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Technology Stocks : Hummingbird Comm. (HUMC) -- Ignore unavailable to you. Want to Upgrade?

To: Vahe who wrote (1606)	5/26/1998 10:32:00 AM
From: Martin Goldenberg	Read Replies (1) \| Respond to of 2018

Vahe: I find the per share analysis somewhat hokey. All assumptions appear to be based on projected revenues without any expectation of expansion of the business. This data warehousing business is based on future acquisitions, mergers, and expansion opportunities. To assume that they will not grow their business beyond Andyne and that they will not be investing their on-hand cash of about $150M is truly bogus. I think it would be more fruitful to speculate on HUM's vast growth potential. In my mind they are surely not a stagnating company. The real question here is, when will this transitioning company begin to show the fruit of their efforts. It could come sooner than we think. Martin

To: Vahe who wrote (1606)	6/16/1998 8:59:00 PM
From: Paul Loucks	Read Replies (2) \| Respond to of 2018

I guess Vahe was too generous with his P/S multiple for the Andyne component in his May 25th valuation of HUM. Recall he wrote: >Owner's equity $170M = $11.3 per share >Cash over next 5 years $150M = $10 per share >Andyne with P/S of 7 $112M = $ 7.5 per share >Total = $28.8 per share (Can$41) And probably Martin was a bit too critical of Vahe's valuation. I no longer have a position in HUM but I believe the rock bottom will be $25.00 US. HUM has almost reached that level. This bottom could be verified if HUM were to announce poor numbers and the stock did not go downward. I would not anticipate any great press releases prior to earnings announcement. I think HUM annoyed the investment community last quarter when they had several very positive press releases, got everyone's expectations up, and announced disappointing numbers. Another important note is that HUM seems to only announce good news. It should be brought out that the former President and CEO of Andyne left shortly after the merger. My understanding is that this was not the plan but ... HUM never provided a press release on this issue. Here is hoping for all you longs out there. Paul