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Non-Tech : Cendant Corporation (NYSE:CD)
CD 7.420+5.7%Dec 4 3:59 PM EST
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To: Jyoti sharma who wrote (506)5/6/1998 4:34:00 PM
From: Frank  Read Replies (1) of 3627
 
Jyoti,

I'd revise the PE down based on accounting irregularities, and project slightly range of $35 to $40.

Since irregularities are reflected in 18% of business, I'd adjust downward PE to about 25 until full report later this year.

Regardless, these irregularities, presumably, are a one time adjustment, not reflective of overall business health. Bought 500 at about same price.

After earnings, and conference there appears to be significant margin of safety at these levels, downside risk is max $20 - $22 per share, regardless of potential mkt correction.

This looks like a solid purchase.
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