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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (14686)6/25/2002 5:00:51 AM
From: xdimitri  Read Replies (1) of 78605
 
GSPN is hitting my value screen. Global leader in DSL chipsets suffering from a severe marketslump and trading at <0.5 of book and at a discount to its cashposition of over 600M$. Forward cashburn seems limited vs cashposition. There is still a lot of room for long term DSL growth with broadband adoption growing at the consumer level and only a small percentage of all copperwire DSL-ready.

Too early to call a bottom but there are some reasons to believe the stock might find some support or at least a tradable bounce :

Mgmt announced a 100M$ buyback which might support the stock from here.
Rev warning didn't hit the stockprice very hard anymore after the drop during the last weeks.
EOQ windowdressing also might have added to the recent drop.
Overall market sentiment is very bad.

Still might get cheaper though...and maybe safer to wait for a supporting bottom to establish.

dimitri
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