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Non-Tech : TD Waterhouse Group (TWE)
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To: edwin mok who wrote (227)6/22/1999 4:52:00 PM
From: Philip Tung  Read Replies (1) of 1413
 
I wouldn't be surprised to see 10 billion as their market cap either, I am only trying to point out that this stock is not going to go ballistic in the first day of trading or even in the short term because the offering price is already at such a high cap. Stock will probably open much higher than offering price but not much more appreciation after that for a while. While you note that online trading accounts for only 25% of their business, I remind you that the market is only willing to accept such high valuations because of the online portion of their business. In 1998, based on just 333 million shares, they only made 15 cents, if you look around, most traditional brokers without online capabilities trade at best a high PE of 20, that means this stock wouldn't even make it in double digits if it wasn't for their online trading business
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