Findwhat.com (FWHT): The Next Goto? Message Board

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Technology Stocks : Findwhat.com (FWHT): The Next Goto?

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To: chalu2 who started this subject	11/15/2001 12:14:29 PM
From: Ryan Bartholomew	Read Replies (2) of 28

Despite those who knocked me for saying that FWHT was highly undervalued a few months ago, it has now run up from 1.x to 6.x. I would be interested to hear others' opinions on why FWHT jumped and yet OVER dropped when Overture announced their Yahoo partnership. You would think the opposite would have happened. I am speculating that it might be because of the precise wording in the OVER/YHOO agreement that says that the relationship is only valid through April 02 and Yahoo will either renew or pursue their own in-house PPC listings at that juncture. I am thinking that FWHT has risen because they would be a perfect acquisition for Yahoo if they decide to go about it on their own. Large share blocks have been purchased since the agreement, so maybe others in the industry are seeing it the same way. Overture would be too expensive for Yahoo to buy, but Findwhat has superb software and a large customer base at a much more reasonable valuation. Yahoo could snap them up and save themselves the enormous task of building their in-house PPC system from the ground up. Other thoughts? I think FWHT will continue to move up to what I feel would be a fair valuation of $10-$15 per share over the next several months. EPS for 2002 will probably be around 50 cents, so if you assign a PE of 20 or 30 (quite modest considering its double digit growth) it would justify a share price of $10-$15.

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