Office Product Stocks - ODP/SPLS/OMX/VKNG/CEXP/OFIS/BOP Message Board

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Non-Tech : Office Product Stocks - ODP/SPLS/OMX/VKNG/CEXP/OFIS/BOP

SPLS 10.25

0.0%

Sep 28 5:00 PM EST

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To: Timothy R. Tierney who wrote (91)	6/4/1997 7:25:00 PM
From: Michael Coley	of 297

NEWS: BT Office Products Achieving ISO Quality Certification biz.yahoo.com BTF is, in my opinion, the most undervalued office product stock. I don't know if this will be the news that will cause it to return to a fair value or not, but I certainly hope so. Here are some comparisons from within the industry: Ticker P/Bk P/E P/S Growth Analysts BOP 2.87 22.4 0.58 +23% 5 BTF 0.98 17.2 0.18 +17% 2 CEXP 1.45 47.6 0.64 +40% 5 ODP 1.96 20.2 0.43 +17% 13 OFIS 1.95 45.6 0.54 +32% 7 OMX 1.41 23.7 0.54 +28% 18 SPLS 4.65 35.8 0.93 +29% 15 VKNG 3.85 21.1 1.38 +17% 9 P/Bk = Price / Book Value. BTF is trading below book value, which is almost unheard of for companies that are operating at a profit. P/E = Price / Earnings. BTF is at the low end of the range for the industry, trading even 20-25% lower than other companies with similar growth rates. P/S = Price / Sales. BTF is trading at less than half of the P/S ratio of any of its peers. All major acquisitions by office products companies has been in the 0.4 to 0.6 range, which leads me to believe that even 0.4 is a conservative value. This indicator is the most reliable, according to O'Shaughnessy in "What Works on Wall Street". Growth. Although BTF is near the lower end of the growth for the industry, it is a very maintainable growth and is the result of good internal growth and limited, strategic acquisitions. The high growers in the industry are very aggressive in acquisitions, and I agree with previous posters who fear problems with integration of acquired companies. Analysts. Only 2 analysts cover BTF, and both rate it a Hold. I prefer to buy stocks before the analysts "discover" them. New coverage or upgrades can cause lightly traded stocks to skyrocket. I made over 40% in less than 2 months with BTF about a year ago thanks to an oversold condition and an analyst upgrade. I encourage everyone to do their own research. No stock is without risk, and you should only invest in companies that meet your specific investment goals. I am long on BTF, and am also an employee, so my opinions are very biased. - Michael Coley - i1.net

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