Sorting Through Barry Diller's New Offspring

Trading began yesterday on a when-issued basis on the four IAC/Interactive (IACI) spinoff companies, as well as the new post reverse-split, post-spin shares of IAC. With relatively thin dealings, volatility in the shares is high. In a research note this morning, Lehman analyst Douglas Anmuth asserts that most of the pieces are trading significantly below their fair value:

HSN (HSNIV) today is up 95 cents, or 8.7 percent, to $11.85. Anmuth puts the value of the company at $15.45 a share. Implied market cap at current price based on 57.2 million shares out is $677.8 million.

Interval Leisure Group (IILGV) is down 20 cents, or 1.5 percent, to $13. He thinks it is worth $12.28 a share. Implied market cap based on 57.2 million shares out is $743.6 million.

Ticketmaster (TKTMV) is down 38 cents, or 1.6 percent, to $23.33. Anmuth puts its fair value at $33.12 a share. Implied market cap based on 57.2 million shares out is $1.33 billion.

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