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Technology Stocks : Hummingbird Comm. (HUMC)
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To: Tom W. who wrote (1709)9/15/1998 12:59:00 AM
From: Pasi Felix Narhi  Read Replies (1) of 2018
 
Hummingbird has had companies in their sights. My guess is that they have been too richly valued for Sorkin's liking in the last year.

With the recent correction, I think we should be glad that he did not spend our hard earned cash overpaying for companies like some of the other CEO/lemmings did during this last "merger mania". He can now pick up many software firms at a 50% discount to their recent highs.

Look at the current prices vs. recent highs of some of the large BI sector players: COGNF, BOBJY, REDB and other prominent (and formerly prominent) players. While these may not be the specific companies Hummingbird was in discussions with, I think they represent a fair proxy for most of the other players in this market. They may look promising, but so do some internet firms. Valuations still have to make business sense to be of long-term value to shareholders.

Throughout Hummingbird's history, Sorkin has demonstrated good business sense. Patience is the friend of investors, the enemy of traders. FY98 was a transition year as Hummingbird moved in a new strategic direction. This quarter they introduced major upgrades in every one of their business groups: BI and connectivity. Thus, FY99 should signal the resumption of strong growth for HUMCF.

Fundamentals look solid. We will still get the acquisition, but now we can get it at a fair(er) price.
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