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Technology Stocks : CheckFree Holdings Corp. (CKFR), the next Dell, Intel? -- Ignore unavailable to you. Want to Upgrade?

To: CAPT TONY who wrote (9045)	8/11/1999 3:03:00 PM
From: CAPT TONY	Respond to of 20297

Here's another: Biller momentum accelerating; reiterate BUY rating 02:43pm EDT 11-Aug-99 ABN AMRO (Jackson E. Spears Jr.) CKFR Biller momentum accelerating; reiterate BUY rating ABN AMRO -- Research Notes Subject: CheckFree Corporation* (CKFR--$25 1/2)--NASDAQ Opinion: BUY ============= Analyst: Jackson E. Spears Jr. 312/855-6228 Glenn Greene 312/855-7547 =============================================================================== Date: August 11, 1999 ------------------------------------------------------------------------------- Market Profile 52-Week Range $69-$6 \| EPS Growth Rate (3-5 Yrs.) 45% Avg. Daily Volume 1,138 M \| ROAE (LTM) 0% Shares Outstanding 56.8 MM \| Debt to Total Capital 2% Market Capitalization $1,448 MM \| Book Value Per Share $3.29 Floating Market Cap. $1,169 MM \| Indicated Dividend/Yield None Institutional Owner. 38% \| Revenue (LTM) $250 MM Insider Holdings 19% \| _______________________________________________________________________________ Earnings/Share Fiscal Calendar Calendar 1Q/Sep 2Q/Dec 3Q/Mar 4Q/Jun Year Year P/E Ratio ------ ------ ------ ------ ------ --------- --------- 1999 $(0.05) $ 0.00 $0.04 $0.05 $0.04 $(0.10) NM Current: 2000E (0.10) (0.09) (0.09) (0.07) (0.35) (0.15) NM Prior: 0.35 2001E - - - - 0.20 0.00 NM ------------------------------------------------------------------------------- Highlights: * CKFR reported 4Q EPS of $0.05 meeting our estimate and consensus. Subscribers increased 6% to approximately 3.0 million bill payment subscribers also matching our estimate. * CheckFree now has signed 64 billers representing potential distribution that we estimate at over 600 million monthly bills. We anticipate that signed billers could exceed 100 by the end of FY2000. * CKFR previously indicated that it would spend an incremental $50 million during FY2000 to provide incentives for consumers and to implement billers and Internet portals. Accordingly, we are decreasing our FY2000 estimate to ($0.35) from $0.35. We are also initiating a FY2001 estimate of $0.20. * We anticipate that the launch of a bill payment service on Yahoo within the next few weeks, as well as additional portal arrangements, could lead to accelerated subscriber growth. We believe that banks could react competitively by lowering the fees they currently charge their customers. * We are reiterating our BUY rating and $50 price target as online banking growth trends as well as biller interest in electronic bill presentment continues to accelerate. ------------------------------------------------------------------------------