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

To: shane forbes who wrote (156)	2/21/1998 10:20:00 PM
From: Duane L. Olson	Respond to of 955

Wizard..That rundown on the annual Sales Growth for DPMI is excellent.. Not only are the Quarters, year over year, looking good (Per my posts 145-149), but it is clear that the Sales Growth has been pretty decent during a period of considerable difficulty for the industry they serve. Quite a positive, IMHO! And that is essentially all Double-Digit growth... with projections of further Double-Digit growth ahead.. I just can't find the negative in those numbers ! Thanks so much for the annual figures... I was working back through the 10Q reports and some of the analyst reports, trying to find any possible negatives... which I haven't to date. I hate being such a darned optimist, but the published figures are strongly positive!.. and I'm still buying... Thanks! TSO

To: shane forbes who wrote (156)	2/22/1998 10:04:00 AM
From: jeffbas	Read Replies (1) \| Respond to of 955

Shane, thanks. I bought the stock at 26 1/4 as a long term investment and have no intention of selling it any time soon. I have been, it seems unsuccessfully, trying to stimulate a discussion as to what a reasonable growth rate for this cyclical growth company really is and what a reasonable P/E would be. The historical year-over-year numbers are impressive, but those who bothered to notice the flattening sequential quarter sales had an opportunity to get out at $70. Although this company's business is far more stable than a semi-equipment company selling multi-million dollar machines, I am concerned that the current quarter holds the risk of being more below the last one than current Street estimates - because of the full effect of the Asian situation and increased depreciation charges, without correspondingly increased sales (as you also noted). The insider selling reported this weekend is not reassuring. However, I really think this company IS worth your doing your full due diligence. In my opinion, it is better positioned than Photronics going forward, at 2/3 the valuation levels. The access to DuPont research and a $100 million line of credit at very favorable interest rates (not now in use) is very valuable.