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Has anyone done any work on Best Software. Recent IPO by H&Q and Wm. Blair. Similar space as PeopleSoft (PSFT) but they address small to medium sized businesses. The Company's products help companies manage both their fixed asset accounting and human resources functions more efficiently with an easy to use, affordably-priced suite. Individual product modules are priced in the $2,500-$5,000 price range with enterprise sales scaling as high as $100,000. The company's recent IPO was priced at $13 trading up to $15+ then falling back under $9 with the recent market malaise. The company has ~$44 million in cash (~$4.19/share) a revenue growth rate of better than 25% and eps estimates of 3/98E $0.44 and 3/99E $0.56. Many IPOs are initiated with estimates that can be beaten to provide excitement. Trading at 27x (the growth rate of 44 cents to 56 cents =27%) 0.56 = target price of $15+ (excluding cash). Company is based in Reston, VA, management owns more than 50%, as of 6/97 the company had over 40,000 licensed customer locations with about 115,000 licensed seats. Phone number for the company is 703.709.5200. Might be worth calling for an investor packet. | ||||||||||||||
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