USAI, 61% stake in Ticketmaster Online-CitySearch IPO Message Board

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Technology Stocks : USAI, 61% stake in Ticketmaster Online-CitySearch IPO

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To: Ken Turetzky who wrote (361)	2/1/1999 5:18:00 PM
From: j_b	Read Replies (1) of 391

<< I think the stock price has appreciated because it's long overdue. USAI should have reached $45 a long time ago.>> What methodology are you using for your valuation? According to quote.com, USAI has a trailing PE of over 200. With most of their revenue coming from Home Shopping Network (which is definitely not growing quickly), and carrying money losers from the internet sector (Ticketmaster and Internet Shopping Network), I don't expect to see earnings rise much for a couple of years. Granted, the networks they own (USA and SciFi) are good properties, but even with those, I can't justify that kind of valuation. When the management proves they can work the internet and transition away from too much reliance on TV revenues, I might buy in. However, I am open to a discussion aimed at convincing me I'm wrong. I'd like to believe in this company, but the price seems a little rich.

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