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Strategies & Market Trends : Charts for Breakout
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To: denglund who wrote (528)7/19/2000 10:49:36 PM
From: Julius Wong  Read Replies (1) of 3506
 
Bear Stearns report, July 19

Sapient (SAPE - $125 1/4)
Attractive Initiate Coverage

SAPE is a leading DPS firm with a rich heritage of providing complex technology services. SAPE has transformed its business, focusing primarily on Web-centric projects that include strategy and creative services. SAPE delivers Web consulting and implementation solutions aimed at creating and enhancing new business channels on- and off-line. SAPE strives to have a meaningful impact on its clients by helping them capture new revenue streams, serve their customers better, or automate processes. Since its IPO in 1996, SAPE has demonstrated an average annual three-year-growth rate of 77%, derived mostly through organic means. A combination of rapidly expanding relationships with its existing clients and select new business wins should translate into at least a 35%-40% organic annual revenue growth rate for SAPE over the next few years. SAPE is more focused on producing controlled growth than some of its hyper-growth-oriented peers. On a sequential revenue growth basis, we believe growth in the coming quarters will be more head count-driven than in Q1. We currently forecast 63% revenue growth for 2000 and 44% growth in 2001. After strong Q2 2000 results are released, these growth projections are likely to rise. Increased productivity and ability to capture higher margin business could be a source of upside to our estimates. Beyond 2001, we would expect SAPE to sustain top-line growth of approximately 35% annually. We also expect gross margins to remain steady in the low 50s.
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