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Biotech / Medical : ACMI - Accumed Inc. -- Ignore unavailable to you. Want to Upgrade?

To: CARYTRE who wrote (1179)	1/17/1998 8:03:00 PM
From: CARYTRE	Respond to of 1894

ACCUMED A STEAL - BASED ON FLUFF PER SHARE COMPARISON!! OK for those of you who think I was full of shit when comparing acmi to its peers and saying the stock should be selling at 20, well ok I was strecthing it a little. Well I decided to look at the numbers again. This time I've LEVELED the playing field. How? By stripping out net equity from the group you have four companies who all are in the same financial position, a balance sheet whos assets and liabilities are equal. Once this is done you have four companies to compare who are all similar. Now if I was shopping around for a company to buy and all four of these had similar prospects, which one would I buy? Which one would you buy? Fluff as I have listed here is market cap minus shareholder equity. ------ sales ------ fluff-------fluff/sales acmi----16.5--------41.9--------2.5 acyt----2.3---------30.9-------10.6 cytc---17.4---------272--------15 npth---9.4---------174---------18.5 average------------------------11.6 acmi @ average multiple of 11.6 X sales = 193 mill fluff = 8.5 DOLLARS PER SHARE. So yes acmi stock can be purchased at an 80 percent discount to its peer group.