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Non-Tech : Barnes & Noble (BKS)

BKS 6.490

0.0%

Aug 19 5:00 PM EST

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To: Daskin who wrote (1416)	5/25/1999 5:55:00 PM
From: Glenn Petersen	Read Replies (2) of 1691

As Max noted in a previous post, my analysis assumes a "rational marketplace." Interestingly enough, BGP (the anti-Amazon) went up today. Assume that the BKS bricks and mortar are worth 20% more than the BGP bricks & mortar. Based of today's close, BGP has a market cap of approximately $1,349.0 MM. Add 20% to that and the BKS bricks and mortar have a value of approximately $1,618.8 MM, or $23.59 per share. With BNBN at $22 15/16, BKS' discounted interest in BNBN is equal to $11.54 per share. (140.0 MM shares multiplied by 22 15/16 multiplied by .411 multiplied by .60 divided by 68.626 MM shares = $11.54.) Add that to the bricks and mortar valuation and you have a valuation of $35.13. The above is JMHO. I ended up holding my BKS shares.

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