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Strategies & Market Trends : Value Investing

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To: Robert Hoefer who wrote (3953)	5/1/1998 11:33:00 PM
From: Paul Senior	Read Replies (2) of 78476

Robert H.: Thanks, I'll look at RN. It's scary -g-. Still more bad news on OLS (S&P Watch Negative). But I still see value: Just roughly, there are 80M shares of OLS out. If OLS were to sell at the same psr as Manpower (I don't know why MP or why psr, I just happened to think of MP for a comp. in this way.) OLS would have sales in this or related business I think at 600 M this quarter (per recent OLS report) x 4 quarters or $2.4 billion. Manpower PSR about .5 (.47 per Yahoo) which suggests that without all the troublesome healthcare stuff: (.5 x 2.4B)/80M or $15 dollars per share. That is, if OLS were priced in this way like MP, OLS would sell for $15. The troublesome stuff has quarterly sales declining from 493 to 408M (That's some trouble!! -g-). But that trouble IS a $billion plus business (for now anyway-g-). Not sure what a money-losing billion dollar business is worth. How about $160M with the buyer putting up just 80M cash? That'd still be another $2/sh to OLS. So in this way, I still think OLS is a 15+2= $17 stock. That'd be very conservative, I hope -g-. JMO, and I've been wrong many, many times before. Not only on stocks, but on these goofy comparisons -g-. Paul.

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