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Strategies & Market Trends : Z Best Place to Talk Stocks

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To: American Spirit who wrote (38532)	2/16/2002 7:26:30 AM
From: Joe Stocks	Read Replies (1) of 53068

>>Janus finished dumping AOL more than a week ago and ended up selling at the bottom. << If Janus was selling it would put downward pressure on the stock. However, why do you think it is a bottom. IMO AOL has significant problems ahead of it with it's debt as compared to it's growth rate. Also they need to come up with substantial cash to buy out Bertelsman( I know I blew the spelling on that)Europe interest. AOL sells for more than 3X sales. It probably is worth more like 1.5 to 2 times sales and a real value would be closer to 1 times or a price closer to $10. Don't be impressed with their debt to equity ratio. AOL carries $128 bil in goodwill and intangibles and and billions more in other intangibles such as brands and trademarks plus copyrights. I think AOL could easily hit low twenties to high teens by summer. I do not think this is a suitable long term holding. I have a sell rating on the stock. Joe

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