QIAGEN (QGENF) - Star of Germany's Biotechs Message Board

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Biotech / Medical : QIAGEN (QGENF) - Star of Germany's Biotechs

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To: Wolfgang D. who wrote (12)	1/31/1997 4:10:00 PM
From: (no name provided)	of 122

Wolfgang, Qiagen is no doubt a rapidly growing company. But QGENF stock at $62 is absurd even in the next three years. If we were to give QGENF a reasonable multiple (instead of the one it currently has), then say QGENF should trade at 25x earnings to account for growth. $62/25 = $2.50 earnings per share. The latest estimates for 1997 and 1998 are about $0.36 and $0.57. Look at their market. Highly competitive. No barrier to entry. Margins will eventually suffer. It is only a matter of time. Last but not least. A significant portion of their "Revenue" are actually tax credits, not earned income. If they were ever to lose these tax credits, then earnings per share will suffer. If I were the directors of this company, then I would sell now. Kafka666

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