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Technology Stocks : Semi-Equips - Buy when BLOOD is running in the streets!
LRCX 142.62+2.2%Nov 21 9:30 AM EST
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To: Fortinwit who wrote (5945)6/21/1998 11:30:00 AM
From: Gary Burton  Read Replies (1) of 10921
 
Your efforts are much appreciated. Takes a lot of time. May I suggest a slight modification in that PSR is scrapped in favour of EPSR, the latter being (Price less 'net' cash)/Sales-----either latest qtrly annualized or ttm will do. Net cash is Cash less all LTD.------By doing that I think one is comparing apples to apples since the cash balances vary significantly between the companies and also relative to the 96 low for the same company.------For e,g, ASYT has no LTD and 50% of its stockprice is cash whereas at the 96 low only 15% was net cash. If one deducts the net cash, the EPSR now is only about a 25% or so premium over the 96 low (vs the 128% premium noted in your table) and one might even say that there is no real premium since there is a lot less risk given that cash is a much greater component of the current price than it was at the 96 low, So, one may draw a completely different conclusion than just looking at the table and saying "much more to go on the downside". Just my 2c. regards ------ps I suspect that Market Guide may be using Dec 31/97 bs numbers. If one adds 2 qtrs of eps to approximate proforma book value at June 30, ASYT is trading right at the 96 low point rather than at a 13% premium. (July 24/96 low vs book at June 30/96 per the 10Q)
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