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Gold/Mining/Energy : Ensco International Inc. (ESV) -- Ignore unavailable to you. Want to Upgrade?

To: Czechsinthemail who wrote (1001)	4/6/1998 3:34:00 PM
From: Gottfried	Respond to of 2005

Baird, glad about the encouragement from you. GM <eom>

To: Czechsinthemail who wrote (1001)	4/6/1998 3:48:00 PM
From: Chuzzlewit	Read Replies (1) \| Respond to of 2005

Baird, you said I think the long-term growth estimates are the hardest to predict. I think they're downright impossible in a commodity business, and I think it's probably fair to think of the drillers as a commodity, although I will undoubtedly get a lot of flack on this opinion. The problem is that this particular commodity depends upon another commodity (oil). The market seems to be suggesting that it doesn't see much long-term growth for this company. In view of the fact that ESV is selling at about 10x projected 1998 earnings and 9x projected cash flow, while IBM which has had considerable difficulty in growing its top line is selling for about 15x 1998 estimates, I believe that if earnings estimates are simply met we will see a large price increase. Regards, Paul