Siebel Systems (SEBL) - strong buy? Message Board

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Technology Stocks : Siebel Systems (SEBL) - strong buy?

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To: Melissa McAuliffe who wrote (1933)	7/17/1998 1:05:00 PM
From: Albert Youssef	Read Replies (1) of 6974

Melissa, Goldman Sachs analyst Rick Sherlund added SEBL to the Recommended List today. The stock was initially rated a Market Outperformer because Sherlund was taking a wait-and-see attitude about the Scopus integration. He liked what he saw last night. Goldman EPS estimates were raised from .42 to .50 in 1998, and from .58 to .70 in 1999. Revenue estimates were raised from 315MM to 380MM in 1998, and from 423MM to 550MM for 1999. About the DSOs, they were attributed to an increase in deferred revenues and to a quarter that was more back-ended due to management focus on the merger earlier on. They're expected to fall back to historical the 80-90 range by next quarter. I agree with your take on the DSOs: deferred revenues are the key to managing earnings and delivering a smooth earnings flow. All the successful software companies do this. I also find it amazing that the company could, with all the distractions of the merger, blow away revenue estimates and still build up backlog. Simply, purely, amazing. - Al

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