Updated data on Digital River/TSQD based on annual
meeting proxy filed by TSQD on 4/30/98
==================================================
First section is Digital River only (no TSQD)...
Est. Quarterly
Data Mar 98
==============
Sales $3,000,000
** Shares out (est) 20,869,565
Sales/Share $.14375
Sales/Share*4 $.575 (annualizing quarterly sales)
Est value per Digital River Share
@ X times annual Sales:
X = 5 $2.875
X = 10 $5.75
X = 25 $14.375
Total Digital River Mkt
Cap (000) at Price-to-sales =
X = 5 $60,000
X = 10 $120,000
X = 25 $300,000
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Following section is TSQD....
TSQD Holdings Value @ 23%of Total
X = 5 $13,800
X = 10 $27,600
X = 25 $69,000
(Joel Ronning owns 54% of TSQD, FWIW)
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Value Per TSQD Share @
10,981,513 shares outstanding:
X = 5 $1.26
X = 10 $2.51
X = 25 $6.28
Notes:
1. ** Backed into outstanding Digital River shares
based on TSQD option of 4,800,000 shares representing
23% of Digital River outstanding stock.
2. Number of shares outstanding at TSQD rose from
10,374,870 in prior estimate to 10,981,513 here.
3. Digital River quarterly sales estimate of $3 million
based on comment in Minneapolis Business Journal article
indicating sales are running just under $1 million per month.
==============================================
Brian |
