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Technology Stocks : Acme Packet (APKT)
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To: Paul Chiu who wrote (9)10/7/2006 6:10:28 PM
From: Sr K  Read Replies (1) of 291
 
APKT is offering 8 million shares or $60 million at $7.50; addl shares are by other selling shareholders.

The $11 million E is MOL pretax [$11,559 ('000)] and only for 6 months. With a 38% tax rate for a Massachusetts corporation, and projecting their recent high growth rate so H1 is 45% of all 2006, and using 65.18 million shares diluted after the IPO, I calculate .244 EPS for 2006. Or a P/E of 30 or so.

The S-1 says:
Common stock to be outstanding after this offering: 56,707,490 shares

And 8,475,008 options that will be $53.7 million in the money at the $7.50 price.

If Q3 was strong, wouldn't they wait until late October or mid-November to get closer to $10?

Somebody must think windows open and windows close, so you do it when you can.

IMO.
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