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Non-Tech : ACLN Ltd (NASD:ACLNF) -- Ignore unavailable to you. Want to Upgrade?

To: drirak who wrote (20)	5/21/2001 1:06:24 AM
From: Frank McVerry	Read Replies (1) \| Respond to of 41

Well, another great earnings report - the story just seems to get better. I didn't realise they had made such a big reduction in the restricted cash position. That's impressive and I recall it being given as a reason for the lack of institutional interest at one time - so that excuse has gone. Their profit margins are amazing - more like the margins produced from the hot products of a go-go tech company, rather than a boring-old 'no growth' transporter. Interesting to compare the PE of 20 months ago (6.3 in post #1) with 8.2 today. The market has 'rewarded' us with a grudging 32% expansion of this multiple, despite the unbroken string of high growth quarterly earnings - Greenspan couldn't make any accusations of irrational exhuberance here. Still, the price has improved 200% in that time so if that's 'all' we get in the next 20 months with PE expanding to 10.8 then I'll be happy - and I'll remain a holder because it will continue to be waay undervalued. FWIW, Frank McV