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Technology Stocks : TIBCO Software Inc - ( Nasdaq - TIBX )
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To: Leeza Rodriguez who wrote (131)11/19/1999 11:32:00 PM
From: Mark Sagarin   of 289
 
From a Goldman Sachs report on TIBX: -announced that the company has signed a reselling agreement with Ariba, Inc. This is a multi-year, exclusive alliance in which Ariba will resell TIBCO's technology enable real-time integration of Ariba's B2B e-commerce solutions with SAP, Oracle, and PeopleSoft applications. -The stock is trading at a premium valuation, but believe it will likely benefit further today based on this news. -No change in estimates. Reiterate RL rating. -The presentation was very bullish in general. Just prior to entering the quiet period for the company's fourth (November) fiscal quarter, management indicated that bookings in the quarter were very strong, revenue linearity was better than usual, the pipeline remains robust, and the company has record levels backlog. -The stock closed at an all time high of $106.50 yesterday, which represents a revenue multiple of about 50 based on fiscal 2000 (essentially calendar 2000) revenue estimate of $150 million. This is a premium valuation, although we believe the stock could benefit further today based on the Ariba announcement. -believe that the fundamentals for TIBCO remain very strong, and that a high multiple is likely sustainable barring any broader market pressure, although would expect price appreciation going forward to be based more on robust growth rather than continued multiple expansion.
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