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Technology Stocks : IDT *(idtc) following this new issue?* -- Ignore unavailable to you. Want to Upgrade?

To: peter michaelson who wrote (11530)	7/16/1999 12:21:00 AM
From: peter michaelson	Read Replies (2) \| Respond to of 30916

OK, here's my official take on IDTC post-IPO value, under the assumption that there is no significant dirty laundry. FWIW... Cash Loans Debt OpInc Shares NTOP sh IDTC 20 30 -105 30 33.54 27.2 NTOP 47 IDTC Value absent NTOP Comparables Operating income 23 financialweb.com NTOP Losses 4 financialweb.com Adjusted operating income 27 Op Inc Multiple 20 460 Cash + Notes 50 Debt -105 405 shares 33.54 Value (exc. NTOP) per share $12.08 Total IDTC Value per NTOP Assumtpions Discount on NTOP shares 0.2 0.3 0.4 0.5 10 $18.56 $17.75 $16.94 $16.13 NTOP 20 $25.05 $23.43 $21.81 $20.18 Price 30 $31.54 $29.11 $26.67 $24.24 40 $38.03 $34.78 $31.54 $28.29 50 $44.51 $40.46 $36.40 $32.35 I hope no one yells at me. gg