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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: George Mousis who wrote (787)	11/1/1996 5:01:00 AM
From: Kerm Yerman	of 24922

George / Morrison Middlefield I believe Wood Gundy still follows the stock. However I haven't seen any recent research report. An objective price of $25.00 sounds good to me. I believe we ran down a fiscal 1996 CF number of $3.45. We'll add a conservative 20% CF growth rate for 1997, thats equal to $4.14. Twelve months down the road $25.00 would amount to 6X CF. That's realistic. I haven't heard of 1997 forecasts, did your latest reports contain estimates? On the earnings end, I think I figured $1.45/share for fiscal 1996. Bumping this number up 20%, we come to $1.74/share for 1997, 14.5 EPS @ $25.00/share. A very reasonable ratio given the company's growth rate. Keep in mind, these figures do not take into account any equity offerings which may occur within the next year.

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