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Gold/Mining/Energy : JDS Fitel -- Ignore unavailable to you. Want to Upgrade?

To: Raymond Duray who wrote (701)	2/3/1999 11:40:00 PM
From: Hank Stamper	Respond to of 815

Ray, Thank you for the post including comparisons to related companies. That was very interesting and provides some context for how to relate JDS/UNPH to its peers. It pleases me to see such a favourable comparison. I am not confident that JDS/UNPH can sustain a multiple of 70 though. I hope it does because I have a significant position bought at a p/e of 27 which provides a lot of breathing room. As regards to long-term sustainable earnings, I am using a range of between 20% and 30% in my valuation projections. My range is wide--perhaps too wide for an easy, stable evaluation--but it is conservative in the sense that it provides the discipline I need to choose my buy points. Ciao, David Todtman