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Strategies & Market Trends : The Thread II -- Ignore unavailable to you. Want to Upgrade?

To: jj_ who wrote (2790)	6/26/2001 10:35:45 AM
From: jj_	Respond to of 9026

BORL-don't want to beat it to death but Bear Sterns report on the EARNINGS PROJECTIONS are very strong in a market like we're in- -Long-Term Growth 25% -leader in 5.5Billion sector-We consider Borland an inexpensive play on enterprise Java and adoption of next generation distributed application architectures. Borland is a leader in the Java development tools market and is participating in healthy demand for Java application server platforms, a market projected to reach $5.5 billion by 2003. -. Borland has produced six straight quarters of growth – the last four profitable on the operating line. Operating cash flow and margins are steadily expanding. This track record lends credibility to 2001 projections targeting 20% top-line growth and record profitability. -*** Attractive valuation. The market is beginning to recognize improving fundamentals of the “new” Borland. BORL shares trade at 36x 2001 EPS versus a comp group median multiple of 50x. Adjusting for $246 million in net cash, the shares trade at 3.1x enterprise value to revenue versus a comparable multiple of 4.5x -Global-Borland has 150 quota-bearing sales reps calling on Global 2000 customers. The Company also has a strong OEM channel, including 20 leading independent software vendors such as Oracle, i2, and Siebel that embed or resell Borland technology