It is
interesting to see TMCS has not yet really responded similarly compared to
EBAY's rise (if memory serves me correctly, Robertson Stephens initial report on
EBAY implied a target price of $150/sh. when EBAY was also in the $60-$70/sh.
range). Perhaps DLJ's soon to be released report will light a spark?
Subject: Re: TMCS target of $145+
Date: Mon, Dec 28, 1998 23:26 EST
From: Cardsany1
Message-id: <19981228232637.00798.00003337@ng-fv1.aol.com>
Although BancBoston Robertson Stephens analyst Keith Benjamin did not
specifically set a target price in his report, he implies his target price for
Ticketmaster is 145+/sh. Benjamin's report is publicly available on the Internet (SI
has the full posting) and I quote his report:
"We believe the market opportunity, as measured by newspaper valuations
ranging from $4 billion to $20 billion, is large enough to justify the company's
market capitalization of over $4.5 billion. We estimate TMCS sites have
approximately 2.5 million users, implying a value of $1,800 per user. We
believe CitySearch could easily reach several million regular users, implying a
potential market capitalization measured in tens of billions based on value
per user of approximately $2,000."
$4.5 billion market cap / $65.50sh (Thurs. closing price) = 68,702,290 shs.
$10 billion market cap / 68.7MM shs. = $145.55/sh.
Remember, Benjamin's target market valuation for Ticketmaster is in the "tens of
billions".
Good luck to all
|
