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Jon-- As of last November (Fortune article), TCI owned 45% of @Home.
With 14 million subsribers, they have the lion's share of potential
customers. Lots of double dipping in this situation. Revenues are
being evenly split between @Home and the cable system... this is all
pretty good for TCOMA. Now, aside from my perception that TCOMA is
undervalued to begin with, a 45% stake in @Home is currently worth
about $500 million. If the shares of ATHM soar, say quadruple (?),
TCI's position would be worth $2 billion. AND: this doesn't even
reflect any of TCI's downstream revenue growth. One very big
question, though: what percentage of homes passed could be expected
to sign up for @Home? One, five, ten per cent? More, maybe? Can ya
see why I've stayed with much of my TCOMA stock, Jon? Regards, Paul |
