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Technology Stocks : Digital Island,Inc - (Nasdaq- ISLD)
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To: Techplayer who wrote (1572)4/6/2000 11:50:00 AM
From: Ben Wa  Read Replies (1) of 1884
 
from MLCO - uses 13% discount rate, terminal multiple in 2010 = 15x ebitda, and a 15% pvt to public discount - bizarre since the company is public. Would have been nice if in the merrill report they did a sensitivity analysis with varying discount rates, but it might be scary to see what prices they came up with with say, 14 or 15% discount rates. Of note is also the fact that acc to MLCO report of March 21, you have to wait till 2005 for ISLD to become profitable. Given that in the Weisel report of 3/21,they claim they will need to raise more equity, they still don't use much of a higher share count in 2002 vs. 2001 - 67.95 mill shares vs. 67.15 primary in 2001, and only 69.55 million shs in 2003. If they were going to sell a couple million shares in 2002, as the report states, the share count on a primary AND diluted basis should be higher than they use in the MLCO model.
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