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Strategies & Market Trends : Subsidiary/Venture Capital Value Plays
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To: RavBruce who wrote (11)12/16/1999 11:26:00 PM
From: RavBruce  Read Replies (1) of 17
 
Here is another play quoted from IFC:
Currently, one of Tom's favorite selections is Dixons Group. It is primarily an international retailing group based in the UK. The company mainly sells high-tech electronics, communications equipment and computer products and is similar to Tandy Corp's RadioShack. "Dixon's has solid fundamentals, including a positive cycle for consumer electronics, which is very favorable, "says Melly.

He calculates that the market capitalization of Freeserve is about 60 percent of the capitalization of Dixon's

Tom notes that Dixon's has a "great Internet kicker." It owns 80 percent of Freeserve, the largest Internet service provider in the UK and offers free Internet access. The market capitalization of Freeserve is over $7 billion. "They have about one third of the market share for Internet users in the UK and they did it all in one year...Freeserve has around 1.5 million users and was one of the first to offer free, and is the dominant player in the UK... They have a strong business model and believe it will continue to grow." k;

Melly figures Dixon's will earn about $2 for fiscal year ending in April of 2000 and $2.30 in fiscal 2001. He calculates that the market capitalization of Freeserve is about 60 percent of the capitalization of Dixon's. He believes the shares of Dixon's will move higher and eventually reflect the value of Freeserve.
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