RENEGADE TRADER'S INVESTMENT FORUM Message Board

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Strategies & Market Trends : RENEGADE TRADER'S INVESTMENT FORUM

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To: NASDBULL who wrote ()	7/31/1999 10:57:00 AM
From: kendall harmon	of 1764

SNC-Merrill Lynch comments on Friday 2Q99 EPS from operations advanced 24% to an on-target $0.31. Snyder anticipates completing its spin-off into three companies in September, 1999. Our sum of the parts analysis implies a valuation of $38 a share. Based on this we reiterate our Buy/Buy rating. For Snyder in its current form, we are reducing our 1999 EPS estimate from $1.41 to $1.15 and our 2000 EPS estimate from $1.85 to $1.45. The estimate reductions reflect a scale back in the internal growth rate to 20%, the elimination of assumed tuck-in acquisitions, accelerated infrastructure and systems spending and additional goodwill. Because of the planned break-up into three companies, we believe our revised estimates should not form the basis for valuing Snyder as an investment.

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