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Non-Tech : PUCK Fla. Panthers, Wayne's Hat Trick
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To: jack rosenberg who wrote (4)1/24/1997 1:27:00 PM
From: Martin Lefebvre   of 31
 
Don't know what to think of this stock. PUCK has been going crazy since someone initiated coverage a few weeks ago with a buy rating (can't remember who, saw it on CNN). My problem is that the stock is laughably overvalued. At these prices ($30) the PANTHERS are valued at $240 million (including Wayne's 51% share). That makes them the most valuable team in the NHL, higher than both the DETROIT RED WINGS and NEW YORK RANGERS (who have a much more lucrative TV market).
Why is the price rocketing like it is when the value of the team is relative to other teams in the NHL; this would mean a share price in the low to high teens. At $50/share the value of the PANTHERS would be $350 million. Only NFL teams command such prices.
Also, the team right now is loosing money hand over fist. Although they will start generating profits when they move into their new building (payed for by the Florida taxpayers), the most profitable team in the NHL only brings in about $20-30 million in profits per year. Thus, I CAN'T SEE ANYTHING THAT ACCOUNTS FOR THE TEAM'S (PUCK) CURRENT VALUE.
ps. Sports teams (ie. CELTICS) have historically never performed as incredibly well on the market as the PANTHERS. Does anyone have an explanation for this?????????
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