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Non-Tech : TD Waterhouse Group (TWE) -- Ignore unavailable to you. Want to Upgrade?

To: Stormweaver who wrote (153)	6/18/1999 5:14:00 PM
From: upanddown	Read Replies (2) \| Respond to of 1413

What does everyone think of these numbers... SCH - 408 M shares outstanding 35 B market cap $87 price/share Not much, James. Your assumption that TWE is worth as much as SCH is just not reasonable. SCH has at least 5X the assets under management of TWE. SCH is accepted to be more profitable since its average account is larger, it derives far more fee income and it has a higher commission structure. A more reasonable valuation vis-a-vis SCH might be (SCH market cap of 36.7B / 5 = TWE mkt cap of 7.34B/365M shares = $20/sh. If you want to use the 52-wk high for SCH of $155 then formula would be (SCH market cap of 63.0B / 5 = TWE mkt cap of 12.6B /365M shares = $34/sh. John