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Technology Stocks : Merant - MRNT (formerly MIFGY)
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To: kendall harmon who wrote (242)11/9/1998 7:54:00 PM
From: fyi  Read Replies (1) of 461
 
Certainly there is amply room for all to be anxious here, and that anxiety is not helped by the
silence of management after it just so bluntly dropped the bomb last week with what one might
judge a totally inadequate explanation. In that respect, MIFGY is clearly negligent in not providing
a indepth explanation.

But the reality is that the value of MIFGY's products business is easily some multiple of the current
stock price. The PVCS products business is north of $100 million annual revenues and is growing rapidly. PVCS
services come in ontop amounting to a business on its own that could realistically be valued at
$400 million.

The Data Direct business is worth another $100 million on its own.

One might look at MIFGY's tools business and fairly value that at $150 million or more on its
own.

It kinda looks like the current stock action is being run by those who want to profit by trashing the
stock price.

But at today's price, MIFGY is so much of a bargain that an acquirer could make out with what
would amount to a profitable killing. PVCS dominates its market space. The COBOL tools also
dominate and are now reengineered to support component-based development (the latest rage).
Data Direct has a great market franchise OEMing its middleware to third-party vendors.
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