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To: patron_anejo_por_favor who wrote (32507)	6/23/2005 4:35:21 AM
From: zonder	Read Replies (1) \| Respond to of 116555

The point is that in five years, their profitability will decrease considerably. Do you think that is a positive? Have you ever put together a DCF model? Such a basic change in profitability is extremely relevant to the valuation of a company. And re "I'd say most investors would not have assumed that they'd have a 5 year window where they wouldn't have to pay taxes" - This IPO is being marketed only to non-US institutional investors, who, very likely, will not "assume" anything re profitability.