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Non-Tech : The SHAW Group

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To: David Wiz who wrote (228)	4/8/1998 4:37:00 PM
From: Greg h2o	Read Replies (1) of 291

morning notes from Jeffries.... Ravi S. Kamath (713) 651-3874 The Shaw Group, Inc. NYSE: SGR - $23 Rating: Buy FY Aug 1996 1997 1998E 1999E EPS - REVISED EPS - PRIOR $0.94 $1.21 $1.85 $2.55 P/E 24.5x 19.0x 12.4x 9.0x * Our 12-month target is $36 per share. SGR reported Q2 (Feb) EPS of $0.43 versus $0.31 a year ago. The results were in-line with our estimate of $0.44 and the First Call consensus estimate of $0.43. * Revenues for 2Q were a record $137.5MM, an increase of 61% versus 2Q97. Gross margin declined in 2Q98 to 16.9% versus 18.3% in 1Q98 due to lower margins at Prospect and on construction work. * Operating margin in 2Q98 of 7.4% was close to the 7.6% level achieved in 1Q98, due to a decline in G&A expenses as a percentage of sales to 9.5% in 2Q98 from 10.7% in 2Q98. * Shaw's backlog as of 2/28/98 was a record $280 million, up from $271 million as of 11/30/97. The Company experienced record bookings of $146 million in 2Q98.

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