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Technology Stocks : Siebel Systems (SEBL) - strong buy?
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To: muckraker71 who wrote (6645)4/11/2003 1:10:07 PM
From: Mike Buckley  Read Replies (2) of 6974
 
Anything's possible, but if the stock traded at $3 before the end of the year, that would mean it would be trading below cash

If it trades at $3 today, the stock price would be 34% below cash and cash equivalents per diluted share. With free cash flow net of options-related tax benefits increasing every year since 1999 and with the same free cash flow increasing as a percentage of revenue, it's likely that cash and cash equivalents will be higher at the end of the year than now. That being the case, the longer it takes for the stock price to dip to $3, the greater the discount to cash and cash equivalents becomes.

--Mike Buckley
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