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Technology Stocks : Novell (NOVL) dirt cheap, good buy?
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To: Mike Taylor who wrote (8531)2/26/1997 6:08:00 PM
From: Ghassan I. Ghandour   of 42771
 
I am afraid people on this thread are too quick to become disapointed. They may have forgoten how the stock market operates. Look at the positives. The cash has increased from 1B to 1.1B, i.e. the cash flow is still positive in spite of the spending on advertisement. Sales of IntraNw are up almost 50%. There will be a new CEO amd J.M. is out of it. This alone is worth at least a point in the stock price. Way back, people were asking how come NOVL is trading at such a low PE considering projected 97 earnings of $.80 and a growth of 20%. The answer is in today's earnings. NOVL would be trading at 20 before hard evidence that total 97 earnings will indeed be .80 becomes apparant to evrybody. In this market, before people are convinced that the company has indeed turned around, the price would have already factored the fact in. So, with NOVL trading at 13, it would be naive to really expect any better numbers than today's (I was naive and did expect better but, on second thought I am neither disaponted nor worried about tomorrow). Comparing the earnings with the same quarter a year ago, if we add to the present revenue the 61MM that were due to the interrupted business sales (WP, UNIX) as well as the one time income from the sale of Unix, we can see that we have a much better quarter this year. I say all this and I haven't heard the conference all tonight. I am sure Salah will tell us the real story better than I am trying to do. Ghassan.
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