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Non-Tech : J.B. Oxford -- Ignore unavailable to you. Want to Upgrade?

To: JB2 who wrote (1623)	4/5/1999 6:26:00 PM
From: ronco	Read Replies (1) \| Respond to of 2220

Would have to concur with Cain, conservative but sector hype could carry it considerably higher. May have to work this one a few weeks but the return appears to be worth it. Good Luck, Dave Thanks Cain for your DD. revenues, JBOH appears by: cain_delta (31/M/New York, NY) 29619 of 29619 to be considerably undervalued. Last Q the company generated approximately $6 million in commission income, which means the company is currently trading at about 18.5x last Q's commission income. With moves today, AMTD and EGRP are trading well in excess of 120X their respective trailing Q commission revenue. Clearly JBOH cannot compare with AMTD or EGRP ... but I think a valuation of 1/4 that accorded AMTD/EGRP is warranted. At 25% the valuation of those companies, JBOH should be trading at least 30X last Q's COMMISSION revenue - which would give the company a market cap of $180 million and a share price of $11.25 (35% higher than current prices). If JBOH can prove it is growing at a pace comparable to the other OLBs and that the new management is going to make the necessary changes, the company should trade at least 35% of the value placed on EGRP/AMTD. With growth over next couple of quarters, the company should be able to generate $8+ million in commission revenue in a quarter. At a higher valuation, the company should be worth $336 million in revenues -- so 6-12 month price target of $24 does not seem out of line. Obviously this assumes JBOH is able to compete with intensfying competition and is able to get margins more in line with the other OLBs. Just my two cents. --------------------------------------------------------------------------------