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Friday, October 31, 2014 11:59:10 AM
Here are my thoughts on the I Text dividend:
I am basing my evaluation on the unaudited information available in the last 2 quarterly reports:
WNTR listed $40,000 in I Texts receivables in Q1 and $100,000 in Q2= $140,000
WNTR owns 20 % of I Texts. Multiply the recivables × 5= $700,000 in profit.
Since Q3 is the first full Q with the Rakuten partnership, I am conservatively expecting $125,000 in receivables in Q 3 and $150,000 in Q 4. That is not unreasonable.
$125,000 × 5 = $625,000 in I Texts profit in Q 3. And $150,000 × 5 = $750,000 in Q4
Q1 & Q2 = $700,000
+
Q3 & Q4 = $1,375,000 = $2,075,000 in I Texts profit for the year.
Apply a conservative 25 P/E ( 1/2 the P/E of the avg.internet stock of 51) × $2,075,000
=
51.5 Million Market Cap.
Now for the current projected share structure of I Texts:
Let's now discuss our I Texts dividend and assume it IPO'd at the end of this fiscal year. Let's use my PROJECTED numbers.
1.4 billion WNTR shares / 1000= 1.4 million I Text shares (20%)
Multiply 1.4 million ×5 = 7 million I Text's shares outstanding
51.5 Million Market Cap / 7 = $7.22 a share.
IC
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