Pardon my intrusion:
1. You seem like one who likes to crunch numbers which is what I have done every day for a few days with the S-1. That document contains a good deal of info.
2. If you'll review my posts, you'll see my conclusions. Still, I'm uncertain about a lot of things.
3. To summarize:
a. Today, I was very interested in the $70 Mil valuation on VVTV's ownership of NETR. Though, I don't know what it means precisely because the S-1 says NAVR presently owns ALL of NETR's shares today. That's meaningless too because at the IPO NETR will be issuing shares, diluting ownership in a way I can't figure out today.
b. The S-1 says that VVTV owns 882,500 of NAVR's issued shares of 5,922,500 (Actual). That's 15 percent. Janet Moore's article in the Star Tribune says that that 15 percent is worth $70 Mil to VVTV. By extension, NETR is then worth nearly $470 Mil.
c. To me, this says, at the Offering (ie IPO date), NAVR should reap a valuation bounce from NETR (NAVR's piece worth $400 Mil at least). If NAVR is trading at $15, then the IPO is worth at least an addl $25.
d. My modeling says NETR will go to $39 and NAVR will climb to at least $75 because of recent IPOs (HYWY for NETR; MALL and BDCC for NAVR). There's a lot more to those trendlines but that's enough.
e. Calculating the number of NAVR shares (Actual and Pro Forma) is a chore we will not go into here.
4. What's it mean? What everybody already knows.
See ya,
Kat
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