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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (15357)	9/5/2002 8:21:03 AM
From: Bob Rudd	Read Replies (2) of 78704

PAUL - NCR: The jewel here is Teradata data warehousing where they are gaining share and improving margins...looking forward to 10-15% growth over next 2 years in that area. Teradat may at some point be spun to monetize value. Rest of it is pretty sluggish. An upgrade cycle in Europe to adapt to Euro 1-2 years ago is slowing atm products. Retail automation is driven by retail capex which in turn is driven by retail profits...sluggish: MRQ -22%. Worrisome is this excerpt I came across in a broker report: "Pension income was down in 2Q from $33 million a year ago to $19 million, but that was still 40% of pretax income." Pension income is driven by strong market performance or playing games with assumptions...neither of which looks promising going forward. Also, share buybacks just offset options. NCR is selling at 'value multiples'..but it usually does. I've owned it before but currently have no position...may buy some on a dip. Meanwhile, a bit more digging into that pension stuff may be in order. Sorry to be late responding.

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