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To: marginmike who wrote (129822)	10/17/2001 12:20:26 PM
From: marginnayan	Respond to of 436258

MDDW dated 10/17/2001 Veritas Software (VRTS-$29-N-V) What To Pay Joseph Farley/Chuck Phillips We believe that the stock continues to be richly valued. The market appears to be pricing in a strong recovery in 2002-2003. We do not believe investors are being paid for the risk inherent in the 'V' recovery assumption in VRTS's business. Market is pricing in 82% free cash flow growth from 2002 to 2003. Our 2002 FCF estimate is low. But, the fundamental recovery that would support a snapback in 2003 FCF assumes a breakout of strength in emerging VRTS business segments. We reiterate our Neutral-V rating. We do not expect a significant recovery in 2002. Our revenue forecast of $1.6 B (up 7% Y/Y) is below VRTS's implicit guidance of 15-17% revenue growth. Good qtr and non-deteriorating balance sheet. Reported revenue and earnings topped our lowered estimates. The balance sheet showed few signs of weakening in the quarter. -------- Are you still with your position on VRTS ?