Howmet Intl. HWM / Thiokol joint venture ipo Message Board

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Technology Stocks : Howmet Intl. HWM / Thiokol joint venture ipo

HWM 207.62

-0.9%

Dec 30 3:59 PM EST

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To: Frank Perlmutter who wrote (15)	1/30/1998 6:37:00 PM
From: joseph cheng	of 24

Frank: Thanks for the link. The report seems to suggest that HWM would settle in around 10-15 pts below PCP which was trading at 58 at the time of the analysis because of dilution after the ipo. Makes sense, which would put the HWM price around $30. What concerns me is market cap. PCP has 24.8M shares outstanding at a price of 58. Market cap 1.44B HWM has 100M shares outstanding at a current price of 14.5. Market cap 1.45B. The 2 companies being compared in all other areas, margin%, revenue, etc... look very similar. Therefore, is HWM fairly valued right where it's at? Joe

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