Palm: The Turnaround Story of the Year
by John Paczkowski
Posted on June 24, 2009 at 3:10 PM PT
A quick but noteworthy follow-up to my earlier post about the incredible gain in market cap Palm made in the last year. Palm’s (PALM) valuation is actually higher than the $1.95 billion I quoted earlier.
Quite a bit higher, it turns out.
$1.95 billion is the company’s market cap as of March 27, when it had 137.84 million shares outstanding. But this figure doesn’t include preferred shares, etc. So Palm’s true valuation–equity valuation with convertible preferred shares, exercisable and nonexercisable in-the-money options, warrants and whatnot–at its current share price of $13.87 is about $2.9 billion.
$423 million to $2.9 billion in 12 months.
Turnaround story of the year. For now, anyway….
