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Non-Tech : First Sierra Financial (BTOB) -- Ignore unavailable to you. Want to Upgrade?

To: sasha4477 who wrote (66)	6/22/1999 2:23:00 PM
From: mod	Respond to of 89

$120 short-term price target, $500 long-term, wow! eoffering.com First Sierra -- In the Darwinian Struggle Among Companies in the $200 Billion Small Business Leasing Business, There Are Hundreds of Defenseless Creatures and Then There is First Sierra Financial (BTOB). 6/21/1999 First Sierra has become the de facto leader in Internet-based leasing. Today, $200 billion in annual lease activity is being ported rapidly to Internet-based merchant and shopping environments. As we see it the industry is ripe for consolidation and disintermediation of many small brokers will happen. First Sierra is prepared to capture the business which hits its sweet spot -- $30K lease amounts, or as much as 30% of the total market. If we imputed the valuation of NextCard -- a first mover in the business-to-consumer credit card space and a recently minted public company -- to First Sierra, we would support a near-term share valuation of approximately $500. Because First Sierra plays in the much more attractive business-to-business market, we believe one could easily argue for a 50-100% premium to NextCard's 400x Yr. 2002 EPS valuation. As a result, we believe the shares could easily move to $120 over the next 6-12 months and possibly much beyond thereafter. We enthusiastically recommend the shares of First Sierra Financial for purchase and rate the shares BUY.