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Technology Stocks : Cymer (CYMI)
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To: Zeev Hed who wrote (24807)4/26/2000 11:54:00 PM
From: Ritz  Read Replies (1) of 25960
 
Zeev:

Re:"When good earnings no longer increase valuation measures, then it is the beginning of a scaling down of valuation models."

All too true. As we begin to approach the cycle peak...or at least as people begin to think we are approaching the cycle peak, multiples are going to collapse across the whole sector. Historically, I can recall that a lot of companies fell all the way to single digits. Personally, I think we have a long way to go before the peak, but then again for most of the sector we have an even longer way to go before we reach single digit p/e's!

As for Cymer, I am just not impressed with 27 times annualized earnings. I see alot of good companies in the sector trading well below that with btb's and sequential growth that blow away CYMI's latest results....why should I buy CYMI over EGLS or KLIC or SVGI? It's more than just a question of stupid analysts.

-Ritz
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