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# eBay Inc. Message Board

• Trail_bait Trail_bait Nov 10, 1998 1:14 AM Flag

## Move eBay profit into ONSL: \$18, worth \$

Congratulations if you're long eBay you've made a
pile. IMO here's a way to diversify into a similar but
much cheaper play: ONSL powers Yahoo auction, Japan's
ONSL auction (Sofbank is involved I believe), and
Onsale's web sales. As the following calculations show,
ONSL should sell for \$694 7/8 if given eBay's
price/sales ratio. Heck, even if ONSL deserves a price/sales
ratio of only 10% of eBay's, ONSL would go from \$18 to
\$69 tomorrow.

eBay price today: \$103.
divided by revenue per share, trailing 12 months
[ttm])
of \$1.42, = eBay price/sales of 72.535.

72.535 p/s x Onsale revenue per share ttm of \$9.58 =
\$694.88

If Onsale were to sell for something close to
\$694 7/8, that would be pretty
nice.

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• Congratulations if you're long eBay you've made a
pile. IMO here's a way to diversify into a similar

but much cheaper play: ONSL powers Yahoo auction,
Japan's ONSL auction (Sofbank is involved I
believe),
and Onsale's web sales. As the following calculations
show, ONSL should sell for \$694 7/8
if given eBay's
price/sales ratio. Heck, even if ONSL deserves a price/sales
ratio of only 10% of
eBay's, ONSL would go from \$18
to \$69 tomorrow.

eBay price today: \$103.
divided by revenue per share, trailing 12 months
[ttm])
of \$1.42, = eBay price/sales of 72.535.

72.535 p/s x Onsale revenue per share ttm of \$9.58 =
\$694.88

If Onsale were to sell for something close to
\$694 7/8, that would be pretty
nice.

Any
comments on these calcs?

• 1 Reply to Trail_bait
• > Heck, even if ONSL deserves a price/sales
ratio of only 10% of
eBay's, ONSL would go from \$18
to \$69 tomorrow.
>

But that's the rub -
it doesn't deserve it. Check George's Nikon Index.
You'll see that ONSL is something like 1/40th of eBay,
so assuming that EBAY is properly valued (of course
it isn't, but just for the sake of argument), that
would mean that ONSL is vastly
overvalued.

george

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