What about old Time Warner Message Board

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Technology Stocks : What about old Time Warner

TWX 98.77

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Jun 15 5:00 PM EST

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To: sixty2nds who wrote (67)	10/28/2005 10:36:25 AM
From: sixty2nds	Read Replies (1) of 102

06:48 Citigroup initiates DIS, VIA.B and TWX with Buys Citigroup initiates DIS ($30 tgt), VIA.B ($36 tgt) and TWX ($21 tgt) with Buys. For DIS, firm says that while investors have focused heavily on fundamental challenges facing media companies causing a decline in the stock, they believe robust EPS growth of 13%, solid FCF yield of 6%, and $6.4 bln of share buy back will prove to be the catalysts for the co's stock. For VIA.B, they say that given Viacom a meaningful conglomerate discount, they believe separating the co into a growth "Viacom" and value "CBS" will unlock value by attracting distinct investor segments. They believe that re-capitalization following the split should allow "Viacom" and "CBS" to collectively repurchase $6.2 bln of shares, reducing the float by 13%. For TWX they believe the co is undervalued, and outline one possible scenario involving four strategic steps that could help unlock value: 1) the co should separate AOL access from AOL.com; 2) believe AOL access; Publishing and Cable unit should be spun off; 3) they think mgmt should re-lever the respective businesses; and 4) with the cash proceeds, they believe the four new cos could buy back stock, lowering the equity float by 17%.

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