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Technology Stocks : Dupont Photomasks (DPMI)
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To: shane forbes who wrote (156)2/22/1998 10:04:00 AM
From: jeffbas  Read Replies (1) of 955
 
Shane, thanks. I bought the stock at 26 1/4 as a long term investment
and have no intention of selling it any time soon. I have been, it seems unsuccessfully, trying to stimulate a discussion as to what a reasonable growth rate for this cyclical growth company really is and what a reasonable P/E would be.

The historical year-over-year numbers are impressive, but those who bothered to notice the flattening sequential quarter sales had an
opportunity to get out at $70. Although this company's business is far more stable than a semi-equipment company selling multi-million dollar machines, I am concerned that the current quarter holds the risk of being more below the last one than current Street estimates - because of the full effect of the Asian situation and increased depreciation charges, without correspondingly increased sales (as you also noted). The insider selling reported this weekend is not reassuring.

However, I really think this company IS worth your doing your full due diligence. In my opinion, it is better positioned than Photronics going forward, at 2/3 the valuation levels. The access to DuPont research and a $100 million line of credit at very favorable interest rates (not now in use) is very valuable.
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