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Technology Stocks : Dupont Photomasks (DPMI) -- Ignore unavailable to you. Want to Upgrade?

To: jeffbas who wrote (137)	2/17/1998 4:59:00 PM
From: shane forbes	Read Replies (1) \| Respond to of 955

Oh boy! When I said "premium to the overall growth rate" I did not mean DPMI's APPARENT growth rate (that's why I said overall). I meant INDUSTRY growth rate. Overall = Industry not Overall = Apparent!!! (For semis this overall growth rate is 17%, for semi-equips likely around that maybe a tad higher. BTW I expect higher growth over the next 3-5 years. You can now base the "average" growth rate for the company by taking this overall (industry) growth rate and tacking on a bit for niche leadership, high-end etc etc. That's why I said "premium". And yes this is just the "average". For cyclical companies the actual P/E at any given time will fluctuate wildly about this average with the highest (trailing) P/Es at the cyclical bottom.) (The person who replied to me arguing that 30 was not high for a growth company implied that I brought up the issue of 30 P/E. I did not. I said you did.)