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Technology Stocks : Avant (AVNT)

AVNT 30.69

-0.8%

Dec 5 9:30 AM EST

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To: Chung Yang who wrote (1029)	10/15/1997 5:07:00 PM
From: CalculatedRisk	of 3441

Chung, accretive vs. dilutive. The analysts estimates for TMAI next year are $0.56 per share. Using the conversion ratio ($17 / AVNT price), after the merger, TMAI will earn $0.95 per share. These are probably optimistic given this quarter's performance - but lets accept them at face value. Analysts estimates for AVNT are $1.42 per share. Since $0.95 is lower than $1.42, the merger is dilutive to AVNT shareholders. Of course, analysts think we are stupid and that we never do the arithmetic! I enjoy your posts - very well thought out. Regards, Bill

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