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Technology Stocks : Siebel Systems (SEBL) - strong buy? -- Ignore unavailable to you. Want to Upgrade?

To: sunny who wrote (2075)	9/15/1998 12:59:00 PM
From: NewsTrader	Respond to of 6974

We currently have no information regarding Siebel's performance overseas.

To: sunny who wrote (2075)	9/15/1998 1:30:00 PM
From: Wizard	Respond to of 6974

Well, they have won sizeable deals at Siemens and Deutsche Telecom in Germany. They have said they are planning to increase their infrastructure investment in europe. Winning big deals in SAP's backyard is probably a nice wake-up call for SAP, who is supposedly coming out with its SFA product in Q4/Q1. Will deals be delayed by this?? don't know the answer but its a risk... They have 5-10% revenue exposure to the Japanese market, another risk. However, the company dominates in terms of market share and ORCL doesn't seem to have its act together so its SEBL vs. SAP. Note that SAP's P/E multiple is 62x. It deserves a premium because there is little risk to the SAP story but relative to SEBL's 37x, that premium looks pretty big. However, PSFT is more proven than SEBL and its at 36x. PSFT might be the best buy in enterprise software (on a relative basis).

To: sunny who wrote (2075)	9/17/1998 11:27:00 AM
From: Amsterdam	Read Replies (1) \| Respond to of 6974

Sebl has solid infrastructure in Europe with good sized offices in the major cities, strong relationships established with the SI's, and their localization is pretty good. As a result they've won some very big deals as Wizard has mentioned. Europe is less competitive right now and Sebl really has only two front office competitors, Aurum/Baan, and Vantive. Europe is a few years behind the US in front office but that means that a lot of the largest deals have yet to be harvested. Look for Sebl to win a lot of those big deals resulting in very strong growth going forward from Sebl in Europe.