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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (1460)6/29/1997 5:17:00 PM
From: Bob Davis   of 78710
 
Marlton Technologies (AMEX:MTY) is a financially strong and rapidly
growing Company, which has just announced a key acquisition which
could accelerate its growth and carry it to $100 million in revenues by
1998.

The Napeague Letter has been following Marlton for almost a year. Its
latest in-depth analysis of the Company can be found at
napeague.com.

With 38% revenue growth and 55% operating profit growth in the first
quarter of 1997, on top of record revenue and earnings growth in 1996,
MTY has been on a rapid growth track for several years, yet its stock is
still extremely undervalued by the market. While the Business
Services segment currently has a PE multiple of 31, MTY is at a PE of
14 although its profits are growing three times as rapidly as those of the
segment as a whole.

On Thursday, June 26th MTY announced its planned acquisition of
DMS Store Fixtures, one of the larger companies in this segment. The
Napeague Letter has carried out a preliminary Analysis of this deal
which indicates that it may be quite beneficial to MTY shareholders.
This Analysis can be found on the Napeague Web Site, at
napeague.com.

These two businesses are quite similar in many ways and should lead to
a strong partnership. They both use similar technologies and skill bases,
and many of their products are quite similar. DMS could provide MTY
with entry into an industry with strong growth opportunities, and MTY
can provide DMS with greater geographic distribution.
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