Cents and Sensibility - Kimberly and Friends' Consortium Message Board

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Strategies & Market Trends : Cents and Sensibility - Kimberly and Friends' Consortium

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To: Kimberly Lee who wrote (491)	3/28/1999 11:32:00 AM
From: kathyh	Read Replies (4) of 108040

Kimberly, I agree, this is one I haven't been keeping a very close watch on, have held since 5 1/2...and it surprised me at the end of the day on Friday to see it up on volume and price, not a peep out of them so someone may know something we don't!! I will be watching closely Monday... (HCOM) On another topic...I am a bit confused by Steve Harmon's analysis of ONEM that was in the newsletter you just posted... based on Glenn Peterson's calculations, ONEM is undervalued compared to MSPG and ELNK $$/ subscriber based valuations. I am not sure what Harmon is trying to say... that ONEM should have a lower per subscriber value because it is 1/3 the size? That doesn't really make sense to me since a $/subscriber valuation is done to compare apples to apples, and should already take into account the difference in # of subscribers... in addition, the numbers Glenn and probably Steve used in their valuations are based on 12/31/98 subscribers; since # has grown 20% per Q for the last 8 Q's, it is probably safe to say that 3/31/99 figures will be much lower on a $$ per subscriber basis... closer to $1167/subsciber at offering price of $22.00, or $1697/subscriber at Friday's close of $32. I would like to hear your thoughts on this...can you tell I have decided to hold on to my ONEM <ggg>? Kathy Message 8561489 OneMain (NASDAQ:ONEM) as a rural ISP trading at $2,200 per subscriber. That's on par with rival ISPs Earthlink (NASDAQ:ELNK) and Mindspring (NASDAQ:MSPG), despite the fact that these two have three times the subscribers. OneMain sold 8.5 million shares at $22 through BT.Alex.Brown, raising about $187 million. OneMain's IPO proceeds go towards its rolling up 17 ISPs. Perhaps you have to factor in one intangible in OneMain's valuation: former Senator and 1996 Presidential candidate Bob Dole just signed on as a director. Go Bob, go.

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