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Technology Stocks : Viador (VIAD) - Enterprise Portal
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To: Walter Morton who wrote (217)9/19/2000 9:09:18 AM
From: Carl R.  Read Replies (2) of 294
 
Hard to say. It could bring some attention to VIAD and cause increases in both. On the other hand the market seems ready to give PLUM a market cap of $500 million or so, which is about 3 times as high as VIAD. PLUM supposedly is going to try to raise $75 million, presumably for about 15% of the stock. If the IPO succeeds, and it probably will, they will have much more cash than VIAD, but it seems odd to give them a market cap 3 times as high as VIAD when VIAD seems to be in a position to dominate the sector.

I still think all of this is because VIAD IPOd a year too early. PLUM is IPOing at a much better time based on the status of the company, though the IPO market isn't as hot. I think if VIAD and PLUM were both coming to market at the same time, VIAD would have the higher market cap.

As a practical matter it may be a couple months before the PLUM IPO actually happens. During that time perhaps people looking at the sector will take a hard look at VIAD. If they do, I believe they will like what they see. The only drawbacks that VIAD have are their weak cash position, and their bogus bookkeeping where they have started capitalizing R&D expenses since the first of the year. I believe that the bogus bookkeeping has hurt the price significantly, by the way. It never helps to have people questioning the accuracy of their books. Probably the only way to fix it would be to have the CFO resign and to restate earnings for the last two quarters.

Carl
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