MAPINFO: Any Thoughts Message Board

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Technology Stocks : MAPINFO: Any Thoughts

MAPS 0.840

-1.8%

3:59 PM EST

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To: Elvis Jones who wrote (104)	1/21/1998 8:37:00 PM
From: spiny norman	Read Replies (3) of 225

Hi Duke, I have to confess I sold 1/2 my position @ 13 yesterday - I couldn't resist buying BRKS yesterday @ 14.25. (This is despite my new years resolution not to overtrade <g>) I also didn't realize that the earnings would be out so soon. Although I sold, I'm NOT bearish on MAPS, I just was getting uncomfortable with all my IRA in MAPS at these price levels. If it goes under 12 I'm definitely interested in adding more. My .02 is that given the 13MM sales and .05 earnings 11-13 is fair value. Ex the $5.00 cash this is a P/E of 30-40. The only other observations I've got is that it looks like they paid 3-4 MM over book for the Data Consultancy (I'm sure that there are SEC filings with the figure, but I derived this from the changes in goodwill. Perhaps a million or so of the change is from the Spatialware acquisition.) Based on the "2%" extra growth for one months operations, I'm guessing that the D.C. business brings 3MM / year to the top line. 1 mo = .02 * 13.0MM = approx. 250K, times 12 = 3.0 MM. Since that one month was December, maybe there is some year end sales push distortions, so figure 2-4 MM?. Anyway, there is a 300-600K tail wind for next quarter given that their operations will be included for the full period. regards, spiny

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