IMPX - When Will the Dead Money Awaken? Message Board

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Technology Stocks : IMPX - When Will the Dead Money Awaken?

IMPX 4.960

-5.7%

Nov 6 9:30 AM EST

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To: lml who wrote (33)	10/29/1997 6:11:00 PM
From: slob	Read Replies (1) of 532

lml and Xavier, Am I the last IMPX optimist? I suggest you check out the new IMPX home page. I see a different company to the one that existed a year ago. For a start they list only 4 products, which are, wafer fab services, data comms products, power management and digital switch products. Gone are the EPAC and disk drive products. These products are all in specialized areas where the company can make good margins using their current processes. An example is that Benchmarq makes $6M/q in battery management products without access to a specialized process like IMPX's, LLTC is also showing interest in this segment (both of these companies typically have high product margins). I think it will take about a year but I expect to see IMPX doing about $5M/q in each of these market segments. If management has it's eye on the Net as well as the gross margin than I would expect about 15% net margin. If IMPX can do this then the company is worth about 3 times sales. That will translate into $8/sh. a 6 bagger at todays price. On the down side, all that I see is a company which will go on for another year or so with small losses and then get taken over by someone like IC-Works. I would expect the price to stay above $1 for the next year even if IMPX continues to make small losses. So the down side is lost "opportunity cost" The other positive thing is that there are now job offerings on the IMPX web site, something that we have not seen in over a year. All the jobs are in wafer fab areas which would indicate that they are expecting or experiencing increased wafer demand. Anyway lets keep the faith, after all what else do we have ! Slob

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