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Biotech / Medical : C3 ( CTHR ) Diamond in the rough?
CTHR 0.2000.0%Jan 16 9:30 AM EST
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To: Rob LeVine who wrote (130)7/21/1998 8:05:00 PM
From: Leslie S. Feinberg  Read Replies (1) of 226
 
Rob; OK, here's my thinking, and it is just that-- impressions I have based on what I have seen and heard, colored by my inimitable cockeyed optimism. I think C3 will be producing close to 20,000 carats a month by the end of this year. I think they will be producing 50,000 carats by the end of 1999, and I believe that number is conservative. They will sell everything they can produce. They will wholesale their stones for $125/carat. At that point they will be selling at least at a rate of $75 million per annum (50,000X12X125=75,000,000). I believe they will earn $15 million on that volume which with 6.9 million share outstanding is $2.17 per share earnings. At a PE of 40 ( conservative if they achieve this) the stock will sell at about $90 to $100 per share. By the end of 2000 I think they will at least double their production and with effecive worldwide distribution perhaps more. At that point I don't think there will be limits to production volume. Production costs will be much lower per unit and color will be several grades better than the current production range. By this time I think we will see a stock selling for $200 per share adjusted for possible splits.

And there you have it. Just my opinion.

Les
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