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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (17656)	9/2/2003 3:46:12 PM
From: Grommit	Read Replies (2) of 78802

STE - I started a position here. They're in a good industry - sterilization equipment and services -- for hospitals and industrial mkt. Health care is 68%. Scientific and Indust is 32% of revenue. "The Company is still targeting annual growth of 10% in revenues and 15% for earnings, excluding the impact of acquisitions, on average over fiscal years 2004 and 2005. In fiscal year 2004...revenue growth of 17%, including the impact of acquisitions. Earnings are currently anticipated to be in the range of $1.29 to $1.33 per diluted share..." Price $23-$24. P/E of 18. Relative PE are dangerous, but healthcare PE are 35. A negative: this from 3 years ago... calpers-governance.org I don't see Sanford in the latest proxy. Wilson and Robertson are still directors. Robertson is chairman. But compensation doesn't seem outlandish in my quick look. I asked the company to comment on the calpers opinion. positives: CFO bought 2,000 shares in August, at around $22. Stock price has not changed much over the last year. The usual ratios look normal with the industry. PE fair, and below industry. Growth industry. Growth demonstrated. Growth forecasted. Cash flow OK. finance.yahoo.com Opinions welcome, regards, frommit

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