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Technology Stocks : Cymer (CYMI) -- Ignore unavailable to you. Want to Upgrade?

To: orkrious who wrote (25624)	1/11/2002 9:20:53 AM
From: Robert Douglas	Read Replies (1) \| Respond to of 25960

I think Morgan Stanley is right on the mark. My "back of envelope" estimates are that during the next spending cycle, Cymer will hit $700 million in revenue, which is roughly double last cycle's highs. On those revenues I feel that Cymer will earn net-margins of 20% - a bit higher than last cycle but not out of line with their peers in the equipment business, especially considering the increase in ASP's and the growing portion of their revenue that will be service on existing installations. With 30 million shares out, that figures to be about $4.50 a share.