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Technology Stocks : Comverse Technology
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To: JakeStraw who wrote (438)5/27/1998 10:17:00 AM
From: NotNeiderhoffer  Read Replies (1) of 1331
 
Hippie Dude,

That was quite a quarter indeed. Looks like EPS estimates for Jan '99 and Jan '00 go from roughly $1.95 to $2.14ish and $2.43 to 2.60ish. The sequential growth in backlog adds visibility to the numbers and knowing Paul Baker's cautious stance he probably had to restrain the sell side people from jacking estimates higher.

For those of you worried about LU I would call IR and have them walk you through the competitive landscape. I am Notconcerned. We have a dominant position in the installed base (several large telco's in Europe have yet to name a supplier-something to watch) and shareholders are looking at a nice annuity stream going forward as follow-on orders and enhanced services begin to show up in the P&L over the next few years. Looks like pricing is improving now that they are not banging bodies with Boston over every deal.

DSO's dropped from 110 last Sept to 90 too with the cash and equivalents running $250 million. The drop in the market could offer them a few interesting opportunities in terms of acquisitions. The effective tax rate is still abnormally low due to the Israeli tax credits they receive though-part of the estimate revisions are likely a fine tuning of this rate.

Looks like we have a place to hide today.

NotsurewhattheywilldowiththecashonthebalancesheetNeiderhoffer
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