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Strategies & Market Trends : Value Investing

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To: Bob Rudd who wrote (16770)	4/8/2003 2:28:36 PM
From: Bob Rudd	Read Replies (2) of 78645

ACDO: Started today @13.20 - Ready, fire, aim shooting from the hip after checking the debt-[not too high]. Listening to the CC now. Both the AR reseves and unrelated rev slippage are related to a purchase and look temporary and fixable. They Purchased AR's and used the predecessor reserve methods which now appear inadequate - if this is the case there may be a retroactive purchase price adjustment. The slippage in patient referrels was due to temporary sales distraction related to business combination. There's some uncertainty about this but they expect to be able to provide 04 guidance by May 5 CC, so this isn't wildly uncertain. Some roughcut multiples: EV/(EBITDA-CAPEX)=(47.613.2+199-36.3)/(110-14)=8.2 EV/FCF=(47.613.2+199-36.3)/(55-14)=19.3 4/8/03 8:33AM Accredo Health lowers guidance; examining adequacy of account reserves (ACDO) 25.41: Co. revises FY03 revenue estimate to a range of $1.35 bln to $1.37 bln vs the Multex consensus of $1.44 bln; cuts its FY03 EPS estimate to a range of $1.20 to $1.25 per share vs the Multex consensus of $1.37 per share. ACDO with similars and loosely related GTIV from whom they purchased the questionable receivables: quote.yahoo.com

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