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Technology Stocks : Cymer (CYMI)
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To: sepku who wrote (6660)10/26/1997 5:36:00 PM
From: D.J.Smyth  Read Replies (2) of 25960
 
Style, Bret H. had estimated CYMI to make $1.25 prior to his downgrade post split. After downgrade he estimated $1.04 based on sale of approximately 400 lasers for 1998.

If we take Angus at this word with 40% expected growth rate, and we have over a $65 million dollar quarter for the 4th quarter we'll arrive at approximately $220 million for revenue for 1997. With 40% growth, we come to nearly $310 million for 1998, with laser sales approaching 600 for 1998. That would yield EPS for 1998 of approximately $1.50 to $1.60 given improving gross margins due to increasing tool sales in the latter half of 1998 and lowering tax rate from current 38% to around 32% (based on accounting model).

So, CYMI is trading at 2.6 times 1998 revenue, and 18X earnings using these numbers. Will post more later.
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