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Technology Stocks : Elamex(ELAMF)

ELAMF 2.150

-15.7%

Mar 7 3:00 PM EST

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To: David Seltzer who wrote (111)	10/9/1997 11:00:00 AM
From: Ron Bower	of 276

David, Factors I'm looking at that make me more optimistic: Eurotec will add +/- $2M revs adding perhaps .02 to EPS Gross increased to 15.6% last Q, should get near 16.5% this Q Expect at least flat revs w/o Eurotec, $34M+2M = $36M Interest expense should be nil, income about .03 to EPS With $36M revs, I would estimate $2.4M earnings = .33+ EPS This is not a major increase from the year ago .31, but in line with growth so far this year. I just read a Morgan Stanley/Dean Witter report that the Peso should weaken to 8 by end of the year and to 8.7 in '98. With new contracts based on current peso value, the 4Q and after should improve earnings. It's likely you are right about strength being in 4Q and '98. Being lower in PE strength than the sector just makes it an excellent buy at current prices. There will come a day... Just my 2 cts, Ron

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