Hi Teddy,
Gabhaim pardún agaibh as an teachtaireacht seo i mBéarla.
I doubt your broker will be able to find SEC filings on Monday or any day soon. I read the annual report last night and it stated that the financials are done to Irish GAAP for the year ending 1 April, 1999 and that they will conform the new European Community standards for the year ending 1 April, 2000. There was no mention of any attempt to conform to US GAAP.
Anyway, I think that (don't quote me on this) at $20 per ADR the trailing PE is 57 and the trailing price to sales is 5.5 Did you break out the extraordinary expense for provisioning of the pension plan? This item completely skewed the net income figure for fiscal '98.
I haven't run the numbers but just examining the trends, this company is definitely moving up, overall growth I am estimating in the 12-18% range. Not a BRCM or JDSU, but not a IOM or X either. The key, for us optimists is the growth in data lines - 32% and wireless - 55%. These are the most promising areas of the telecosm and this is where EIR is firing on all cylinders.
I really think it is important to note that the company has debt under control. Should opportunities arise, as I'm sure they will, the company will be able to reenter the debt markets on very favorable terms.
A wild card here is that since this issue will represent 12% of the Dublin bourse and the general public in Ireland is only now getting a taste for equities, I see a strong likelihood that this issue could move just on animal spirits alone. The Irish are notorious for their willingness to bet on the ponies, perhaps EIR could be the new stallion to ride.
How's that for detailed TA? Ponies, pints and public phones, I'm about to place my wager.
Slán go fóill! Ray
Níl mé ach ag tosú ar an teanga a fhoghlaim: irelandnow.com
Ádh mór!
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