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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: JGreg who wrote (4585)	12/6/1997 10:18:00 PM
From: Lucretius	Read Replies (1) \| Respond to of 95453

the 10 to 12 multiple is used for peak earnings in this industry(not during the growth period) For instance NE's peak earnings are probably in the area of 7.00/share where dayrates equal or slightly exceed replacement cost (assuming no further aquisitions of course) This of course, puts the stock in the range of $84. This is nothing new, and we're no where near peak earnings potential for these co's. Don't worry, lots of upside left from here. Time for accumulation and then wait for the run to begin again. Good luck! -Lucretius