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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: Math Junkie who wrote (45053)4/4/2001 4:30:34 PM
From: Jacob Snyder  Read Replies (1) | Respond to of 70976
 
As a deep cyclical, AMAT's trailing 12M EPS often peaks just as the stock troughs, which distorts the PE. As I've said many times, I value AMAT using P/S. Cary uses P/B, or estimates future price as a multiple of peak earnings. At a P/S of 2, AMAT would be at a stock price of 20 (not a prediction, just a statement about valuation). Trough P/S of 2 is quite reasonable. In 1998, the trough P/S was 2.2, and that was with no recession looming.


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