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Technology Stocks : SAP A.G.
SAP 241.76-0.1%9:37 AM EST
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To: Sommers who wrote (1403)7/12/1998 7:06:00 AM
From: Ibexx  Read Replies (1) of 3424
 
Sommers,

Thanks for posting the Barron's excerpts.

The marticle contains some valid points; however, it's a mistake to compare Siemans and SAP--worse than comparing apples and peaches--as they are in different sectors and thus should command vastly different P/E multiples.

Take a look at Microsoft (high growth software co; minimal capital expenditure; much less cyclical) versus Intel (hardware co: capital intensive; much more cyclical) you would get a feel how Wall Street perceives the valuation difference.

Regards,
Ibexx

PS: It's a highly individual thing whether SAP is overvalued at this point--depending upon how you do the valuation--but Barron's would hardly be my guide altho I read the magazine everybody looking for ocntrarian indicators. <g>
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