Subsidiary/Venture Capital Value Plays Message Board

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Strategies & Market Trends : Subsidiary/Venture Capital Value Plays

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To: RavBruce who wrote (4)	12/5/1999 11:38:00 PM
From: RavBruce	Read Replies (1) of 17

I found another possibility. IDTC a phone company that own a huge chunk of Net2Phone. Here is a passage from the IFC newsletter: IDT owns 57 percent of Net2Phone (NTOP), an Internet telephony company, allowing customers to make low-cost calls using their personal computers or telephones. Efron explains that NTOP has 48.5 million shares outstanding, of which 27.65 million IDT controls. IDT has 35 million shares outstanding. So, in essence, each share of IDT owns .79 shares of NTOP. "With NTOP trading at $50 a share, that translates into about $40 of value, each share of IDT has embedded into of NTOP stock. Yet, IDT is selling at just over $20 per share... It's very bizarre!" Eric figures that IDT alone is worth at least $15 a share, not including any valuation applied from NTOP. He thinks IDT's stock should be trading considerably higher, in the $45 to $50 range, when factoring in the value of NTOP. I am now interested in starting to disect these possibilities and figure out how to play them as a long-term value investor. If anyone thinks of short-term plays, lets here them as well. Just label the type of play.

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