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Strategies & Market Trends : Value Investing

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To: TimbaBear who wrote (12091)	2/22/2001 3:11:10 PM
From: Mark Adams	Read Replies (3) of 78465

Looked into CEGE and IDTC a bit further. CEGE: Actual cash is about $7.33/share based on recent 10Q. Value of remaining holding in Abgenix works out to be about $7.65. Abgenix holds about $6.67 in cash, and trades at $29. If Abenix were to trade near cash on hand, that would reduce the value of CEGEs stake to about $1.75/share. $9 would make a near net cash entry point with both companies running at a modest burn rate. I need to look more carefully at recent results to verify the burn rate hasn't been colored by gains on investments or subject to an upturn in research and clinic studies costs. IDTC: The value of it's remaining interest in NTOP is minimal compared to actual cash. Reported Cash is $30.47 of which $2.77 of that is holdings in NTOP. NTOP also has about $4 of cash, trading $10. This leaves IDTC with north of $27/share actual cash, while trading at roughly $21. I don't get it. Mgmt is so bad that the deserve this kind of negative premium? All in all, I'd say thus far IDTC wins hands down. I need a short to show me what I'm overlooking.

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