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Technology Stocks : SSA (SSAX) BPCS/Client Server

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To: MAURICE J. SADOWSKY who wrote (522)	2/1/1998 10:55:00 AM
From: kvogel	Read Replies (1) of 915

Maurice, SSAX ought to hire you since you work 24 hrs a day. BAANF is overpriced by my standards and in fact DLJ downgraded it on Fri just as Sal Sm Barn upgraded. Their sales increase of 65 % is spectactular but they are moving into other areas and acquisitions bolstered these figures. I believe fair value for SSAX at present is about 15 just based on .65 earnings and a 23% growth rate. It will get there for 3 reasons: 1. With Struek at the helm they will meet or exceed the 23% growth rate. Since they have good products marketing and sales are vehicles for growth and I agree that IBM will be depending on SSAX to keep their sales up. 2. H&Q knows how important consistency in growth and visibility are to the stock market. I'm sure they will make this point over and over again. This is essential for upgrades. 3. Financials are under control and no longer creating "extraordinary expenses". Also the pressure of getting loans such as the one from CA which created 3.6 million extra shares for 10 million bucks won't be happening. The company could actually buy some shares back with its war chest which would be a good investment since the covertibles will be exerciseable for $18. a share. Karl

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