AHL Services (AHLS) Message Board

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Non-Tech : AHL Services (AHLS)

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To: SteveG who wrote ()	4/9/1999 3:45:00 AM
From: SteveG	Read Replies (1) of 9

CSFB maintains buy "First Quarter on Track" Summary We expect AHLS' first quarter results to be inline with our forecast and the consensus estimate of $0.21 per share, with possible upside of $0.01. Contract staffing should be especially strong, driven by solid results at Gage. We should also see profitability improve in the security segment due to increased density from the Unicco acquisition. The recently announced PIMMS acquisition expands AHLS' contract staffing business to on-site merchandising services and increases earnings visibility. The tight labor market remains a concern. However, AHLS appears to be keeping overtime in check and maintaining high employee retention. We maintain our Buy recommendation and our 1999 estimate of $1.35. Price Target Mkt.Value 52-Week 04/7/991 (12mo.) Div. Yield (MM) Price Range 21 $45 365.4 $42.75-17.50 Annual Prev. Abs. Rel. EV/ EBITDA/ EPS EPS P/E P/E EBITDA Share 12/00E $1.70 12.4X 38% 5.8 $4.21 12/99E 1.35 15.6 44% 7.2 3.67 12/98A 0.91 23.1 61% 16.9 2.43 March June Sept. Dec. FY End 1999E $0.21 $0.28 $0.44 $0.43 Dec. 31 1998A $0.13 $0.18 $0.30 $0.30 ROIC (12/99E) 11.3 Total Debt (12/99E) $115 Book Val/Share (12/99E) $12.63 WACC (12/99E) 12.2 Debt/Total Capital (12/99E) 34 Common Shares 17.4 EP Trend2 Up Est. 5-Yr. EPS Growth 30 Est. 5-Yr. Div. Growth 1On 4/7/99 DJIA closed at 10085.3 and S&P Industrials at 1597.2 2Economic profit trend. AHLS is a leading international provider of aviation security, contract staffing, and other outsourcing services.

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