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Technology Stocks : Safeguard Scientifics SFE -- Ignore unavailable to you. Want to Upgrade?

To: still learning who wrote (1164)	2/25/1998 7:53:00 PM
From: John Arnopp	Read Replies (1) \| Respond to of 4467

I've got NAV = $37.66, including DOCC at the when-issued price (DOCCV; reflects the number of shares Safeguard will own after the offering, which is in progress, so presumably this is valid). Without DOCC included, I have NAV = $36.92, so we still have Safeguard trading at a discount to NAV. As for true valuation, if you add in the $10 "dividend" and subtract out the time value of the lost dividend (today was ex-rights), we have Safeguard worth $45.90 per share! We're close enough, and we can definitely say SFE is undervalued (unless you're a pure efficient market hypothesist).