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Strategies & Market Trends : Value Investing

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To: James Clarke who wrote (3925)	4/26/1998 11:48:00 PM
From: Shane M	Read Replies (2) of 78464

Hello all, Just placed an order today to buy Titanium Metals Corp (TIMT). Besides the good numbers (shown below), the catalyst here was the recent conference call. I found management to be forthright, even to the degree of bringing up potential concerns beyond callers' inquiries. The business is tied to the aeronautics industry, both aerostructures and engines, which the company expects solid demand for at least several more years. Have a purchasing agreement with Boeing, and also supply Airbus. Are a supplier to all major jet engine manufacturers. The company is working to diversify its business, but fortunes currently lie with jets and jet engines. In the CC the company mentioned it is expanding capacity in several areas due to anticipated strong demand, Currently, demand exceeds capacity and the company is having to send alot of business out of house to fill the need. Expansions plan to bring this production in house. The company says it is comfortable with current year EPS estimates in the low end of the $2.90 to $3.20 range. This would place the stock trading at a forward PE of around 8.7. Sales per share growth over the past three years has been 25%+ annually. Mkt cap @$800 million. Current Price $25 1/4 P/bk: 2.0 P/cf: 6.9 Ltd/eq: 2.7% recent net margins: 11.3% recent ROE: 20%

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