take a guess

EMC Corporation: Undervalued and Ripe for Buyout

For those who really think VMW is overvalued, they can short VMW and long $(1/0.86) EMC for each dollar shorted to get the 13.1B valuation on the rest of EMC. I don't know how many are already doing this right now, thus VMW may actually be still discounted because of this.

Anyway, the number published here is indeed valid. Does the rest of EMC worth 13.1B? I don't know. At least it has tons of cash and its revenue and profit has been kept growing consistently after the .com bust. (Disclosure: owns both VMW and EMC stocks)