NEW Market Gems - Swing and Day Trades Message Board

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Strategies & Market Trends : NEW Market Gems - Swing and Day Trades

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To: Rick Buskey who wrote (631)	6/5/2001 3:25:10 PM
From: Jenna	Read Replies (1) of 1227

RDEN -Elizabeth Arden Inc., $25.03 Rated 1H Kenneth F. Smith, CFA A sweet smelling investment opportunity: Elizabeth Arden, Inc., one of the U.S.' premier prestige fragrance and beauty products companies. Initiating coverage with BUY rating and $35 initial price target, with upside closer to $60, in our view, given comp valuations and EPS growth potential. FY༾ focus to be on integrating the Elizabeth Arden business acquired from Unilever in January 2001 which more than doubled the size of the company. FY༿ estimate of $2.40 (up 60% from FY༾) assumes no operational synergies resulting from the acquisition or margin improvement = significant potential upside. We estimate RDEN has a 19% share of the U.S. fragrance business and is uniquely positioned with the industry's largest brand portfolio and multi-channel distribution. Valuation very compelling: current EV/2002E EBITDA multiple of 4.8x more than 50% below comparable companies; 8x-10x multiple more realistic, in our view, given company's size, profitability, and market position

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