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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank
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To: Susan G who wrote (72086)11/17/1999 7:40:00 PM
From: kendall harmon  Read Replies (1) of 120523
 
TTEC-one of the great plays today--here are ING Barings' comments

<<ING Barings TTEC David B. Doft

TTEC: Raising Rating to Strong Buy and Price Target on Ford Deal
We are raising our rating on the shares of TeleTech Holdings to Strong Buy
from Buy, following yesterday's landmark deal with Ford Motor Company to be the
sole provider of customer care services to the entire, global Ford
organization.
* The deal will be structured as a 25-year joint venture, with TeleTech owning
55%, and Ford owning the remaining 45%. Management believes that Ford spends
as much as $2.0-2.5 billion annually on customer relationship management and
that TeleTech should be positioned to capture a large share of that over the
next several years. If this were the case, Ford would be TeleTech's largest
client relationship by far, generating several hundred million dollars per
year.
* We expect the deal to begin to impact our model in the second half of next
year, and ramp up sharply as we move into 2001. To reflect incremental revenue
from the deal and continued margin improvement at the company, we are raising
our 2000 and 2001 EPS estimates to $0.55 and $0.75, from $0.50 and $0.65,
respectively.
* We are also raising our 12-month price target to the mid $20s, from $15,
based on a 40-45x multiple of our 2000 EPS estimate of $0.55, and due to our
higher estimates and the reinforcement of TeleTech's leading position in the
customer care industry, as evidenced by this latest deal with Ford.>>

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