With the exception of ELNK, which has already reported its second
quarter results, the following valuations are based on the 3/31/99
numbers. It is probably safe to assume that the valuations for the
other ISPs, including ONEM, are at least 10% less than the numbers
listed below:
Internal
Qtr to Qtr Percentage
Valuation per Market cap/ Subscriber Decline
Subscriber Sales Growth From High
BIZZ 3,134 9.31 11.31% 43.36%
ELNK 1,328 5.61 11.55% 44.03%
FLAS 1,748 11.65 10.49% 53.40%
GEEK 1,641 7.68 14.58% 69.16%
MSPG 2,389 13.18 9.81% 66.17%
ONEM (1) 1,515 7.70 11.77% 39.71%
PRGY (2) 2,030 10.66 16.04% 51.60%
VOYN 2,063 12.28 N/A 26.52%
(1) Adjusted for the acquisition of "The Grid."
(2) Excludes Prodigy Classic subscribers. Adjusted for acquisition of
150,000 Cable & Wireless subscribers (transaction expected to
close in fourth quarter)
The above analysis is based on a review of the most recent SEC filings
and the July 21, 1999 closing prices. |
