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Technology Stocks : Elamex(ELAMF)

ELAMF 2.150

-15.7%

Mar 7 3:00 PM EST

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To: Ron Bower who wrote (187)	4/20/1998 2:02:00 PM
From: David Seltzer	Read Replies (2) of 276

Ron,Q1 sales will not be sufficient to generate big profits.I expect Q2 sales to be better than Q1,Q3 sales to be better than Q2 and so on. Although the backlog at the end of 12/31/96 was $158 million, sales for 1997 were only $132 million(they lost a big customer who moved their business to Asia).So,I don't want to count on sales of $188 million(trying to be conservative).If they approach sales of $188 million $.88 for eps would be too low.Both Goldman Sachs and A.G. Edwards( in the past )thought that a fair multiple on the stock was 12. As I have said before I don't see much downside risk.On the upside, I see a minimum 50% return over the next 12 to 18 months.Compare Elamf to Sflx(I think I understand the differences). Just my opinions. David

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