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

To: Josef Svejk who wrote (92)	10/21/1998 8:42:00 AM
From: ERM	Read Replies (1) \| Respond to of 141

November 18, 1997 Merrill Lynch research: "Formula trades at a 13% discount to NAV--and even a discount to its listed holdings. We believe Formula deserves a premium." Stock was at $27.75. Target: $33.00. January 28, 1998 Merrill Lynch research: "Formula Systems now trades at over a 20% discount to estimated NAV, and even a 13% discount to its listed subsidiaries + net cash...We feel Formula deserves a premium..." Stock was at $25.50. 12 month target: 5% premium to NAV ($30.77). October 20, 1998 Merrill Lynch research: "Formula Systems now trades at over a 33% discount to estimated NAV, and over a 23% discount to its listed subsidiaries + net cash...We feel Formula deserves a premium..." Stock at $17.1875. 12 month target: $24.00 At least they're consistent...