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Technology Stocks : THQ,Inc. (THQI)
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To: Quad Sevens who wrote (4661)4/19/1998 2:10:00 PM
From: Bleeker  Read Replies (1) of 14266
 
Lin focused mostly on Brunswick Bowling and Bass Fishing during
our conversation. No mention of the RPGs (Quest, Granstream). I
never had high expectations for either Brunswick Bowling or Bass
Fishing. Lin thinks these games are visual marvels and may have
franchise potential. Andrew's post that there are twice as many
people into fishing than golfing certainly suggests there is a
captive audience for the game.

Sigmund, I respect Lin more now than last Fall. He made a mistake
then by downgrading THQI and now he fixed it before Q1 earnings.
That is commendable IMO, although I still think that his P/E of
23 is too low for THQI given its past record and the industry
average. Volpe Brown too uses a P/E of 23 as the industry average.
That is the most conservative figure I have seen. We are now only
at 20 based on TRAILING earnings.

The broader market has a P/E in the high 20s now, ERTS has a P/E
close to 40 and we were using an industry average P/E of 28 on this
thread last Fall. More recently, THQI's P/E was as high as 33 I
think before Q4 earnings were announced.

I would be extremely pleased if THQI earned around 39 cents for Q1.
If THQI beat the high end of the consensus estimate (Lin's 41 cents),
don't be surprised to see it approach $40. It may take the market
two days or two weeks to take THQI there. But Q1 will certainly not
be a one time game with what is shaping up to be a strong line up of
games in Q2 and Q3.

In the meantime, the opportunity cost of staying out of THQI could
become more painful each day.

Bass Fishing,
Bleeker
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