Elan Corporation, plc (ELN) Message Board

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Biotech / Medical : Elan Corporation, plc (ELN)

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To: scaram(o)uche who wrote (1914)	3/21/2002 1:12:09 AM
From: Spekulatius	of 10345

<< Let's take the company, piece by piece.>> if you take out ELN's product acquisitions (250M$ for Y2002). ELN's revenue for Y2002 is about 1.25B$. (with out contract,Jv revenues etc etc.) Pharma companies with huge pipeline problems and patent expirations (BMY, SGP) trade at 5x revenues. So for ELN I get 5 x1.25B$ =6.25B $ market cap equivalent to 18.5$/share. This is the absolute minimum. Normalized to the market cap, ELN's pipeline is much stronger than BMY and SGP's. ELN's liabilities are offset by cash on hand and LT investments - there is absolutely no way ELN can go bankrupt. Go figure! [Disclosure]: Own a small position in ELN as of today (again)

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