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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (17896)	10/17/2003 9:51:46 AM
From: Spekulatius	Read Replies (3) of 78751

I bought some MEDI at 28.12$ this AM The stock has been under pressure for a while and now we know why: WalMart defers national vaccination program using MEDI's Flumist, so estimates for the Flumist launch have to come down. Here is the rationale for my play: MEDI's market cap: 7B$ -1.5B$ net cash = 5.3B$ enterprise value 1 B$ revenue for 2003 (even with delayed Flumist launch) Earnings around 1$/share for 2004 (at least). MEDI is not super cheap but P/S in the range of big pharma companies and has much stronger growth ahead, IMO. Even with the delay, Flumist is in a huge potential market and the only approved "needle free" flu vaccine and has a large potential. it's a quality biotech trading at a very reasonable price.

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