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Technology Stocks : Ampex Corporation (AEXCA)
AMPX 11.09-0.7%2:00 PM EST
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To: Ed Perry who wrote (3289)8/27/1998 1:15:00 PM
From: Hal Campbell  Read Replies (1) of 17679
 
<<. I feel more strongly now that we may be looking at THE turn.>>


The never ending question of how low is low. If this is the turn Ed, some other measures.
Very roughly

( and including the warrants in shares outstanding but not including any revenues from additional acquisitions - the share price really does hamstring acquisition efforts unless they can make a persuasive argument for an alliance )

AXC is , at 1.25, trading at around 75% of a conservative guess at '99 revenues. That is not unusually low for a storage company. 50% or below is not terrifically uncommon. However most companies that trade at those levels have extremely tight margins. AXC does not. Most have not had such a long unbroken string of net positive quarters ( whatever legerdemain needed to achieve them). AXC's string is I believe, despite everything, at 15 and counting.
Ampex is also trading at roughly 85% of working capital per share. Only about 6% ( 657) of companies fall into that category. That is quite low.
If they have any success on any fronts, AXC is a bargain at these levels. There are quite a few possible events that could serve as catalyst.The gambler in me would really like to roll the dice today and begin to gradually more than double my position. Unfortunately, I do not feel in a position to comfortably do that. Sleep is one of those nagging necessities. Good luck to all.
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