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Non-Tech : Staples (SPLS)
SPLS 10.250.0%Sep 28 5:00 PM EST
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To: Eric Shih who wrote (16)3/5/1997 12:42:00 PM
From: Patsy Collins   of 184
 
Eric,

SPLS was trading at 700-800 P/E back in the 91-92 period, at current valuation, it's actually cheap at 36. Frankly, WMT grew earnings at 20-25% in the late 80s-early 90s while sporting a hefty 40+ P/E for the longest time.

The economy of scale achieved, not to mention the larger market dominance, form the ODP acquisition, will be accretive from the offset. 32 is a very conservative estimate using a discount cash flow model for the merged entity. What's comparable? OfficeMax?
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