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To: Jean M. Gauthier who wrote (9441)	5/13/1999 4:34:00 PM
From: Elmer	Read Replies (1) \| Respond to of 29970

Hi Jean, The method in my last post is one generally adopted by underwriters when they price technology IPOs. If you believe that revenue and also earnings will grow much faster or be more sustained, you put a higher multiple on revenue and that directly increases the price per share. I'm not saying that it goes to $35, I'm saying that if you buy the assumptions and believe that historical valuations will reassert themselves that is what the method says the price could be. BTW, I'm am not completely skeptical of the new paradigm talk about the Internet, so your number is probably more realistic. I do, however, think it will get much cheaper.