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Non-Tech : POVT (Provant) Leader in performance improvement training

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To: Jerry S. who wrote (2)	9/12/1999 11:53:00 PM
From: Mad2	Read Replies (1) of 24

Here's a description of ML's rating system: nvestment Risk Rating: A=Low, B=Average, C=Above Average, D=High Investment Opinion: First Number= Intermediate Term (0-12 months) Appreciation Potential Second Number= Long Term (More than a year) Appreciation Potential (Recommendations are: 1=Buy; 2=Accumulate; 3=Neutral; 4=Reduce; 5=Sell; 6=No Rating) Third Number= Income Rating (Expected dividend in relation to current payment. Does not take into account current yield.) (Ratings are: 7=Same/Higher; 8=Same/Lower; 9=No Cash Dividend Paid) BTW I've never seen a 5 or 6 and for that matter I think ML would drop coverage before issuing a 4. As for why POVT has been weak I can only speculate that the investment community looks down on roll up's, though the investment houses tend to rate them favorably in the hope of gaining business. Merrills report is quite favorable in that they are pegging it for .81/share for FY2000 (begins 7/1/99) or 16;1 P/E and they cite a internal growth rate of 22 % for FY 1999. Provant is projected to focus on internally generated growth going forward, utilizing acquisitions for strategic purposes. given the high falure rate of roll ups I imagine that the soft price reflects Wall Street's wait and see attitude. looking at the chart it looks ripe for a pop, price plunged below 13 on up volume, now selling has petered out and I suspect someone sill walk it up. Have to admit the chart does look ugly. Haven't been able to figure out what caused the price to head south back around the 1st of the year. I did see that insiders unloaded around 650, shares on 2/3 (private placement???) anyway short interest spiked in January and may have had to do with lock up expiration in Feb leading to the stock loosing its momentum. All in I figure its worth establishing a modest position.....as its grossly oversold acoring to stochastics and looks due Mad2 Best Regards, Mad2

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