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Non-Tech : NovaCare Employee Services (NASDAQ:NCES)
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To: lofalutin who wrote (269)3/4/1999 12:14:00 AM
From: Todd D. Wiener  Read Replies (1) of 376
 
Stephen-

I don't know about Paychex or ADP, but I think NCES will be the leading PEO in a year or two. Considering the industry growth rate is expected to be 30%, and considering the fact that NCES has been gaining share, and considering the fact that NCES is one of the only leading PEOs to be increasing its gross margins, and considering the fact that NCES is trading at a discount to its growth rate, I'd say that the story has just begun. I'm looking for $18-20 in 2 years. Of course, that assumes that Paychex or someone else doesn't buy them out first. Based on the value that ADP paid for VCAM, I'd say that NCES is worth $13 right now. I also think that the crazy volume of the past few days has passed, and the stock has entered a new trading range.

Todd
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