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Technology Stocks : ITURF Inc. ( NASDAQ:TURF )
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To: Don Pueblo who wrote ()4/21/1999 9:11:00 PM
From: Jason Compson  Read Replies (2) of 614
 
I love the story, but I sold all my TURF shares today. The right trade is to buy Delias. Here's why. Delias has two businesses: a Generation Y catalogue/retail business and 75% of TURF. Delias' Generation Y catalogue/retail business has $150 million in sales. Let's say it's worth $100 million. Since Delias has a total market capitalization of $238 million, that means that the market is valuing its 75% of TURF at $138 million. That's like buying TURF for $11/share. $11/share!!! Even if you think the catalogue/retail business is worth $0, you are still buying TURF for $19/share when you buy Delias.

Here's the best part. I talked to an analyst today who said that he thinks that Delia will spin off its TURF holdings to the Delia shareholders by the end of the summer. So let's say that TURF doubles to $70. Then each Delia share will be worth $68. That is double the fun for no additional risk.

It doesn't get any better than this.
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