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Technology Stocks : American Power Conversion

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To: jas cooper who wrote (1637)	7/24/1997 8:22:00 PM
From: shane forbes	of 2574

Jas I just had a closer look at the q release and see nothing troubling at all for APCC. Yes CEO made the obligatory cautionary remark about 18.5% net but I think he's just being careful. Inventory is in decent shape (as a %ge of sales). Receivables are good. 22% revenue increase translated to 39% earnings growth is excellent. Much better that 1-1 and approaching 1-2 which is outstanding. No funny games going on at all as far as I can tell from the balance sheet. Symmetra is coming on line next q and if I remember the prior conference call correctly the 20-25% growth estimates do NOT include symmetra. Symmetra will be HUGE. Just hope that the conference call produces no unpleasant surprises. Don't think it will. If any fools (!) tomorrow cause a large sell-off in APCC I've got my margin account handy! Honestly I feel stock should do well tomorrow. In times of APCC over-exuberance it has traded at P/E's of around 30 (or more. much more!). 30 * 1.2 = 36 which means we are a long way from exuberance at this point. Should hit 26 tomorrow - maybe 27? Or will some of the scaredy cats who were responsible for the last few day's runup sell off on the new? Yes, re: your comment "Yeah, this quarter was good, but it won't stay that way!", I think it was last q when the company tried to bring the analysts down to more reasonable expectations. But remember the stock immediately bounced back the next few days. In any case international expansion is the little golden goose here and nice to see it up a smart 34% this q and about 22% for the 1st 6 months. (BTW GATE may face trouble tomorrow because of the infamous whisper number. SHHHHHH!)

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