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Technology Stocks : Hummingbird Comm. (HUMC)
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To: Paul Loucks who wrote (1578)4/30/1998 12:15:00 AM
From: Martin Goldenberg   of 2018
 
Paul, I respect your analysis and you gave it considerable thought.

I have trouble identifying with your analysis of company worth against fair share market value.

Let's say HUM had not purchased Andyne and connectivity sales continued to represent 12 to 20 percent profit growth, as the jury is still out on the rate of decline on connectivity profit growth. I'd say that the share price would be worth, in fact, at least what it is today.

Now that they have taken the bold step of of expanding into the lucrative BI data warehouse business, their potential for profit growth can grow significantly. The issue is, in my mind, whether HUM can continue the strong drive and careful management needed to quickly ramp up in this new business venture.

The additional key here, is their plan and determination to spend another $150M to $300M on further and much larger acquisitions to make this happen.

So I am more appropriately going to focus on their continued revenue growth and look for reasonable associated profit increases as my prime basis for judgement.....and yes of course......associated expenses that go along with expansion and consolidation.

I can not blame you for losing patience. I am sure that one of the disappointments is the rather late aggressive action on the business acquisition front. It should have started about 6 months earlier. But then again sound business judgement and strategy development takes time.

So being realistic I have decided to expect realistic results. I will wait and assess their progress for at least another 2 quarters.

Hope to be hearing from you again so that you can keep us continuing bulls sober.

Martin
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