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To: Barry Grossman who wrote (53113)	9/12/2000 9:31:26 PM
From: Dan3	Read Replies (2) \| Respond to of 93625

Re: Total % of 99 DRAM market signed - 22% About a fifth of your upside max. Now take next quarter's earnings, multiply it by 20 (4 quarters times 5 for the other 4/5s of the industry). That's your best case annual earnings, probably well under $2 (it's at 4 cents with 10% of the industry already signed, be realistic). Now decrease that by some factor, to take into account that lawsuit outcomes are very difficult to predict. Now apply a multiple that reflects the fact that, once the whole industry has signed, growth is going to slow way down. A P/E of 10 is reasonable, but make it 20 if you want. So you have a maximum valuation, if everything turns out to match your wildest dreams, including every one of the lawsuits in every country, of less than $40. Dan