AEIS: Opinions? Message Board

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Technology Stocks : AEIS: Opinions?

AEIS 205.52

+1.4%

Nov 3 3:59 PM EST

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To: PAR who wrote (48)	11/7/1997 11:45:00 PM
From: jay silberman	Read Replies (1) of 115

FROM LEHMAN BROS: Headline: Advanced Energy: AEA Update Author: Edward C. White, Jr., CFA 1(212)526-4744 Rating: 1 Company: AEIS Country: COM CUS Industry: ELECTS Ticker : AEIS Rank(Prev): 1-Buy Rank(Curr): 1-Buy Price : $20 3/4 52wk Range: $38-4.13 Price Target: $37 Today's Date : 11/06/97 Fiscal Year : DEC ------------------------------------------------------------------------------ EPS 1996 1997 1998 1999 QTR. Actual Prev. Curr. Prev. Curr. Prev. Curr. 1st: 0.08A 0.04A 0.04A 0.25E 0.25E - -E - -E 2nd: 0.12A 0.15A 0.15A 0.27E 0.27E - -E - -E 3rd: 0.01A 0.24A 0.24A 0.30E 0.30E - -E - -E 4th: 0.03A 0.26E 0.26E 0.33E 0.33E - -E - -E ------------------------------------------------------------------------------ Year:$ 0.24A $ 0.69E $ 0.69E $ 1.15E $ 1.15E $ - -E $ - -E Street Est.: $ 0.61E $ 0.60E $ 1.11E $ 1.12E $ - -E $ - -E ------------------------------------------------------------------------------ Price (As of 11/5): $20 3/4 Revenue (1997): 140.9 Mil. Return On Equity (97): 28.4 % Proj. 5yr EPS Grth: 30.0 % Shares Outstanding: 22.0 Mil. Dividend Yield: N/A Mkt Capitalization: 456.50 Mil. P/E 1997; 1998 : 30.1 X; 18.0 X Current Book Value: $2.36 /sh Convertible: - -Debt- to-Capital: 16.4 % Disclosure(s): C, A ------------------------------------------------------------------------------ * Advanced Energy delivered an upbeat presentation at the AEA conference. * The company is achieving success with its goal of increasing its market share. Its RF share should grow to the high 30's in 97 from 27% in 96. Mid frequency share will be up a lot also. * Power supplies for epitaxial deposition systems represent an important emerging semiconductor equipment opportunity, due to the growing importance of epitaxial layers. * Potential opportunities include Novellus' PVD division (was using internal Varian supply), the Tegal RF business (recently won), and TEL (work needed; potential opportunity for new applications). * Advanced Energy's shares have been under pressure recently, but we see strong growth in the quarters ahead. We recommend purchase of the shares. ------------------------------------------------------------------------------ Disclosure Legend: A-Lehman Brothers Inc. managed or co-managed within the past three years a public offering of securities for this company. B-An employee of Lehman Brothers Inc. is a director of this company. C-Lehman Brothers Inc. makes a market in the securities of this company. G-The Lehman Brothers analyst who covers this company also has position in its securities.

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