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Technology Stocks : MEMCF

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To: Analog Kid who wrote (23)	11/26/1997 10:20:00 PM
From: jay silberman	Read Replies (1) of 42

MORE FROM LEHMAN BROS: Headline: Memco Software: Announces Distribution Pact with Coopers & Lybrand Author: Michael E. Stanek 1(415)274-5336 Rating: 1 Company: MEMCF Country: COM CUS Industry: COMPUT Ticker : MEMCF Rank(Prev): 1-Buy Rank(Curr): 1-Buy Price : $23 52wk Range: $29-10 Price Target: $35 Today's Date : 11/24/97 Fiscal Year : DEC ------------------------------------------------------------------------------ EPS 1996 1997 1998 1999 QTR. Actual Prev. Curr. Prev. Curr. Prev. Curr. 1st: 0.01A 0.08A 0.08A 0.12E 0.12E - -E - -E 2nd: 0.05A 0.10A 0.10A 0.16E 0.16E - -E - -E 3rd: 0.07A 0.15A 0.15A 0.22E 0.22E - -E - -E 4th: 0.11A 0.18E 0.18E 0.35E 0.35E - -E - -E ------------------------------------------------------------------------------ Year:$ 0.23A $ 0.51E $ 0.51E $ 0.85E $ 0.85E $ - -E $ - -E Street Est.: $ 0.45E $ 0.46E $ 0.76E $ 0.77E $ - -E $ - -E ------------------------------------------------------------------------------ Price (As of 11/24): $23 Revenue (1997): 30.5 Mil. Return On Equity (97): N/A Proj. 5yr EPS Grth: 30.0 % Shares Outstanding: 16.9 Mil. Dividend Yield: N/A Mkt Capitalization: 388.22 Mil. P/E 1997; 1998 : 45.1 X; 27.1 X Current Book Value: $3.49 /sh Convertible: - -Debt- to-Capital: 0.1 % Disclosure(s): C, A ------------------------------------------------------------------------------ Memco and Coopers and Lybrand announced a strategic relationship this morning. Under the agreement, Coopers Resource Protection consultants will be certified in Memco's full security offering, including SeOS for both UNIX and Windows NT, and Proxima single sign-on. This is a significant deal for Memco. It provides them with a major distribution platform and gives them access to Coopers blue-chip F500 client base. We see the agreement as further market validation for Memco's products. Separately, last week announced that SeOS for Windows NT will be available in the first quarter of 1998. This product has huge potential given the success of NT and should be a revenue contributor in the back half of FY98. *We believe Memco is building a formidable presence in information security and would expect to see similar agreements with other large distribution partners. We maintain our 1-Buy and $35 price target. BUSINESS DESCRIPTION: Memco Software is the leading provider of data-security solutions for distributed, client-server computing environments. ------------------------------------------------------------------------------ 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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