RE: Salman Partners report on INT (worth the repos Inexpensive valuation. Based on the metric value per user (defined as market
capitalization divided by the number of users), we believe Intertainment is cheap.
We estimate that the company’s current value per user is at $5.26, whereas its peers
trade at much higher levels: $20.78 for Pandora, $32.88 for Zynga, $90.77 for
LinkedIn, $90.99 for Groupon and $108.82 for Facebook. Based on a ten-year,
four-stage discounted cash flow analysis, we estimate that Ortsbo alone is worth
approximately $10.00 per user, or $1.24 per Intertainment share.