Re: [CBS MarketWatch] Analysts mixed on CMGI results

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From: Jeff Bone (jbone@jump.net)
Date: Fri Sep 22 2000 - 15:01:36 PDT

Can't send the whole thing due to redist concerns, but here's some interesting bits from Vik
Mehta, Mike Parekh, and Gil Dibner @ GS:

                                                      CMGI ICGE
                               Price $36.44 $24.19
                          Market Cap $10,758 $7,623
                       Premium 2 NAV -18% -16%
                  Prem. 2 Public NAV 133% 242%

So they're trading at only a small premium to the NAV *today* of the portfolio, and 18% under
the NAV of the combined portfolio, using a conservative sum-of-parts valuation model. Weird
times. Things are even weirder if you start looking at NPV of future earnings, etc. assuming
growth even at the level the analysts are predicting for 5yr.

Bottom line: Internet considered uncool, possibly harmful. Film at 11. ;-)

Aside: dunno how to feel vis-a-vis performance vs. ICGE. :-/ I wish CMGI could get its
positioning down straight. I also wish Dave could learn to be more concise on the damned
earnings calls; I fully believe that the reason Sascha Raschtey over at PJ downgraded them is
that he's tired of trying to listen to Dave and extract the point. ;-)

Linda wrote:

> [Here 'ya go, Adam. At least CMGI's stock held steady on a most
> incredible "wash-and-rinse" day on Nasdaq (panic gap open to shake
> out weak longs, followed by major institutional accumulation on
> volume of 2.1B.)

Yeah, what a freakin' wacky day, huh?

jb

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