So everybody knows that VMWare's blockbuster IPO has set its price at a stratospheric 83.83, a lofty 93.14 [times earnings](http://finance.yahoo.com/q/ks?s=vmw). So while this might be clearly unsustainable and all that, the market only seemed to discover today that EMC actually holds an [86 percent stake in VMWare](http://www.orlandosentinel.com/business/yourmoney/orl-leckey16sep16,0,3833612.story), which it must hold for at least five years. So buying EMC is, obviously, a play on VMWare.
So how much is a share of EMC actually worth?
- Market cap of VMWare = 31.20B
- 86% of VMWare = 26.83B
- Market cap of EMC = 43.02B
- Market cap of EMC minus VMWare = 16.19B
- "Share price" of EMC minus VMWare = 7.71
So do you want to buy the [number one storage provider in the world](http://www.emc.com/) for 7.71 ... or 9.36 price/earnings? I would. :)
