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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (19144)	5/1/2004 1:39:00 AM
From: blankmind	Read Replies (2) of 78666

AMTD - Ameritrade Holdings - looks like a real value play - trading @ $12.26/sh - here's my notes - would like to hear any & all opintions: ameritrade hit $17.67 on 1/21/04 - - now down to $12.26 - looks relatively cheap here: • as of 4/15/04 - short int up to 11.3 mill shs - but about 440 mill shs o/s diluted • as of 12/31/03 - equity of $1.2 bill; or book value of $2.67/share • from 12/31/02 to ’03 - total revs increased from $180.5 to $226.4 mill; net inc from $22.0 mill to $71.9 mill • for 1/4 ending 3/26/04 - repurch 3.3 mill shs of stock; part of $263 mill since ’02; or 29.7 mill shs; avg of $8.86 per sh • projected eps for ’04 of .59 to .79 • as of 3/26/04 - customer margine bal of $3.8 bill • for 1/4 ending 3/26/04 - eps .19 vs. .02 last yr; for 6 month - eps of .35 vs .07 • me - i think amtd’s eps continues to grow; both from trading commissions; and interest on margin balances

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