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Strategies & Market Trends : Angels of Alchemy

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To: puborectalis who wrote (9139)	8/19/2000 6:40:16 PM
From: puborectalis	Read Replies (1) of 24256

ML report on ENTG...highlights=Valuation is a Gift...Given the capacity utilization is below 60% for ENTG,we estimate that the company can see more operating margin expansion over the next 1-2 yrs,providing upside EPS.This is impressive since the high value-added of ENTG's prdts gives the company operating margins up in the rarefied levels of AEIS,MKSI,KLAC and other industry leaders/Given the premier industry positioning,we believe ENTG should trade at least at the group avg valuations currently.This would place the stock at $14 on a current P/E basis and $16 on a price to sales basis.We believe the group is currently oversold and will trade back to the 20-25x from its current 12.8x.We believe Entegris can trade at a P/E in line with comparables at 20-25x 2001 earnings of $0.90,for a price target of $20.

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