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Non-Tech : Barnes & Noble (BKS)

BKS 6.490

0.0%

Aug 19 5:00 PM EST

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To: Jerry S. who wrote (572)	4/3/1999 10:05:00 AM
From: Glenn Petersen	Read Replies (1) of 1691

Sorry about the BOOK stuff, picked it up from Hoover's IPO Central. BNBN's sales are certainly not going to remain static, but I still feel that the company is going to sell at a huge discount to AMZN. For BKS to retain a post-IPO value of $60, BNBN would have to be valued at $9.823 billion, approximately 36% of the AMZN valuation. $22.64 (the valuation assigned to the bricks and mortar) + [$9.823 billion times 43.5%(BKS' post-IPO interest) divided by 68,626,000 shares times .60 (a 40% discount)=$37.36] = $60.00. We will know in 4 to 6 weeks. Feel free to revisit the issue two days after the IPO and abuse me if I am wrong. It will not be the first time. Regardless, I think that BKS provides a trading opportunity pre-IPO. Just remember to sell a couple days before the actual offering. As for PCLN's valuation, yikes!!!!!!!! Good luck.

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