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Strategies & Market Trends : Gorilla and King Portfolio Candidates

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To: Uncle Frank who wrote (17912)	2/13/2000 11:33:00 PM
From: Stoctrash	Read Replies (1) of 54805

GMST - Lehman sayz.....(few days old...but..) Gemstar Int?l Group(GMST) 1-Buy M. Stanek 3Q Exceed Expectations-Shareholder Vote 3/17 (C) OLD NEW STREET P/E Price: $67 3/4 EPS 2000 0.42 0.46 0.42 150.9 X 52 Wk Ra: 89-14 EPS 2001 N/A N/A 0.55 N/A Mkt Cap: 15.79 Bil. EPS N/A N/A N/A N/A N/A FY: MAR Price Target 150 150 Rank 1 1 ú Gemstar 3Q revenue and EPS of $61.8M and $0.13 exceeded our $51.1M and $0.10 estimate. Reiterate 1-Buy and $150 price target. ú Strong top-line included approximately $18 million in revenue related to GIC settlement that is treated as license revenue as per prior guidance. ú March 17th has been set as shareholder vote for TV Guide merger. Pending Dept of Justice approval, merger remains on track for April closing, though this date could be subject to change. Justice currently in fact finding period. ú EPG subs (ex-TVGuide) stand at 2 million, and on-track to hit our 5 million 2000 estimate. Thomson Consumer has already committed to over 2.3 million units. Including TV Guide EPG?s, the installed base could exceed over 12 million by year-end, 20 million by 2001. ú Gemstar is creating one of the most unique models in the converging world of television and the Internet. Advertising and e-commerce dollars will flow through Gemstar?s TV portal, creating limitless business opportunities (think digital downloads of e-books, music, etc.). ú Progress continues on Gemstar?s merger with TV Guide. The shareholder vote is expected for March 17th. The S4 registration has been filed with the SEC. The Justice Department continues to gather data from Gemstar and TV Guide as part of its reviewal process. Gemstar indicated that it remains confident of a mid-April closing, but that this timeline is subject to change.

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