Anthony @ Equity Investigations, Dear Anthony, Message Board

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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony,

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To: Anthony@Pacific who wrote (61747)	10/30/2000 5:48:07 PM
From: M. Frank Greiffenstein	Read Replies (1) of 122087

HOMS issue of 26 million more shares adds one billion to market cap. They are buying a company that has trailing 9 months sales of 41 million and major red ink. When you add 2 pigs together, do you get a silk purse? There's nothing wrong with a business that grows by adding flat fee subscribers and advertisers. That's what AOL does. The problem here is that there are a lot less real estate agents than there are potential AOL subscribers. Lets run some numbers. HOMS has 131,000 subs. 10% of CDTs 200K agents are HOMS subs, so that the remaining market is 180,000. Lets assume a perfect scenario where HOMS signs up every single Cendant agent for a total of 311,000 subs. With a sub rate of $450, that's $139,950,000 per year maximum from subs, if and only if every single agent in the country signs up for an annual subscription. HOMS would have to sell an awful lot of advertising to justify its current market cap over 4 billion (adjusted for new share ocunt at today's closing price). Doc Stone

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