claim) that the collective per share impact is maybe $2. But, one has to keep in mind that their share price is up alot more than $2 since the WorldGate and Miningco.com IPOs were announced, so the price may already be built in. Plus, I seriously doubt that they will own/control 100% of the shares that their capital investment group owns. My guess, and it is only a guess, is that they own a portion (maybe even a majority interest) of XL Capital. But, since it is not even mentioned in their annual or quarterly reports I doubt that they own 100% of it.

Now, BGF still may be worth owning for their advertising and junk mail business. Obviously, the analysts seem to like this company. But, I would look at purchasing it for their core business alone and not the backdoor Internet plays. (BTW, the Bear Stearns report that I read had a $32 price target.)

Again, good work Glenn.
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