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Non-Tech : Auric Goldfinger's Short List
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To: RockyBalboa who wrote (18556)11/14/2006 8:39:13 PM
From: afrayem onigwecher  Read Replies (1) of 19428
 
Research Report: IIG Reiterate Buy

EGE Institutional Research Report - Research Brief
Rating: Buy
Target: $20

Bullet points of research report:

--IMERGENT BEATS OUR ESTIMATES FOR Q4 AND FY2006.

--A POSITIVE CASH FLOW INCREASED TOTAL CASH TO $30.5M OR $2.49 PER SHARE.

--TWO ADDITIONAL SEMINAR TEAMS TO BE ADDED IN FY 2007.

--STORESONLINE SOFTWARE SALES TO BE TARGETED AT NEW VERTICAL MARKETS.

--THE COMPANY HAS GUIDED TO A GAIN OF NET CONTRACTS WRITTEN OF 15-20% WITH GROWTH OF ADJUSTED PRE-TAX EARNINGS AT A HIGHER RATE.

--MAINTAINING BUY RATING AND $20 PRICE TARGET.
This represents a P/E multiple of 15.3x our non-GAAP Adjusted EPS estimate for FY 07. This valuation is roughly half the current average P/E multipliers of other similar companies serving this market and a Price/Sales ratio of 2.0x vs. 3.0x for the same comparables.
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