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To: Mad2 who wrote (6)	1/27/1999 3:54:00 PM
From: steve host	Read Replies (1) \| Respond to of 489

Mad - a couple things about the numbers - apparently Yahoo is off concerning their outstanding shares - it appears they have a class A and B - total is 40 mil not 30 Mil - you can see this in their earnings release - so you have to reduce your figure -that said - you have to add their 63% ownership of the spinoff post IPO which add a lot to the book value in adddition to the cash intake from the IPO - taking all this into account I come up with Book of $67 and as you said most stocks especially this one trade at least 2x book - if the IPO takes off then the figures must be raised. IMHO assuming the IPO is flat - fair value is somewhere $100 - $150 conservative