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Technology Stocks : Safeguard Scientifics SFE

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To: leebo who wrote (2460)	3/26/1999 12:30:00 PM
From: michael r potter	Read Replies (2) of 4467

New high on TLAB, $99 3/4. For those new to SFE, Coherent Communications was a 1994 rights offering from SFE. Shareholders bought at $2.50 per share. Coherent bought out by TLAB last year for .72 sh TLAB. That means when TLAB hits $100, that original $2.50 investment is now worth $72. Not bad for a non-internet stock. P.S Tellabs is a great company with a track record as good or better than Cisco Systems in many ways. In two years earnings should be in the $4.00 to $4.40 range. It could easily sell at a 40 or 50 multiple given its track record and liquidity. That means it could trade up to $170 to $210 per share. A core holding and a real buy on weakness. SFE still has I think a couple of million sh. and hopefully has not been selling to aggressively. Since their TLAB holdings are marked to the market at the end of the quarter and the increase/decrease from the previous quarters close is counted as earnings, SFE should have decent earnings as TLAB is up substantially the first quarter. [the earnings only matter to the extent people think it matters and some still watch it] Mike

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