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Technology Stocks : TouchStone S/W (TSSW)

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To: robbie_nw who wrote (3209)	3/26/2000 12:54:00 PM
From: David Alan Cook	Read Replies (1) of 3627

ahhto2, It is not calculated into the model at the same ratio that cash is calculated in the model. See page 4 of the report. Razo used the value of the software business not the value of cash received from the sale of the software business. He valued the B2B at $5 and the software Business at $2 to arrive at his target of $7. If you use the same value that he used for CASH that will be used for investment in B2B Companies ( Ie the 3.1 Million) and add the 9 million for the sale of eSupport with PTEK Investment of 2.5 M, you will have 12.1 Million in cash. Now calculate the NAV of just the B2B business and do not include any valuation for the software business and you will be able to see the difference. I will post my numbers shortly using: 1)No NAV Premium, 2)No NAV Premium but receiving the same rate of return for reinvesting the NAV one time at the same rate of return the company has received on its first two investments 3)The NAV at the Low End Of the Ratio Used (3 times) from The Razo Report 4)The NAV at the High End of the Ratio Used (8 times) from the Razo Report 5)The NAV Used in the Razo Report ( 5 Times ) Adjusted for the increase in cash to be received from the sale of eSupport.com DC

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