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Technology Stocks : NEON Systems, Inc. (NESY)
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To: Digitom who wrote (8)3/7/1999 8:34:00 PM
From: Vincent Vega  Read Replies (1) of 91
 
Finally, an IPO with solid fundamentals. After a solid first day of trading, NESY is primed to run this week. Here is a quick recap of the fundamentals:

Float 2.7 million
Shares outstanding 8.2 million

Fully-diluted EPS:
1995 (1.62)
1996 0.14
1997 0.19
1998 0.20 through 3 quarters

Revenues (millions):
1995 2.5
1996 7.2
1997 12.2
1998 13.8 through 3 quarters

Major clients:
American Express
BASF
Dayton Hudson
Deutsche Bank
Exxon
Merrill Lynch
Motorola
Office Depot
Sears
Skandia
State of Illinois
Texaco
USPS

Major competitors of Shadow product line:
IBM
Oracle
Information Builders

Major competitor of Enterprise Subsytem Management:
BMC Software

CEO: John Moores, founder of BMC and chairman of Peregrine Systems

NESY's strongest quarters have admittedly been the 3rd and 4th. So assuming that revenues and net income are the average for the first 3 quarters (a very conservative assumption), full-year 1998 revenues would be 18.4 million with EPS of 0.27. These roughs estimates would yield a trailing P/E of 93 and a trailing P/S ratio of about 9. These ratios look a bit high, but using forward ratios instead of these trailing ratios make the current price reasonable. This company is legit, and the stock should give us some strong aftermarket performance. Regards,

VV
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