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Technology Stocks : Secure Computing - Integrated Network Security

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To: George Georgiou who wrote ()	1/9/1998 3:18:00 PM
From: Magnatizer	Read Replies (1) of 930

To all I am new to the thread and a rookie in the market. I do have a paine webber acct. so I have their notes on SCUR with me. I will do my best to give a synopsis of the pertinant info. Analyst James Preissler Buy 1 rating Key Points 1. After several acquisitions and a retrenchment period, SCUR has re-emerged as an enterprise security vendor 2. PW believes the company has successfully made the transition from a gvt firewall co to a commercial software vendor 3. Well positioned with high-end products in several key high-growth areas including firewalls, authentication, and web filtering 4. Upside in earnings from operationg expense leverage coupled with gross margin improvement from increased software revenues should drive sustaained profitability 5. PW is estimationg over 45% CAGR in software revenuew and 50%+ CAGR in earnings going forward 6. PW is initiating coverage with a BUY(1) rating and $20 price target based upon a comparable peer group analysis They go on to more specifics including "The digestion of the acquistions took longer than anticipated, and SCUR lost ground to its competitors as the company needed to refocus its businesses. We believe the integration of SCUR's products and salesforce is now complete, and the company has emerged much stronger and with a broad range of robust products to serve the rapidly growing enterprise security marketplace. We believe this turnaround story has trementdous potential for '98 and '99." Estimates in total revenue: 1997 $47 mil 1998 $64 mil +35% y/y 1999 $88 mil +38% y/y EPS est: 1997 (.26) 1998 .30 1999 .50 +65% y/y Going forward PW expects to see EPS grow at approx. a 50%+ CAGR PW expects SCUR to generate approx $2-3 million in positive cash flow per quarter by Q4 '98. Annual Revenue Mix((seperating products (i.e.firewalls, authentication software, and web filtering software as well as services)from govt contracts)) Year Products GOV %gov 1996 $23m $17m 42% 1997 $33m $14m 30% 1998 $54m $10m 16% 1999 $78m $10m 11% CAGR 50% -16% Gotta go now if anyone has question please post to me and I will do my best to respond ASAP David

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