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Technology Stocks : UCOMA UnitedGlobalCom

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To: Jetter who wrote (1)	1/27/1999 3:20:00 PM
From: Mad2	Read Replies (1) of 489

In valuing UIHIA you need to consider that (comes of YAHOO site) that they have a neg book value per share of -27. With 30.7 mil shares outstanding UIHIA has a neg book of 828.9 mil. when you subtract this from their anticipated value of the 77mil share of UPC at a average of 29.54 (ie 2,275 mil), you get 1,447mil. Divided by 30.7 mil shares puts the book value of UIHIA at the average offering of UPC at 47.13/share. This was a quickie and any valuation off Yahoo numbers can be innacurate however this points to the current price of UIHIA of $50 to be the anticipated offering of UPC. That said, stocks don't trade at book, at least those with potential and with COX going at 5X book, ATHM at 61X book and the recognition that cable is going to be the prefered (where available) and growing way to get I-net services to homes and business, not to mention telephone, video and who knows what else UIHIA is a interesting play. The fact that microsoft is dropping 300mil into UPC (and they're used to 25% returns on equity) suggests some upside potential.

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