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Strategies & Market Trends : Value Investing
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To: Bob Rudd who wrote (12718)7/1/2001 10:32:22 PM
From: jhelmers  Read Replies (1) of 78567
 
I like NITE from a little longer term perspective too. NITE has a market cap of 1.3b. There is no debt and cash on the books is about 365m. This year I think that NITE could earn as much as 80cents/shr even in the current environment. That's not bad. They are the market leader and should be the consolidator of this fragmented business. Plus as their margins are shrunk by decimalization, they have the option of no longer paying for order flow. this would do wonders for their bottom line. Let's face it, as the trading margins shrink, this is where the business has to go. the end result will be higher real commissions for everyone. There are certainly some risks to this scenario and the current business model; but the balance sheet gives you the strength and time to wait. The options business and over seas markets provide potential for growth. Management changes have occurred but the top two guys are not going anywhere. They own too much of the stock.
JMO
jhelmers
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