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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (16177)1/20/2003 5:43:58 AM
From: Bob Rudd  Read Replies (1) of 78695
 
Paul - NCR: I'm currently on the sidelines. If it weren't for the pension issue, I'd definitely be a buyer, but this IS an issue: They backed assumed return down to 8.5% from 10% and took a charge accordingly, but 8.5% is still reflecting signficant optimism. Old line companies with pension and health benefit overhangs are drawing negative attention that is more likely to intensify before it disipates. Also worrisome is Dell's recent entry...although I don't understand Dell's offering well enough to evaluate the extent of the threat. OTOH operating fundamentals look decent though at 20x eps ex-pension it's no screaming bargain.
I'm not making a complete bear call on this, just a 'hide & watch, wait & see' BTW, ROE will get a boost from recent charges to retained earnings but getting there by lowering book instead of raising returns earns no merit badges IMO.
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