Sorry, Armin. I have no clue what the value of NTOP should be? However, what I do know is that NTOP, as w/ most other 2nd-tier internet stock, is overvalued. Remember that the estimation of the total availabe market (TAM) is 1.0 billion in 2002! That's almost 30 months from now! Of course, when estimates are that far out into the future, the actual figures could be dramatically different (to the up or downside). Who knows? Maybe the market is worth 10 billion in 2002 instead of the 1 billion estimated. The problem is that internet telephony is in its nascent stage and it's impossible to value something that has little market awareness.
However, IMHO, if you're interested in soley an asset play, I would stick to your ALSC pick as it has a lot of "hard" assets. Hey, it's worked very well for you so far judging from its market price. I just don't think that IDTC passes the margin of safety test. As you know, internet issues can trade at almost any value exactly because of the uncertainties regarding their future. |
