tfsm is the rodney dangerfield of internet stocks.
cmgi buys yesm for around $500 million which is even higher now that cmgi jumped 30 points after hours.
yesm has 8 million names under management giving them a value of around $60 per name. tfsm has 15.5 million names under management and if given the same valuation would equate to $930 million - and this is just for its email division.
tfsm also owns $300 million china.com and $100 million shopnow.com.
tfsm market cap = $1,300,000,000
24/7 Mail = $930,000,000
china.com = $300,000,000
shopnow.com = $100,000,000
total = $1,330,000,000
so basically you get tfsm's core ad network business for free.
perhaps tfsm should sell the parts, create tracking stocks, or become an internet incubator. |
