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Technology Stocks : CheckFree (CKFR)
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To: Doug (Htfd,CT) who wrote (335)8/15/1997 9:19:00 AM
From: Charlie Smith   of 8545
 
Doug:

The way I figure it, today CKFR has signed Ks with banks representing around 75% of existing checking accounts. As Kight said, this represents about 150mm accounts. With current penetration of just 1.2% (1.8/150), there is obviously plenty of room for growth, and this growth should ramp quickly from here. The key question is, how much revenue per account per year? Right now, I'm using 8% penetration as my three year target, with annual revenue to CKFR per account in the $36 range ($3/mo). This would result in processing and servicing revenue of about $432 million in three years, more than 4x current levels. Thoughts?

Regards.
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