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Strategies & Market Trends : Gorilla and King Portfolio Candidates

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To: Uncle Frank who wrote ()	5/22/2000 9:43:00 PM
From: Robert Jacobs	Read Replies (3) of 54805

Cree: Spent the day at Cree last Monday. It appears that Cree will have have an LED run rate by the end of 2001 of 1.5 - 2B LED chips @ $.2 ASP = $300M @ 32% net margins = $100 net profit/33m shares = $3.00 share excluding any contribution from microwave or contracts. At the end of 2005 LED sales should be several multiples of 2001 for LED's alone...and if LED's account for 1/4 of their mix (an estimate I heard during the visit) then we could have $6 - $10/share in LED's alone... which if 1/4 to 1/2 of the mix could = $12 - $40 share at current shares outstanding after 5 yrs. You do the multiples from there...but it looks like multiple tornados to me. Their plant is growing like a weed...and their yields are increasing at the same pace....

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