Cendant Corporation (NYSE:CD) Message Board

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Non-Tech : Cendant Corporation (NYSE:CD)

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To: Todd D. Wiener who wrote ()	10/21/1999 9:08:00 PM
From: agent99	Read Replies (1) of 3627

DLJ Investment opinion CENDANT CORPORATION (CD: $15.875) 10/21/99 Cendant Reported Third Quarter Adjusted EPS of $0.31, Beating Estimates Earnings Per Share Old New P/E Ratios (FY:Dec.) 2000E $1.25 $ 14.2 1999E 1.03 17.2 1998A 0.82 21.6 Rating: TOP PICK Change: None 12-Mo. Target: $35 After the close yesterday, Cendant reported third quarter earnings of $0.31 per share, a penny above Street estimates and a 43% increase from last year's $0.21. The strong quarterly results reflect EBITDA growth across all divisions, and revenue growth in particular from the mortgage business. The solid results recorded by Cendant's mortgage business suggest that many fears about the company's sensitivity to macroeconomic weakness, especially in the mortgage and real estate businesses, are overblown. With economic concerns allayed by the growth in mortgage revenues and the uncertainty of the litigation possibly to be resolved before year end, investors should focus on the valuation of the stock; at current levels, Cendant stock is substantially undervalued. We regard Cendant as one of the best opportunities in our universe, a Top Pick.

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