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Technology Stocks : Microlog(MLOG): Ready to Move?!
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To: ChrisJP who wrote (368)1/10/1998 4:43:00 PM
From: Dr. J  Read Replies (1) of 595
 
Perhaps the stock is trading this low because it is fairly valued? It seems to me that management is playing games with the loss carryforwards to inflate the earnings picture: if you look at operating profit, it has only risen a few % when sales rose almost 25%.But management threw in about 33c in loss-carryforwards to make the earnings picture a lot more rosy. Analysts are perhaps looking ahead to when the loss-carryforwards will be exhausted and asking how much the company will earn then.

By my calculations, without loss-carryforwards, EPS for FY97 would have been about 0.31c/share (at 35% tax rate), which would translate to a pretty respectable PE of 18.

Any comments or corrections?
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