SIEB Siebert Financial Brokerage Message Board

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Technology Stocks : SIEB Siebert Financial Brokerage

SIEB 2.640

-0.4%

Nov 7 9:30 AM EST

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To: marie fouchia who wrote (28)	4/7/1998 10:45:00 PM
From: Anthony Marchese	Read Replies (1) of 284

SIEB is basically in the discount brokerage and municipal bond business. Latest 10-K reveals they are having a tough time in the discount brokerage end of the business and are making decent money in the municipal business. Book value is 43 cents per share so that at current levels the stock is trading at about 38 times book. It has earnings of 12.5 cents per share last year and is now trading in excess of 133 times trailing twelve month earnings. Sales and earnings have been flat the last several years. E-trade, the leader in this business, trades at about 4 times book and about 20 times forward earnings. Montogomery Securities, a real powerhouse, was recently bought for 5 times book value. Merrill Lynch trades at about 4 times book value. What does that tell you about the valuation of SIEB?

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