Mr. Pink's Picks: selected event-driven value investments Message Board

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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments

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To: Mr. Pink who wrote (8197)	4/29/1999 9:59:00 PM
From: Mr_X	Read Replies (2) of 18998

Mr. Pink: For Your consideration: Premier Technologies (PTEK): Just reported $18 mil of EBITDA for the quarter, should do $100 million for the year, there is $170 mil of busted converts and 50 million shares - common worth about $12 bucks at 8x, which is probably way too low a multiple. In addition, PTEK owns 9% of WEBMD and 14% of Net USA, both of which are in registration for IPO's. The CEO of PTEK, a shameless promoter named Bo, said on the conf call that the value of these two stakes are $750 mil, or $15 a share. This is based on a recent financing WEBMD did with MSFT. PTEK can liquidate there stake to MSFT at a $2.4 bil vbaluation, or keep their stock, which will probably trade at a huge valuation to MSFT's cost when it comes public in June. All together, the values are AT LEAST in the high 20's, and Internut Insanity could easily take this higher. With the stock at $14, PTEK seems to fit your criteria as a Flying Turd. Thought I'd offer it up for Your consideration. Mr. X

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