Novacare (NOV) breaking out... Message Board

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Biotech / Medical : Novacare (NOV) breaking out...

NOV 15.67

+0.8%

Dec 19 3:59 PM EST

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To: Todd D. Wiener who wrote (156)	10/28/1997 11:35:00 AM
From: Barry Dryer	Read Replies (2) of 420

Todd, Like you, I was somewhat disappointed with 1st quarter Net Income performance. On $357mm revenue, NOV should have reported EPS of $.20/share (as you had estimated). Putting it in perspective, however, the miss was only $2.5mm. And NOV continues to integrate a large number of acquisitions as they pursue their two-pronged growth strategy. In addition to the upcoming public offering for NCES, I like the following: "During the first quarter, the company acquired 18 outpatient rehabilitation businesses with aggregate annualized net revenues of approximately $33 million and established seven new outpatient rehabilitation centers. Consistent with its growth strategy, the company's expansion is concentrated in 17 target markets." IMHO, fair valuation today for NOV is in the $18 range, not the $13 area where it's at currently. Barry

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