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Non-Tech : Hollywood Entertainment(HLYW): When will it break 17?
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To: Urlman who wrote (180)11/4/1998 3:26:00 PM
From: Frank Ferrari   of 212
 
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HOLLYWOOD ENTERTAINMENT (HLYW) 17 5/8 +7/8. After spending a year remaking itself, Hollywood Entertainment appears to have recaptured its star appeal. Shares of the Wilsonville, OR-based video rental chain have climbed 5% on the session after Dain Rauscher Wessels analyst Eric Hansen upgraded the issue from "buy" to "strong buy-aggressive." The upgrade comes on heels of discussion of 3rd qtr results and 4th qtr outlook with management. Based primarily on expectations of higher same-store sales expectations, Hansen raises his FY98 estimate by 2 cents to $0.22 and FY99 view by 4 cents to $0.99 a share. The firm's six-month price target of $25 implies additional upside of 42% and suggests stock is capable of trading at a multiple of 25 times estimated 1999 earnings, which is a slight discount to the annual bottom-line growth HLYW is projected to log over the next five years. Hansen's comparable sales estimates of 20% for October and 12% for the 4th qtr, are based on several factors: 1) Change in return requirements for new releases from the next day to a five-day return policy. As a result, customers are increasing the number of videos rented per visit; 2) Sharp increase in number of new titles covered by revenue sharing agreements, which has substantially increased the availability of new titles.

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