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Non-Tech : Gehl Company -- Ignore unavailable to you. Want to Upgrade?

To: Marz who wrote (60)	8/5/1998 12:23:00 PM
From: Michael Bakunin	Read Replies (2) \| Respond to of 97

Gehl makes a few bucks on international sales each year, which amount has dropped as a percentage of total revenue. Perversely, low margins help cushion any decrease. The 10-K describes "export sales, typically at lower gross margins than domestic sales". A driver of Gehl's current outperformance of its group may be the company's underexposure to grain farming, about which the market worries these days. Nevertheless, I don't see how Gehl can be valued so very differently from its peers; it was the big PE discount a few years back that got me to buy. Either Gehl's too expensive, CSE's too cheap, or, most likely, there's something I'm not considering. mb