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Technology Stocks : CBSI-complete bus. solutions. new y2k play! -- Ignore unavailable to you. Want to Upgrade?

To: Craig Schilling who wrote (498)	6/2/1999 2:58:00 PM
From: TraderTerry	Respond to of 506

The insider trading that is reported in Yahoo etc is actually a secondary offering sale. I am told by IR that the company would love to do a buyback but cannot due to SEC restrictions after a buyback. In any case this stock is a bargain at the current levels and will not stay there for long. Take a look at the CFSB report: CREDIT SUISSE FIRST BOSTON CORPORATION Equity Research U.S./Technology/Information Technology Services June 2, 1999 Complete Business Solutions CBSI USD 16.38 Overwrought, Overblown, Overdone STRONG BUY SMALL CAP CBSI fell sharply yesterday on fears of delays in three sizable contracts ($1-2M size), scuttling 1999 estimates. Delayed contract work to be done offshore & hence very profitable. Rapidly being replaced by 20-22 ($250K+) pilot contracts which are less profitable. Pipeline disruptions increasingly common in current Y2K/E-commerce centric environment where customer priorities are in an unusual state of flux across all technology. Incorrect reporting of routine information by another Wall Street firm forced CBSI to create quick response using guidance that has very high confidence levels. No change to our #'s (FY 99 & 00 revs & EPS ests of $500M & $1.14 and $630M & $1.40, resp.), although now at high end of guidance for 99, in-line for 00. Stock an exceptionally compelling buy & price action far exceeds what news merits. CBSI trading at 14X CY99, a 75% discount to group av. As has proven true over past year, MAST most recent example last qtr, aggressively owning beat down services stocks delivers solid near-term reward. Price Target Mkt. Value 52-Week 06/1/99 (12 Months) (Millions) Price Range USD 16.38 $41 $627.16 38.0-14.06 Annual Abs. EPS P/E 12/00E $1.40 11.7X 12/99E 1.14 14.4 12/98A 0.82 20.0 FY End Dec March June Sept Dec 1999E 0.27A 0.27 0.30 0.31 1998A 0.14 0.19 0.24 0.25 Book Value/Share (3/99) 5.8 Common Shares 38.3M Est. 5-Yr EPS Growth 35% <<CBSI0602.pdf>> CBSI is a worldwide provider of IT services to large and mid-size organizations. The company's service offerings include contract programming, applications maintenance, Y2K services, and reengineering. CBSI leverages its offshore development centers in India, providing clients with 24x7 capabilities. N.B.: CREDIT SUISSE FIRST BOSTON CORPORATION may have, within the last three years, served as a manager or co-manager of a public offering of securities for or makes a primary market in issues of any or all of the companies mentioned. Companies Mentioned: Mastech (MAST-$17 15/16-STRONG BUY)