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Technology Stocks : Trimble Navigation

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To: David who wrote (2719)	8/21/1998 7:13:00 PM
From: arun gera	Read Replies (1) of 3506

>>I'm sure you could make a case for a 3:1 ratio, except that the stock is so low right now that you'd need a bidding war to get there.> Going by Novatel's 5:1 price to sales ratio for basically its high-end surveying business, Trimble's Commercial Systems business should be worth at least 3 times its sales of $200 million, that is $600 million. Add 2 times sales for its aeronautical business, $120 million. And 2 times sales for its software components business, $80 Million. Total is $800 million. $34 a share. On the conservative side: 2 times sales for Commercial Systems, $400 M, 1.5 times sales for aeronautical, $90 million, And 1.5 times sales for its software components business ($60 million). Total of $550 million - $23 a share. Accounting for some premium, $27-28 price is not unreasonable.

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