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Technology Stocks : VALENCE TECHNOLOGY (VLNC)

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To: Zeev Hed who wrote (9284)	3/13/1999 10:20:00 PM
From: FMK	Read Replies (2) of 27311

Zeev, we shouldn't forget that the first three lines should have a combined capability of 250 million or more watt hours per year. At $2.50 per watt hour, it amounts to over $600 million in revenue. At half that capacity by year-end, it amounts to $20 per share annual revenue. Add some joint venture and royalty revenues and we might just have some earnings! If it gets really bad and the 30 mln outstanding shares get diluted to 40 million shares, we may have to divide about $200 million earnings by 40 mln shares and have to live with $5 per share earnings. Discount a little more and take $4 per share x a PE of 12.5 (half the market multiple) and a $50 share price is indicated. Did the insiders have good reason for adding shares? Is MCI/Worldcom chairman on Valence's board of directors just for his health? Is there a purpose for increasing the NI staff from 65 to 170 and hiring a COO? Did ex-CFO David Archibald substantially increase his position with his own cash to make a good impression on shareholders? It doesn't sound like a fraudulent or failing company to me!

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