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Non-Tech : A.B. WATLEY - THE ULTIMATE TRADER! -- Ignore unavailable to you. Want to Upgrade?

To: Shafik Habal who wrote (1064)	4/19/1999 1:14:00 AM
From: Judy	Respond to of 2045

Very clear. Thanks so much. JJ

To: Shafik Habal who wrote (1064)	4/21/1999 2:39:00 PM
From: Shafik Habal	Read Replies (1) \| Respond to of 2045

Lets work some #s on IFSX (aka ABW) now that the IPO went over. Closest small competitor that is publicly traded is SIEB (muriel siebert) so lets do a quick analysis: _____________IFSX.....SIEB Price/Rev ratio... 8.27 * 30.82 Price/Cashflow...149.8 * 285 Rev per share ... 1.76 *** 1.17 Total revenue for IFSX is 9.1 million whereas for SIEB its 24 million. Both seem kinda small but lets investigate further. Current valuations would dictate that most online brokers average price to revenue ratios from 25 to 35. Given this scenario, I would assume IFSX has significant upside. Not only is it growing faster than SIEB, seems that it is underpriced for a "net" broker. Disclosure: Inspite of having a dozen accts w/ ABW, I was allocated a whopping 900 shares total for the IPO (300 in 3 accts), so yes I am long it. No, I am not complaining, just being fair in mentioning it. Use the above numbers to do your own homework. These #s were retreived from a friend's Bloomberg terminal so they seem fairly accurate. Good luck.