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To: chomolungma who wrote (9)	12/27/2001 11:22:40 AM
From: Robert Douglas	Respond to of 17

This company has been sort of snake-bit in the past. While their customers were experiencing booming sales, BW was having trouble meeting demand as they expanded their alloy production facilities. At the start of 2001, they were experiencing very long lead times. By the end of 2001, they were cutting jobs and experiencing declining sales. But this just masks the trends that, in my opinion, are still in place. This is a company that will find more and more uses for their products in growing industries. My back of the envelope estimate would be that they will have sales reaching $1 billion in 5 years and margins around 6%. That would mean EPS of about $3.50. I would expect at least a 20 multiple should my guesses come to pass. As you might guess, I'm long this stock and very biased.