Barron’s writes about IAC/InterActiveCorp:
In no small measure, Wall Street’s disinterest in the shares — IAC will have more revenue than Google this year, but boasts less than 10% of its stock-market value — reflects the company’s convoluted history and complex structure. Google is a simple story; IAC is not. Crunch the numbers, however, and IAC looks like a bargain.
IAC is a holding company for a host of brands, most but not all of them offering products or services on the Web. Its largest single unit, which accounted for 52% of revenue and 47% of operating income in last year’s fourth quarter, is its retail arm, which includes the television shopping channel HSN, its associated HSN.com Website and Cornerstone Brands, a recently acquired collection of catalog retailers.