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Technology Stocks : SDL, Inc. [Nasdaq: SDLI]
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To: jay silberman who wrote (615)12/6/1999 12:19:00 PM
From: Lynn  Read Replies (2) of 3951
 
Jay, ML (Merrill Lynch) has 2 research reports on SDLI. The one for 10/27/99 is titled, "Being under water can be positive," and the one on 11/23/99, "Winning the laser wars."

From the 11/23 report:

Estimates (Dec) 1998A 1999E 2000E
EPS: $0.26 $0.75 $1.26
P/E: 642.3x 222.7x 132.5x
EPS Change (YoY): 188.5% 68.0%
Consensus EPS: $0.73 $1.22
(First Call: 29-Oct-1999)
Q4 EPS (Dec): $0.10 $0.26
Cash Flow/Share: NA NA NA
Price/Cash Flow: NM NM NM
Dividend Rate: Nil Nil Nil
Dividend Yield: Nil Nil Nil
Opinion & Financial Data
Investment Opinion: C-2-1-9
Mkt. Value / Shares Outstanding (mn): $4,900.3 / 34
Book Value/Share (Sep-1999): $12.62
Price/Book Ratio: 11.4x
ROE 1999E Average: 15.0%
LT Liability % of Capital: NA
Est. 5 Year EPS Growth: 35.0%
Stock Data
52-Week Range: $149 1/2-$10 11/16
Symbol / Exchange: SDLI / OTC
Options: None
Institutional Ownership-Spectrum: 64.8%

Investment Highlights:

· We recently met with SDLI management and
remain confident in its ability to continue to
show significant top and bottom line growth.
We are reiterating our Accumulate/Buy
rating.
· We believe the company's product road map
will enable it to continue to take share in the
pump laser market and its focus on undersea
systems will further enhance margins. It is
also developing a leading position in new
Raman lasers.
· Fulfilling demand remains an issue in a few
product lines but this remains a function of
yields and capacity, both of which are being
addressed.
· The company's main challenge now is to
significantly grow its product line through
acquisition and internal development.
· Over the next 18 months we believe the stock
could trade as high as $200.

Regards,

Lynn
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