Internet Direct Best Bargain On the Internet IDX on VSE Message Board

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Technology Stocks : Internet Direct Best Bargain On the Internet IDX on VSE

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To: Curlee who wrote (56)	5/17/1999 8:56:00 AM
From: Glenn Petersen	Read Replies (1) of 102

The article was dated Wednesday and we have probably already seen the impact. I thought that it might be useful to update the IDX valuation analysis performed by Paul Stapleton in the May issue of Boardwatch Magazine. The stock was at $1.43 when Paul actually wrote the article and he noted that the market was valuing IDX at 3.2x price-to-sales and $626.67 per subscriber. His analysis was based on 1998 sales of $20.6 MM, 105,000 subscribers and 46,020,467 fully diluted shares. The company's web site notes that they now have 123,856 subscribers, an increase of approximately 18% for the year end numbers. For the purposes of my updated analysis, I am going to assume that the company's sales run rate now approximates $24.3 MM. Given the above adjustments to Paul's original analysis, at $4.85, IDX is now being valued at 9.2x price-to-sales and $1,802 per subscriber. This is still below the valuations accorded U.S. ISPs and does not include the effect of the recently announced acquisitions. The Boardwatch Magazine article and the full Rampart Associates reports can be found at: idirect.com idirect.com

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