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Non-Tech : MBTI to a new horizon

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To: Nav Toor who wrote (56)	1/3/1999 9:18:00 AM
From: Mathew MacIver	of 76

The only thing I would add is that horsenet.com and first year auction operations in the Agrimall will probably add another .25/share net, looking at the business plan. Apply the PE of your choice and you're in a legitimate value based 20-30 range without the internet effect. The other things that appeal to me in the business plan are the resemblance to the real estate multilisting model, the fact that brokers (many already onboard, operational and now trained in the new system) are included in the plan to mediate the "free for all", caveat-emptor edge to the Ebays of the world, and the high cost of the goods listed/auctioned. No competition helps too. The only downsides I can see are 1) geographic/transport cost constraints on the expansion of local markets for lower cost items, 2) the unsophisticated design of the site (ie, do they have it all together on the technical side.....). The latter concern is somewhat obviated by their seemingly successful development of graphic compression technology. The business plan also doesn't have the polish that one is used to, although it is much more well thought and laid out than many I've seen. In the end, I prefer solid ideas and numbers to polish and style.

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