Applied Materials No-Politics Thread (AMAT) Message Board

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Technology Stocks : Applied Materials No-Politics Thread (AMAT)

AMAT 322.34

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Jan 23 3:59 PM EST

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To: Fred Levine who wrote (3193)	9/23/2002 8:32:23 PM
From: Gottfried	Read Replies (3) of 25522

Fred, thanks for the ML report. For me the interesting part was... >U.S. semiconductor stocks have sold off in recent weeks, but we do not think we’ve reached the entry point yet. Price to book value indicates that my group is well valued at 1.3x, considering that the October-98 trough was 3.4x, and 2.4x excluding the bias for high comm-IC multiples. However, we are inclined to give more weight to price earnings valuation, which shows that we are still at about 25x P/E, versus a decade average of 19x and an Oct-98 trough average of 18x< So, ML is happy with the low P/Book but thinks P/E is still too high. And since earnings may not improve fast, they are looking for lower entry prices. Gottfried

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