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Technology Stocks : Formula Systems : FORTY -- Ignore unavailable to you. Want to Upgrade?

To: Josef Svejk who wrote (50)	3/25/1998 12:55:00 PM
From: Josef Svejk	Respond to of 141

Humbly report, All, re. CRYSF and FORTY, Crystal Systems Solutions' Year 2000 Conversion Methodology Selected by Ohio Savings Bank: biz.yahoo.com Svejk (GL-15 applies: digiserve.com ;-)

To: Josef Svejk who wrote (50)	3/25/1998 12:57:00 PM
From: Josef Svejk	Respond to of 141

Humbly report, All, re. WIZTF and FORTY, Wiztec Solutions Ltd. Appoints New Vice President of Marketing & Sales Announces New Board Members: biz.yahoo.com Svejk (GL-15 applies: digiserve.com ;-)

To: Josef Svejk who wrote (50)	3/25/1998 5:33:00 PM
From: ERM	Read Replies (2) \| Respond to of 141

A little meat to go with those spuds: RESEARCH ALERT-Formula <FORM.O> initiated 'buy' JERUSALEM, March 25 (Reuters) - BancAmerica Robertson Stephens initiated coverage of Formula Systems Ltd <FORT.TA> <FORM.TA> <FORTY.O>, an Israeli software holding company, with a "buy" recommendation. "Formula commits substantial resources to its private holdings," analyst Victor Halpert said in a report. "In the short term, this strategy may negatively affect the company's earnings performance; however, historically these investments have proved to be highly additive to the company's bottom line and have generated substantial capital gains," he said. Halpert said the company is trading at 8.7 times 1998 estimated earnings and 8.0 times 1999 estimated EPS. The average price-earnings ratio for similar software companies is 26 for 1998 and 20 for 1999, "a huge premium over Formula's valuation," he said. Halpert set a 12-month price target of $55-65. Formula's shares on Nasdaq were trading at $39-1/8 in mid-morning trading on Wednesday. The analyst said that Formula is poised to nearly double exports to $100 million in 1998. In addition, particular strengths in niche markets within the information technology sector and the ability to develop acquisitions, some of which will go public this year, point to continued future growth. "Formula was...successful in acquiring its subsidiaries at a fraction of their real cost and in the process expanding their operations and products," he said. BancAmerica Robertson Stephens said Formula would post a 65 percent increase in 1998 earnings compared with 1997 earnings of $2.56. ((Jerusalem newsroom, +972 2537-0502, jerusalem.newsroom@reuters.com)) REUTERS Copyright REUTER 16:45 03-25-98