Sir Perfluis

United Online - Spin Off To A 40%+ IRR

United Online (NASDAQ:UNTD) is a business that operates in three distinct segments: A) FTD, a leading online floral retailer, B) a provider of dial-up and 4G broadband Internet services, and C) through its media division, which primarily operates Classmates.com. United Online is spinning off its FTD segment - and is targeting an end of Q3 completion date. I believe - as I explain below - that this process can unlock substantial value over a relatively short time period, as the market revalues the FTD segment more in-line with 1-800-FLOWERS (NASDAQ:FLWS), while the other segments retain positive valuation.

Even reasonably conservative valuations place the combined company value at above current market levels - and applying FLWS's valuation...

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