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Technology Stocks : STAR Telecommunications (STRX)
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To: Thomas Stanton who wrote (365)9/7/1998 9:49:00 PM
From: smeyer  Read Replies (1) of 780
 
Art:

I'm new to STRX, just started looking at it. Just read a great report from BT Alex Brown reiterating a strong buy for a number of good reasons (see below). They're looking at a $40 target for Q299, I agree. The report was only $10 from the Multex Investor Network multexinvestor.com . Check out the site, there's some great info that I found really useful.

Scott

STAR TELECOMMUNICATIONS, INC.
8/21/98 - Bankers Trust Research/BT Alex. Brown Research - Michael Bowen;Rohit Chopra;Kevin Moore


Moore, Kevin M. 410-895-3329 08/21/1998
Chopra, Rohit N. 410-895-3303
Bowen, Michael G. 410-895-3264
BT Alex. Brown Incorporated
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STAR TELECOMMUNICATIONS, INC. [STRX] "STRONG BUY"
PT-1 Acquisition Renegotiated--
Deal Expected To Remain Accretive

HIGHLIGHTS:
-- Star elects to proceed with PT-1 Acquisition after SEC disallows
pooling

-- Star renegotiated PT-1 price from 21 MM Star shares to 15 MM Star
shares and $20 MM in cash - 22% price reduction

-- Lower share count expected to offset an estimated $5-$6 MM in annual
goodwill

-- Stocks and options will be used to secure key distributors and
employees - allays bear stories of departing distributors/employees

-- Neutral on a 1999 EPS basis - our preliminary estimate is a range of
$0.70 to $0.72 (still working with management to fine-tune) from a
previous range of $0.71 to $0.73

-- 11% Accretive on a 1999 after tax cash flow/share basis - our estimate
is $1.47 from $1.32

-- Reiterate "strong buy" investment rating - trading at 21x our 1999 EPS
estimate - 10x our 1999 after tax cash flow/share estimate

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