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The Kelsey Report® Advisory

Dex Media Gets Priced; Cuts Deal with InfoSpace
Charles Laughlin,Neal Polachek , 6/30/2004

SUMMARY: Dex Media's pending initial public offering (IPO) was priced Monday at between US$23 and US$26 per share for the nearly 53 million shares that will be issued. The pricing range suggests an equity value of between US$3.3 billion and US$3.8 billion, and an enterprise value of between US$9.4 billion and US$9.9 billion. Assuming the market reacts favorably to the pricing, this would suggest a return of between 33 percent and 39 percent, and a multiple of between 10.4 and 10.8 times earnings before interest, taxes, depreciation and amortization.

Separately, Dex Media announced a deal with InfoSpace Inc. to provide Dex's advertisers with additional traffic by serving them up in InfoSpace's site. This delivers Dex Media's advertisers additional traffic and value within Dex's 14-state region. The Kelsey Group (TKG) has said for some time now that Dex Media will be a bellwether company to watch in the Yellow Pages space, and these announcements support this view.

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