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Strategies & Market Trends : Value Investing
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To: Allen Furlan who wrote (9784)1/29/2000 6:53:00 PM
From: Allen Furlan  Read Replies (1) of 78748
 
Help!! How would those of you with good accounting skills attack the problem of evaluating inacom(ico).
1) 8K on Edgar has section on adjustment of 360 million CPQ cash offer, but possible impact is hard for me to determine. ICO cannot use goodwill or intangibles to establish asset value. Since most of their shareholder equity is goodwill(316 out of 441 million) I do not see how they are going to justify the asset sale at the full 360 million.
2)In any case if the 360 million is any where near the amount which will be realized this 230 million market cap company should come out of the proposed deal with a pretty pristine balance sheet since most of the vanstar acquisition of goodwill should disappear. Is that right?
3. Remaining company will have the assets relative to service niche which got everyone excited about company last year.
4) Hooray, the board dumped Fairfield, the CEO who couldn't stand the street evaluating his company at only 15 dollars last year. The new management seems intent on redirecting the company into service niche.
5)Shouldnt we be willing to pay more than 4 7/8 for a company which will benefit from close tie with cpq and which will probably have p/b less than 1 and which also is in an excellent market niche.
Looks like an contrarian play to me because I am missing something that the smart money sees.
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