Re: Netscape

Dudes:
Here's my my comments to Mark's answers to the questions, and suggestions to
Jimmie's model. I don't answer the bottom line question, since we have some
talking to do on the model.

Jimmie, your model is great except we have to value the company on cash flow
(as opposed to NI). I've take a stab at setting up the discounted cash flow
model. All my stuff is highlighted in yellow.

It's the capex that's screwy (see assumptions given in questions). I get at
25% of 1995 revs, not 45.8% as indicated in the assumptions.

I also assume that when it sez working capital is net zero, we don't factor
those balance sheet line items into the DCF model. Others agree?

Anyway, it gives me a $3.32 share value, so I think the model's got some
work. Take a look and let me know what you think.

Best,
Jeff