on 10 publicly traded ISPs, using data from Octo- ber 25, 2001. The range of valuations described in the following section is from about 1 to 4 times; 1.5 times is the working number that is tied to the most recent market capitalization numbers. The evaluation is for generic ISPs. The same value ratio derived in the following section is applied to any kind of ELEC that focuses on providing only Internet services. The open-press analysis is comprised of four elements, in order of impor- tance, as follows: 1. A (recent) article by ISP-Planet Staff on ISP values per subscriber. Once an average value per subscriber is derived, a revenue figure per subscriber a year is utilized to arrive at the ratio (in fact, three revenue possibilities are used and the one producing the highest valuation is utilized). (Notice that the higher the per-month subscriber revenue is assumed, the lower the value multiplier factor.) 2. A set of relatively recent acquisitions (even going back a few quarters when the value of ISPs may have been higher). Once an average value per subscriber is derived, a revenue figure per subscriber a year is Chapter 1 utilized to arrive at the ratio (in fact, three revenue possibilities are used and an average valuation is utilized). 3. An article by ISP-Planet Staff on how to value an ISP. 4. The price of customer data from MCG Capital Corporation. A.1 Modeling Item #1 The material that follows is verbatim from ISP-Planet Staff, "Subscriber Values," October 25, 2001, http://www.isp-planet.com/research/subvalues/ index.html. It is buyout time in the ISP world as the status of Excite@Home (NAS- DAQ: ATHM), Prodigy (NASDAQ: PRGY), and High-Speed Access Corp (NASDAQ: HSAC) are all in flux. Juno and NetZero have merged into United Online (NASDAQ: UNTD). We list public companies only and do not include ISPs that are part of a much larger firm, like MSN, for example. Current subscriber counts are derived from corporate reports and ISP- Planet's ISP Rankings. WSRN.com is the source for market data. Market capitaliz