We recommend the purchase of Cerner Corporation
(CERN @$17). CERN designs, develops, markets,
installs and supports information systems and
content solutions for health organizations and
consumers. For the fiscal year ended 12/28/02,
revenues increased 39% to $751.9 million.
Net income before accounting change totaled $48.8
million, vs. a loss of $42.4 million. We estimate
CERN will earn $1.20 per share on revenue of $832
million this year and $1.60 per share next year.
Projecting an average per share earnings growth
rate of 25%, we estimate CERN's current PEG
ratio to be .7x, substantially below those of its
peers'. In recent months, CERN has reported 9 net
insiders' buyings.
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