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Technology Stocks : ITURF Inc. ( NASDAQ:TURF )
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To: Big Dog who wrote (312)5/12/1999 11:31:00 AM
From: Jason Compson  Read Replies (1) of 614
 
I feel a little like I am beating a dead horse, but this move in TURF makes DLIA look extremely attractive. To review the math. Each share of DLIA "owns" .83 shares of TURF. Assume that DLIA's core business is worth $4/share. If I buy a share of DLIA at 21.25, then I am implicitly buying TURF for $20.75 or approximately 53 cents on the dollar. I will accept that DLIA's TURF shares will trade at a discount to the publicly traded shares (although I really can't come up with a good reason why), but is a a 47% discount appropriate? I don't think so.

Just remember, DLIA's market cap is $300 million, TURF's market cap (DLIA owns 75% of it) is $650 million. This just doesn't make sense.
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