BACKDOOR, an IPO> IDTC,BRKT,BNYN,KLOC,NAVR Message Board

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Technology Stocks : BACKDOOR, an IPO> IDTC,BRKT,BNYN,KLOC,NAVR

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To: American Spirit who wrote (672)	5/10/1999 1:02:00 PM
From: Glenn Petersen	Read Replies (2) of 954

As I said in an earlier post, you need to break out the component parts of BKS. The market cap of BKS is more than twice that of BGP only because of BNBN. BGP is down 65% from its 52 week high of 41 3/4 and BKS would be suffering the same fate if not for the BNBN IPO. Nobody wants to invest in bricks and mortar. You could view BNBN as a hedge for BKS. Additionally, according to the Book Industry Study Group, book sales have been flat from 1994 through 1998. We are talking about a zero sum game. To the extent that the online book retailers gain market share, the traditional retailers suffer, though BKS and BGP suffer less than the smaller retailers as they are continuing to open superstores. I don't see how you can value BKS in the low 60s, though I am open to suggestions. Regards.

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