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Non-Tech : ZOLT
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To: flyguy who wrote (100)1/30/1997 7:51:00 PM
From: Todd King   of 970
 
flyguy.

Several interesting claims in the Stifel Nicolaus report. Some of these are discussed below. Would appreciate your thoughts.

First, estimates for capacity increase have jumped from the 20 Mlbs/yr stated in their report of Dec 95 to 50 Mlbs/yr (by FY 2000) in the present one. This means that they would need to build 50 fiber lines over the next 3 to 4 years.

Second, the stock price at the time of the Dec 95 report was a split-adjusted 8, and the market cap $112M. They had just closed the Magyar Viscosa deal. The premium of market cap to equity (technology value) stood at about $70M.

Now the market cap is north of a half billion dollars with equity at about $100M. This implies that their "technology value" is now at about $400M. I thought that the increase in the premium to equity of $330M in the course of one year was of note.

Finally, a partnership with Corning to develop carbon/fiberglass blends is mentioned. Do you know anything about this?

Todd
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