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

To: Trader Dave who wrote (2189)	10/15/1998 9:21:00 AM
From: Amsterdam	Read Replies (1) \| Respond to of 6974

You and me both. I think it was a very solid quarter and I was expecting a run-up today. However, perhaps there's something hidden in the numbers that Robertson picked up on? Sebl's financial management does have an aggressive reputation.

To: Trader Dave who wrote (2189)	10/15/1998 12:02:00 PM
From: Konehead	Respond to of 6974

I don't know what Eric's reasoning is, but if you look at Siebel's growth in deferred revenues (a think it is a little above 10% sequential quarter over quarter), then it's clear they aren't dipping into their huge Q2 runup in deferred revenues ($25 to $40 million I think) to "finance" this quarter's nearly 100% top line growth. Also, significant decrease in DSO. So I'm concluding that the top line growth this quarter represents solid revenue. I'm looking for this growth rate to continue for several quarters before we start getting to a more sustainable growth rate (in line with the front-office market growth rate)as Siebel stabilizes at 50% market share. Who knows, Siebel should even get more share since the rest of the front office market is so fragmented (i.e. there are a lot of small fry and no other Siebels).