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Technology Stocks : Open Text

OTEX 38.03

+2.2%

Nov 5 3:59 PM EST

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To: make.it.co who wrote (874)	6/25/1998 11:10:00 AM
From: James Joyce	Read Replies (2) of 1195

TSE listing should not be a negative but will invite more trading from Canadian investors who are focused on OTEXF as a Canadian based company. My big concern is the thin trading on the company's stock. The lack of trading is an indication that the analysts and investors are not yet convinced that this is a core application. One would expect that the IT infrastructure indications that it is a key part of the puzzle would have spread to the investment company. Possibilities: 1. The company has not done a good job at PR/Investor relations... this may have stimulated the analysts conference. 2. The total market size may not be big enough to result in a major growth in absolute revenue thus there is not much room for company valuation to grow. 3. Acquisitions are not yet adding to major revenue and bottom line growth yet cost cashflow. 4. It is such a niche that the only wake up to investors will be the bottom line growth per share... which is what I expect. OTEXF will need to diversify into additional core applications to be ok on the medium term or else get acquired. James

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