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Gold/Mining/Energy : TECSYN (Toronto-TSN)

TSN 65.20

+0.3%

Feb 5 3:59 PM EST

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To: Steven Ivanyi who wrote (7)	7/5/1997 2:12:00 PM
From: Bruce A. Anderson	of 78

Lets make the ridiculously conservative assumption that TSN goes on to earn .15/sh for the year. This would imply Q4 performance fell off to .05, down from the .07 earned in Q3 (perhaps because of seasonality - I don't know). Combine this with an equally ridiculous P/E ratio of 10. This gives us a prospective price of 1.50 within three months. But the market looks forward. Annualize Q3 earnings of .07 for next year....0.28/sh...lets say 0.25 to be a bit careful. Bump the P/E to 12 on the basis of turnaround, growth and the major improvement in the balance sheet: Result...3.00 per share. This would likely happen over a 12-15 month period, but for short-term cowboys the current price of 1.35 would probably yield a nice return much sooner. So I'm in at 1.35...better late than never.....ba/not a Texan

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