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Biotech / Medical : Elan Corporation, plc (ELN) -- Ignore unavailable to you. Want to Upgrade?

To: scaram(o)uche who wrote (1914)	3/19/2002 6:29:23 PM
From: William Partmann	Read Replies (1) \| Respond to of 10345

No Richard, I don't consider you a faithful. I was talking about the positrons on the Yahoo board. You know the ones who think its going to hit 30 next week. The ones who never saw a bad piece of negative print. The ones who think all the company's problems are the result of a Wall Street conspiracy. I don't put you in that category.

To: scaram(o)uche who wrote (1914)	3/21/2002 1:12:09 AM
From: Spekulatius	Respond to of 10345

<< Let's take the company, piece by piece.>> if you take out ELN's product acquisitions (250M$ for Y2002). ELN's revenue for Y2002 is about 1.25B$. (with out contract,Jv revenues etc etc.) Pharma companies with huge pipeline problems and patent expirations (BMY, SGP) trade at 5x revenues. So for ELN I get 5 x1.25B$ =6.25B $ market cap equivalent to 18.5$/share. This is the absolute minimum. Normalized to the market cap, ELN's pipeline is much stronger than BMY and SGP's. ELN's liabilities are offset by cash on hand and LT investments - there is absolutely no way ELN can go bankrupt. Go figure! [Disclosure]: Own a small position in ELN as of today (again)