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Gold/Mining/Energy : Microforum (MCF:TSE)

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To: Robert Dirks who wrote (1007)	4/13/1999 2:22:00 PM
From: StockPro	Read Replies (1) of 3896

from Canaccord ... Microforum (MCF : TSE : $2.35) BUY Target: $3.00 52-week price range: $4.00-$0.42 Shares O/S: basic 24.4M fully diluted 32.4M Debt to Equity (Q3/98) 0.62 Gross Margins (Q3/98) 34.3% Weekly trading volume: 901,973 Market capitalization: (f.d.) $76.1M Microforum announced that it has been selected as one of approximately 25 Microsoft Certified Solutions Providers (MCSPs) across North America to participate as a member of Microsoft's Commerce Partner Advisory Council. We believe this relationship is very positive as it not only gives Microforum further recognition for its e-commerce solution but also a leading edge competitive advantage for building long-term e-commerce solutions. E-commerce is one of three major solutions that are part of Microsoft's Digital Nervous System, which is designed to help businesses exchange information quickly and to provide tools for effective decision making. Aside from this significant relationship with Microsoft, the Company continues to experience growth both in its e-commerce business and from its recent acquisition of Software Guaranty. We are maintaining our f1999 and f2000 revenues of $31M and $43.2M, respectively. We also maintain our projected net loss of $0.10/share for f1999 and EPS of $0.02 for f2000. Valuation We believe Microform is highly undervalued compared to its Internet-related peers as it is currently trading at a P/S of 2.4X. In light of current market activities, our initial P/S valuation of 2X was quite conservative and we have revised up our P/S valuation to 4X. On a fully diluted basis, we are maintaining a near term target of $3.00 and have a revised twelve-month target of $5.30. MCF is a BUY.

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