Cendant Corporation (NYSE:CD) Message Board

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Non-Tech : Cendant Corporation (NYSE:CD)

CD 6.490

-12.5%

12:15 PM EST

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To: Bob Rudd who wrote (2722)	12/1/1998 2:16:00 PM
From: jjs_ynot	Read Replies (1) of 3627

$24 to $25 was the price target that I have been using in my buy decisions derived in a similar fashion to yours. Please be aware that the CD businesses are good cash flow but earnings growth from operations only averages 10 percent annually. HFS (and then CD) was able to attain above that earnings growth rate only through a series of acquisitions that could be accreted to operating earnings growth. The prospect of additional acquisitions appears to be in the quite distant future (2 to 3 years). Thus, there is a good probability of CD earnings improvements being under S&P growth rates.

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