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Non-Tech : Cendant Corporation (NYSE:CD) -- Ignore unavailable to you. Want to Upgrade?

To: Dinesh who wrote (561)	5/11/1998 3:11:00 PM
From: VALUESPEC	Read Replies (2) \| Respond to of 3627

Elk, if your investing is anything like your pick in FTEL, then my math looks in good comparison, doesn't it? Wouldn't FTEL have to increase over 100% just for it to be back to where it was before I warned those about the FTEL Bull's hype in January? If it suits you, consider all my shares purchased at $ 24.06. It doesn't matter, IMO. By the end of the year I expect to add to my impressive gains, and the future will either vindicate me or not (just as I've said on the FTEL Thread). Now, please go back to your dark thread. You are wasting all of our time. Those who love light can see how dark your words are. CD: $ 23.69b $ 23.75a SKYC: $ 10.38b $ 10.62a VALUESPEC valuespec.com

To: Dinesh who wrote (561)	5/13/1998 11:17:00 AM
From: Frank	Respond to of 3627

Dinesh, <<Do you want to elaborate ? The books are under scrutiny and its problems are not merely those of perception.>> Please refer to the book, "The Warren Buffett Way." Assumption about stock price: Before announcement, mkt valued stock at roughly: $35. After announcement, mkt valued stock at roughly: $19. 19/35=.54, so stock lost roughly 50% of value in a day. Assumption before announcement: - CD near fair value + or - 3 points, stock should have been on date before announcement roughly valued at range $38 - $32. Mgmt narrows focus to 12% of business. .12 * $38 = $4.5 discount over high. Assume worst case: $32 - $4.5 = $27.5 Stock price therefore at current valuations is still $2.5 short of fair value, given worst case senario. Assume neutral outcome, min valuation is $30. Assume positve outcome, min valuation is $32. Range on positive is + - 3, giving min valuation $35. Assume a positive delta on: - Acquisition of ABI with acretive effect + 1 - Travel/Realestate + 1 - Software + 1 Yielding min valuation at $38. These are very rough estimations, I've not fully put together a model for this, which will take some time, but am anticipating stock price appreciation between now and next qtr along above lines. Good luck.