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Technology Stocks : Audio and Radio on the Internet- NAVR
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To: Rajiv who wrote (11093)3/10/1999 10:57:00 PM
From: katmando  Read Replies (4) of 27722
 
Here's my take:

1. NAVR 10Q/A dtd 2.16.99 says 7 Mil Com Stk issued in Bal Sheet. Also, it has a stray statement which says 12.2 Mil as of 7.31.98. I have yet to see anything about 23 Mil shs here or in Annual Report. Pls enlighten me???

2. NETR Com Stk (Actual) @ IPO. NAVR owns 5.04 Mil shs. VVTV owns .8825 Mil shs. NETR owns .9395 shs in Stk Options @ IPO; NETR will Offer 2 Mil shs (estimated) @ IPO. Total = 8.862 Mil shs.

I don't count Pro Forma for VVTV because it is restricted for 1 yr after IPO. I see where your numbers come from when you add it in.

3. Arithmetic: If Star Tribune articles says VVTV's piece is worth $ 70 Mil, then, by ratio analysis based on shs above:
a. NAVR owns $400 Mil.
b. VVTV owns $70 Mil according to Star Tribune.
c. NETR owns $77 Mil for Stock Options.
d. NETR owns $154 Mil at Offering (estimate).
e. Total NETR Valuation = $ 701 Mil.

4. NAVR's bounce @ IPO based on its piece of NETR valuation:
a. If NAVR's Float is 23 Mil...$400 Mil / 23 Mil shs = $ 17
b. If NAVR's Float is 12.2 Mil...$400 Mil / 12.2 Mil shs = $ 33
c. If NAVR's Float is 7 Mil...$400 Mil / 7 Mil shs = $ 57

5. I like 4-c above because the denominator comes out of the Balance Sheet.

6. I don't like the NETR tot valuation of $701 Mil but I didn't make up the number $ 70 Mil for VVTV's piece in the Star Tribune.

7. It's nice to have the analyst's number from the Star Tribune but we really don't know much about it.

8. Thoughts pls.

Kat
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