Williams Companies, Inc. (WMB) Message Board

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Non-Tech : Williams Companies, Inc. (WMB)

WMB 59.03

+2.0%

9:30 AM EST

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To: Raymond Clutts who wrote (161)	1/4/2000 1:29:00 PM
From: Andre Daedone	Read Replies (1) of 271

Here is the take from the pages of the S&P 500 based on a stock price of 30 1/2. "Stripping out the value of WMB's stake in WCG (worth $11.5 billion based on WCG's recent stock price) from WMB's market capitalization, the energy business is worth $4.4 billion. At $10 a share, the market is valuing the company's energy activities at less than 10X our EPS estimate for those operations ($1.10). Compared with energy companies, which trade at about 15X estimated EPS, the stock appears undervalued. However, we remain neutral on the shares, as investors may be willing to pay a higher premium for a direct position in WCG than through the parent company, due to the market's affinity for technology firms. Thus, WMB's interest in the communications company may be worth less than its market value, which, in turn, boosts the valuation of WMB's energy operations". I bought in today @ 29 1/2. Andr‚

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