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Biotech / Medical : PHP Healthcare
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To: Ontherise who wrote (27)5/21/1998 1:13:00 AM
From: Jim Mac   of 136
 
Also, keep in mind only 20% of preferred can convert while low trading range of common is at or below $25 during conversion month. Since PPH will likely be at $15 - $20 in June after earnings, only 20% of preferred will be able to convert. That is a severe constraint on conversions.

Also, PHP will have reduced the float by 36%, and outstanding by 25%, putting more upward pressure on PPH after blowout earnings released. With additional $60M credit facility remaining after they spend $20M on final 2M common buyback, PHP will easily be able to redeem 20% preferred per month for cash, or buy back outright. Additional interest will be offset by lower shares outstanding, and greater operating margins, which we'll see in a few weeks.

10 times forward earnings now, on 150%/200%+ EPS growth rate all year. What a deal.
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