SAP A.G. Message Board - Msg: 8485635

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Technology Stocks : SAP A.G.

SAP 231.00

+2.1%

Jan 23 3:59 PM EST

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To: TCGNJ who wrote (3143)	3/23/1999 10:32:00 PM
From: Michael Burry	Read Replies (1) of 3424

No, cuz the range hasn't been established,and it was 73% institutionally held (the top ten of which have moderate to high turnover), now down 25% for the year. This to me signals that the stock can get very very cheap (as others have in the face of stalled growth) for window-dressing reasons and as disgust sets in. I look for steals, and I'm looking for $<15. That's my value-based response of 20X low 1999 estimate. And that includes a premium for market-dominating position. But I don't feel the need to buy this particular stock, and it may never get there. Mike

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