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Strategies & Market Trends : The Round Table: A work by the squares of the SNDK thread.
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To: Ausdauer who wrote (158)7/6/1999 11:58:00 PM
From: Paul Senior   of 194
 
Aus and Thread: Okay, let me try to move you from 2D photos to something in 3D. (ESCC)

Evans and Sutherland (ESCC). They are a hardware/software company involved in 3D graphics and in visual simulation.

(This is going to be a value analysis.) (I hope -g-)

They've announced that they'll have a loss this quarter, and the stock has dropped to near its yearly low. At about $12 now in a 1999 range of 12 to 32. From 1993 to current, sales have slowly increased ($114M to $199M). Except for a six month period in '94-95, the stock has generally traded above $15, sometimes much higher. Profit margins and return on equity have been all over the place. ROE history looks pretty bad. However, the price-to-sales ratio is now about .6 (It's often averaged over 1.0), and the price to book value is .7. (And it's often over 1.0 too.). My rough calculations show the net-net value to be about $12.3/sh.

At or below 12.25, ESCC is a buy (IMO, of course), and I've started a very small position today.

For what it's worth-- not very much at all actually, because there is nothing--nothing that I know of anyway, that seems to come close to just buying and holding SNDK.

Paul Senior
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