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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: James Clarke who wrote (5891)	1/27/1999 9:05:00 AM
From: jeffbas	Respond to of 78516

Jim, I did not take your post as disparaging me. But thanks for your sensitivity anyway. This is one of the most polite and dignified threads around. My key point on the returns was not the financial impact, since they have a strong balance sheet, but the issue that it is not a good sign in a fragmented industry with a tough time differentiating one product from another to have a company with possibly an also ran product line. Enough said.

To: James Clarke who wrote (5891)	1/27/1999 9:41:00 AM
From: Wallace Rivers	Respond to of 78516

Have we ever discussed Hardinge (HDNG) on this thread? P/S about .6, P/B about .9, PE about 8. Facing tough times currently, trading at/near 52 week low. Great balance sheet, per my recollection. Somewhat OT, can you believe what this "analyst" is saying about E-bay? Raising price target from 100 to 360, because the company is projected to make .55 in '00! Seems reasonable, to give it a 654 multiple on future earnings!

To: James Clarke who wrote (5891)	1/29/1999 12:35:00 PM
From: Brendan W	Read Replies (1) \| Respond to of 78516

Jim, How do you back out the impact of Dupont and IBC from Ralston's EPS? Here's my attempt to add value ... recent buys: o I bought MAT the same day you did o working my way into Tenet Healthcare (leading hospital mgmt company)... P/B a shade under 2x, 5/00 PE around 10x. o property casualty and defense large-caps are starting to look interesting... Allstate and Lockheed Martin PE is around 11x and LMT has a significant goodwill amort. component o working my into Compusa. It's up today but when I bought I think yesterday at 11 3/16 the EV was $1.3B and the market cap was $1.05B. I think my numbers are right and it doesn't seem right for a category killer with 200+ stores operated. o buying Service Corp ... '97, '98 and '99 eps around $1.30 so the PE is around 12x at $16. BV is a shade under $12. Thanks for any help on Ralston. Also, what happens to the equity on the balance sheet as they sell Dupont and IBC? Brendan