Flextronics International (FLEX) Message Board

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Technology Stocks : Flextronics International (FLEX)

FLEX 62.64

-1.1%

Nov 7 9:30 AM EST

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To: rich evans who wrote (432)	12/5/1997 12:04:00 PM
From: kolo55	Read Replies (2) of 1422

I'm using margin numbers from Marks letter to shareholders. The letter is available here: flextronics.com The actual tax rate paid last Q was 12.3%, and an average tax rate of 15% for next year should be OK for estimating; use 17% to be conservative. Flextronics has a very interesting corporate structure and deals with China etc. that avoids high taxes on their income. You'd really have to read the last couple 10Ks to understand this in detail. The AT margin last Q was 3.6%, up from below 3.2% earlier. I think the AT magin will keep improving. Try cases of 4.0% and 4.5% AT net margins on $1.6B in revenues for the FY ending March99 and see what you get as EPS. Use 21M shares. Paul

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