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Non-Tech : SPIN-OFFS "secret hiding places of stock market profits" -- Ignore unavailable to you. Want to Upgrade?

To: cfimx who wrote (1014)	8/5/2006 8:00:27 PM
From: Spekulatius	Read Replies (1) \| Respond to of 1185

re CD stub (Avis), H I looked at the CD stub numbers and they don't look compelling to me. Secured debt costs interest too around 100M$. Add to that the very real expense of depreciating the rental fleet of 100M and you are left with 200M$ pretax income for a business with a 2.3B$ market cap. Not terribly expensive but not very cheap as well. I agree that H looks somewhat better - however 7x EBITDA is not that great of a price for a business that i see under siege for a couple of years (shrinking transaction value and shrinking commissions). cendant.com