SPIN-OFFS "secret hiding places of stock market profits" Message Board

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Non-Tech : SPIN-OFFS "secret hiding places of stock market profits"

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To: Paul Senior who wrote (342)	9/27/1999 11:03:00 AM
From: Stewart Whitman	Read Replies (1) of 1185

Paul, Regarding SNC, I picked up some Ventiv Health WI (NASDAQ:VTIVV) trading at 9 and change. You might want to check it out - pretty good value I believe. My stats were as follows: 25 million shares $230 million market cap $350 million sales ~$1 EPS (more or less) 7% margins - very good cash flow business (low capex), - parent is buying back shares, - good insider ownership - managers have options, and incentives - good barriers for entry/exit (cost of switching, specific skill sets) Historical revenue growth has been spectacular with much through acquisition. Internal revenue growth has been > 20% - though it has stalled this year. I believe they're having some difficulties digesting some acquisitions in Europe. You can also do some comparisons with Quintiles Transnational (NASDAQ:QTRN). About 40% of its operations is what they call "commercialization" (the other segment is product development - i.e. "research"). On a cash flow basis, the commercialization side is a much better business than the product development side. QTRN trades at a P/S that's about double VTIVV. QTRN is also significantly off its highs of earlier this year. Regards, Stew

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