tag:blogger.com,1999:blog-8539836110103505326.post8785104926187618979..comments2024-02-10T05:16:38.459-05:00Comments on AMBlog: BCOR: Very disappointing guidance; remaining 'neutral' on the nameAMBloghttp://www.blogger.com/profile/11820304825694306705noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-8539836110103505326.post-86377045350631137192014-08-13T12:26:58.779-04:002014-08-13T12:26:58.779-04:00Yes, but given many questions regarding whether BC...Yes, but given many questions regarding whether BCOR will be selling some of its assets (in addition to acquiring other assets) and possible structure of any M&A, which creates more questions regarding how the NOLs will be treated ... we decided not to include it in valuation. But assuming an effective tax rate of 38%, only NOL carryfwd, and profitability for BCOR going fwd, we came up with NOLs being worth between $4 and $4.40 per share. So if you'd like to include it in total valuation of BCOR, based on our sum of parts model and NOL val, BCOR could be worth between $20 and $21 per share. A 25-30% potential upside for a company with one of its main segments facing huge risks and declining, that segment's market valuation certainly not at a discount right now, questions regarding its eCommerce side and how well it can grow, and that a sizable part of its valuation is based on NOLs rather than top-line growth, operating efficiencies, etc. ... doesn't seem very attractive, in our opinion.AMBloghttps://www.blogger.com/profile/11820304825694306705noreply@blogger.comtag:blogger.com,1999:blog-8539836110103505326.post-55938334160022229522014-08-11T23:39:56.114-04:002014-08-11T23:39:56.114-04:00Do you ascribe any value to NOL's?Do you ascribe any value to NOL's? Anonymousnoreply@blogger.com