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Technology Stocks : Apertus Tech (APTS)
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To: D. Braun who wrote (71)2/17/1997 6:23:00 PM
From: SNOWMAN2   of 164
 
I am a conservative and very patient investor and here is how I am looking at it--for what it is worth.

Earnings today and in the next couple of quarters will have little to nothing to do with the stock pricing---it will be priced by "potential"---for the future---and you are absolutely right that they probably have some "selling" to do to the street. The security is certainly speculative, but the rewards COULD BE significant.

As usual investors may well have overreacted. The balance sheet is pretty clean and according to my calculations they should have 14,000,000 in cash (1/share) after the MQ View sale hits the books. At their current sales levels they should have more than adequate cash to last a year or 2 without profitability---and of course if they don't have profits in 2 years---all bets are off.

If a person is to look at the ridiculous market caps assigned to software firms with little to no substance---i.e. zitel and viasoft (a billion in market cap and vitually no sales) it is not hard to imagine Apertus at 3-4 to as much as $20. At $4/share they would have a market cap of 56,000,000 or only 1.25 X current sales.

Again, and as you mention, it is all in the belief of the street, but winning software companiues can be valued at hugh price/sales multiples.

Of Course, as mentioned---I am saying all of this from the point of view of someone who will buy tomorrow at 1 3/4 versus someone who has had to bear the pain of the slow downward drift. Longer term I think it is a winner (at least at 1 3/4). I will buy tomorrow and more than likely for some weeks to come at prices a little below and a little above current levels.
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