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Non-Tech : Dave & Busters (DAB)

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To: Paul R who wrote (82)	7/11/1997 10:31:00 AM
From: Dave Cohen	of 278

When I last spoke to their IR department (actually Chaz their CFO) I talked briefly with them about DreamWorks SKG venture and about any takeovers in the works. At the time (at least a couple months ago), he stated pretty definitively that they had not been approached by anybody and were not really looking to get bought out. If they were to get bought out I would definitely vote against any buyout that was not real rich (maybe $50 today). This company is doing an excellent job of expanding at a manageable pace and making each new store a success. They are strong fundamentally and have been demonstrating good earnings growth with no reason for that growth to change. I can easily see them with a P/E of 35 or more based on next years earnings projections of $1.11. Based on this a fair price would be about $39 dollars. I personally feel the $1.11 figure is too low. I would not accept anything below $50 per share at this point (25% premium to fair value). I think this weeks run up is just some large investors taking a meaningful position. continuing to hold on for the ride... dave

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