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Biotech / Medical : Trickle Portfolio

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To: tuck who wrote (1101)	3/28/2002 7:42:20 AM
From: Crossy	Read Replies (2) of 1784

re: German Competitor to NBSC - called Sartorius Tuck, I think this should qualify for TRICKLE.. Recently I've been looking into undervalued companies in the same space as NBSC. Glancing at their 10-K, NBSC mentions Braun Biotech as a competitor. I did some little research and found its parent company, Sartorius (www.sartorius.de) is listed on the Frankfurt Stock Exchange in Germany. Pretty hefty into Lab Equipment looks similar to NBSC to me, although I'm not an expert here. OF course the biotech part (DGI) is lacking but they have a microfiltration operation that they are propping up for an IPO this year (in this way Sartorius will be able to collect extra $$$ on the spinout) Their common lists for around 10€ (ticker SATG.F) and their preferred for around 7.30€ (ticker SATG_p.F) Quotes can be obtained here.. quote.yahoo.com Did some research and found there are around 17.5 million shares out (50% common, 50% preferred). Annual revenue is 450 Mill. € (up 10%) bookings are up 20% end of year (same strong underlying trend as NBSC) Best thing is its Price/Sales ratio .. ARound 0.30 for the preferred and 0.38 for the common too good to be true IMHO so I bought in CROSSY

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