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Non-Tech : Amati investors

AMTX 1.425

+8.4%

3:59 PM EST

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To: pat mudge who wrote (27106)	10/15/1997 4:18:00 AM
From: SteveG	of 31386

<If you use the combined float, you have to include Westell's revenues> I DID use Westell's numbers, and combined the float (reducing their projected loss per share). <I can't account for why the recent reports don't give projected lines other than the merger caught them off guard and they weren't prepared.> But your numbers AREN'T from analysts' reports, and therefore do not rely on "post merger" numbers. Your numbers are your own. <I made no claims for Westell's numbers. I'm only doing Amati's. > I provided Westell's numbers from FC, diluting down the loss as I stated. <Using your 25% margins and Amati's float of 20M, gives us $2 per share, times your generous growth rate of 50%, gives a fair market value in '98 of $100/share.> Nope. As I previously outlined, but we'll do it again - 25% gross margins on YOUR sales figures of $160MM gives us 12.5% post tax net margins of $20MM. Dividing this by the combined float of 35MM gives us about .57/share from YOUR figures for Amati's sales (IF these numbers come in '98, again which I doubt). FC projects a Westell loss of <.42> (or $6.2MM) on their 15MM shares. With 35MM combined shares, this becomes a loss of <.18>. Added to the purported Amati-side gain of .57 yields a gain of .39 / share. Then applying a 50% PEG yields a fair market $19.5/share combined in '98. See what a major difference little details can make in looking more carefully? Cheers Steve

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