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Technology Stocks : PairGain Technologies

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To: Rainmaker who wrote (25873)	9/3/1998 1:04:00 AM
From: Gary Korn	Read Replies (4) of 36349

Lots of fundamentals to like about PAIR: 1. According to Market Guide, PAIR currently has $198.3MM in cash and ST investments. If it makes .16/share for the last 2 quarters of this year, the company will add another $22.5MM in cash, for a total of $220.8MM at YE1998. That is over $3/share. 2. According to Market Guide, the current price/sales ratio is 2.47, compared to 6.52 in the sector and 3.65 in the S&P. The thing makes money, has no debt, and is undervalued relative to other stocks. 3. According to recent analyst reports, PAIR continues to make good money even if it loses out on the upcoming Bell Atl. and SBC RFQs. Maybe it makes .12/share/quarter (worst case). That is still almost $17MM added in cash before year end 1998. I just don't see PAIR at 7 15/16 as anything other than a buying opportunity. The decline sucks, but fundamentally the company makes good money in what is rapidly becoming a hot sector. I'm holding. Gary Korn

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