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Technology Stocks : The New QLogic (ANCR)

QLGC 16.07

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Aug 24 5:00 PM EST

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To: Patrick Sharkey who wrote (20786)	2/14/1999 7:38:00 PM
From: Douglas Nordgren	Read Replies (2) of 29386

Patrick, all the IPO talk brought on this whimsical rumination. To see how ANCR might stack up in an IPO onslaught, engaged in some idle hypotheticology. Just suppose the following companies IPO'd. The only valuation variable we have available is Sales, and these sales figures are merely guesses. Assume 3 x Sales is a fair Market Cap for an IPO (excluding Internut stocks). Also assume this to be an exercise in idle speculation of suspect worth. Then play with the numbers until they are to your liking. Brocade - 15M - 20M share offering Venture Cap 125M Sales - 100M 3xS = 300M Market Cap Share Price Range = 20 - 15 Offering? - 15M @ 20 McDATA - 15M - 25M share offering Sales - 250M 3xS = 750M Market Cap Share Price Range = 50 - 30 Offering? - 25M @ 30 Vixel - 15M - 20M Sales - 150M 3xS = 450M Market Cap Share Price Range = 30 - 22 Offering? - 20M @ 22.50 How does our Ancor fare in comparison? Not too badly, if you believe in miracles. ;^) ANCR - 22M shares outstanding Market Cap - 150M Sales - 3M '98 Market Cap = 50 x '98 Sales 50M Sales Needed For Current Market Cap = 3 x Sales (1666% increase) Go Ancor. Douglas

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