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Politics : Formerly About Applied Materials

AMAT 235.27

+4.5%

3:59 PM EST

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To: EACarl who wrote (28740)	3/2/1999 8:23:00 PM
From: Proud_Infidel	Read Replies (2) of 70976

EACarl, Re6X sales is less expensive by far than either MSFT or INTC> True, but that wasn't my point, and that is not a valid comparison. Let's not bring other sectors into the point at hand. I believe it is a valid comparison. AMAT is a gorilla, a leader far and away in its sector, much the same as INTC or MSFT are in theirs. INTC sports a market cap of ~1.5X the revenue of the entire semiconductor sector. AMAT is in a similar position of dominance in its sector so shouldn't they receive a similar premium? 1.5 times $28B(for the entire equipment sector for '99) yields a price approximately double todays closing price for AMAT. We will undoubtedly see it; the only question is when. ReThey built up their cash position to nearly $2B while virtually every other company was losing money.> $ 1.763 Billion actually. Of course AMAT has so many shares outstanding, it is only around $4.80 per share in cash , or around 8% of current price in cash. This IS NOT impressive compared to many other companies in the sector. What good is a strong cash position if you are ceding market share on a monthly basis? Re:Common Brian, you know as well as I do that AMAT has no product that is far above it's peers in any area AMAT is the only company I know which is ready to provide a total 300mm solution. As for quality vs. peers, one could argue that in fact they are winning market share because of this. BK

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