Williams Communications Group - WCG Message Board

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Technology Stocks : Williams Communications Group - WCG

WCG 349.92

+1.4%

Jan 23 4:00 PM EST

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To: MangoBoy who wrote (238)	12/16/1999 3:27:00 PM
From: Bernard Levy	Read Replies (2) of 609

Hello Mark: What is your reasoning for being in WCG rather than WMB? At current prices for WMB ($29) and WCG ($26 3/4), and assuming 0.85 share of WCG is contained in each share of WMB, one gets $22 1/2 of WCG for WMB share, which means we get the energy company for only $6 1/2. A fund manager interviewed in Barron's 3 weeks ago was putting a value if $16-17/sh on the energy company (assuming earnings of $1/sh). Actually, he was creating a synthetic ``energy only Williams' by going long WMB and shorting about 0.85 WCG for each WMB. It seems to me WMB is a great double play on telecom and a recovery of natural gas prices. Best regards, Bernard Levy

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