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   Technology StocksAssociated Group / Teligent


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To: zebraspot who wrote (51)4/15/1999 8:32:00 AM
From: Tecinvestor
   of 76
 
Actually, Paul, one of the main reasons I feel good about AGRP is because of TruePosition. I do not see terribly dramatic moves in T and it has only been within the past week or so that I feel TGNT will soar. However, IMHO, I think TGNT will stabilize at this level, at least for a while.

There are two things that I now see that will move the stock measurably higher: an abatement or diminution of the embedded capital gains problem and TruePosition.

Regards.

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To: Tecinvestor who wrote (52)4/15/1999 12:06:00 PM
From: zebraspot
   of 76
 
If you're betting on TruePosition, you're betting on the long shot here.

TGNT is the horse I'm most interested in the stable, with the T and the Liberty stakes running a close second.

A creative tax resolution would give us a big boost - but it probably entails getting us swallowed up by T.

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To: zebraspot who wrote (53)4/15/1999 12:49:00 PM
From: Tecinvestor
   of 76
 
Paul, I'd be interested in knowing why you believe TGNT has real upside potential at this point. It has already made a major move in the past two weeks. Are you thinking that it is an acquisition target?

As for T, I believe that ATHM will be the real cash cow for that company. I personally like ATHM and have been long in it for a while.

I still like the dark horse, TruePosition.

I hope we're both right.


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To: Tecinvestor who wrote (54)4/15/1999 1:35:00 PM
From: zebraspot
   of 76
 
My reasons for liking TGNT?

No takeover (I hope).

Rather, TGNT is rolling out a great business plan - their "last mile" offering of bundled telecom services just makes so much sense for small/medium businesses that it just has to be a huge success.
It is ready to roll. Competition is limited. The spectrum they own amounts to a great franchise and they got it cheap.
They don't have to acquire ROW's, dig up streets, lay expensive cables, etc., and hope that the business will come: They install their equipment only after the orders have been taken.
Profit margins should be huge. Management is superb. To date, only a small fraction of the 750,000 office buildings in the U.S. have been signed up, and TGNT is getting more than their fair share.

If you have a 2-5 year time frame, even at current prices, TGNTis as exciting a concrete business opportunity as you can think of, IMO.

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To: Tecinvestor who wrote (37)4/16/1999 1:22:00 PM
From: Tecinvestor
   of 76
 
On April 15, 1999 Legg Mason analysts Bradley Williams and Sean Butson issued a rate change on AGRPB. The report states in pertinent part:

* Raising target price on AGRPB shares to $70 from $60 and reiterating Buy rating.
* Lowering risk rating to Above-Average from Speculative due to stability of underlying securities in portfolio.
* Discount to portfolio value has expanded to near historical levels.
* TruePosition value remains as a yet-to-be realized $12 upside for investors.

This is a very good report, for all of the enumerated reasons. For those of you who are unfamiliar with Legg Mason, they have been following this stock for a long time and have issued a number of comprehensive reports on the company. I have found their research to be very good.

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To: Tecinvestor who wrote (56)4/16/1999 3:54:00 PM
From: Don S.Boller
   of 76
 
Tecinvestor: Do they (L.M.) have a site where we can go to
read their report(s) ??
TIA
Best,
Don

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To: Don S.Boller who wrote (57)4/16/1999 4:04:00 PM
From: Tecinvestor
   of 76
 
Hello, Don. Legg Mason does, indeed, have a website.

leggmason.com

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To: Tecinvestor who wrote (58)4/16/1999 4:14:00 PM
From: zebraspot
   of 76
 
As is usually the case, you can't access the research report at the site - though, they did have this (old, I guess) blurb there:

>>The Associated Group, Inc. * (AGRPB-$55 3/4) is a diversified communications company that focuses on the
identification and development of new technologies and emerging markets. The company is well-capitalized with
substantial holdings in other communications companies including AT&T and Teligent. We believe the recent closing
of AT&T's acquisition of TCI only strengthens the investment case for The Associated Group. Further appreciation
in AGRPB shares is likely as the True Position investment garners increased visibility in 1999 through market
launches and technology developments. We remain bullish on AGRPB and reiterate our $60 target price. (Williams)<<

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To: zebraspot who wrote (59)4/21/1999 4:04:00 AM
From: zebraspot
   of 76
 
WSJ story on TGNT and the sector:

post.messages.yahoo.com

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To: Tecinvestor who wrote (56)4/27/1999 8:29:00 AM
From: Tecinvestor
   of 76
 
On April 26, 1999, eleven days after having raised the target price from $60 to $70, Legg Mason analysts Bradley A. Williams and Sean Butson reduced it to $60. Legg Mason set forth the following:

* Lowering rating on AGRPB due to the increased valuation risk to underlying portfolio posed by AT&T bid for Media One.

* Downside risk to AGRPB valuation is tempered by diversification of the securities portfolio, but investor sentiment toward Associated Group will likely be limited near-term.

* Several positives continue to offset the negative shift in the AT&T opinion, which may provide opportunistic investors an entry point if the discount to net asset value widens considerably.

* Reducing target price from $70 to $60.

IMHO, Legg Mason dropped the ball on this one. I think they pulled the trigger too quickly in their assessment of T's bid for UMG, which I perceive as a long term positive. Moreover, I have not yet given up on management's efforts, if any, to rectify the problem of the huge discount to NAV.

AGRP is scheduled for a shareholders' meeting on June 3, 1999. I am hoping that by then, we will see some positive news flowing from management.

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