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Technology Stocks : Phoenix Technologies (PTEC)
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To: Tim Oliver who wrote (387)1/27/1997 12:18:00 AM
From: wesley ebisuzaki   of 3624
 
Tim: Think you may be a bit optimistic. According to the 10-K

"The maximum license fees payable by Intel to Phoenix under the Technology Agreement during its seven-year term is $82 million..."

Don't see how 184M revenues from bios licenses are possible.

OTOH $82M / 7 years / 17.5M shares = $0.66
If we assume that the R&D is a fixed expense. then we could
see a profit of $0.46 (30% marginal tax rate?). At a P/E of 20, that
translates to $9 price appreciation.

Of course PTEC probably won't max out the license fees.
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