Roger's 1997 Short Picks Message Board

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Strategies & Market Trends : Roger's 1997 Short Picks

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To: tcarnes who wrote (7586)	11/27/1997 10:08:00 PM
From: Pancho Villa	Read Replies (1) of 9285

have a good trip. TO ALL AGS's bottom line: another medium size y2k software firm with a very slim profit margin of at most 2-3% after taxes (low profitability due inpart to license payments due to AGS Germany of around 10% of sales) Sales of around 150 million/year and a market cap on a fully diluted basis of appx 330 million (33milion shares * 10/share. shares outstanding aftger offer is around 28 million + around 5 million of unexercised employee options). The company is a serious company but no way it can generate the growth that would justify the exhorbitant multiple. Interestingly they plan to grow through acquisitions "a la PLAT" so no much hope of seeing any improvement in profits. Perhaps some sales growth. What do people think? check out the offering. Surprisingly could not find a CF statement anywhere. sec.gov Pancho

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