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Technology Stocks : CheckFree (CKFR)

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To: Benny Baga who wrote (7437)	9/10/1998 4:21:00 PM
From: Edward F. Horst Jr.	Read Replies (1) of 8545

First of all, understand we are in the same corner. Secondly, I hope management is having this type of debate over the merits. Intrinsic value of "double" as used in Buffets statement would be difficult to support with CKFR. Revenues have grown ~8-15% on a Q-Q basis the last fiscal year. Trailing P/E is negative, as is the Sept98 Qtr, as revised down by Pete. The last CC was a momentum breaker to say the least and created much doubt with WS as to the lack of control over revenues. Consensus EPS for June '99 FY is ~$0.13 and FY2000 $0.55. There are plenty of growth opportunities to further strengthen CKFR relative to adding technology, expanding services and broadening International market coverages. I want the stock price to go up too, but I also understand how to invest in growth. If they do buy shares -- they simply announced their intention -- I hope it has the intended result as Buffet believes. As to Analysts predicting a $10 price range over a 12-18 month time frame, I sincerely hope you don't buy stocks with that type of information. Good luck to all CKFR patient investors. Enough of this discussion.

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