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Staples, Inc. Message Board

  • kib310 kib310 Jan 4, 2000 8:58 AM Flag

    brown bros. issues report

    L/T Buy - S/T STRONG BUY

    "We view Staples
    as a high-quality, consistent growth story, but its
    stock price has unfortunately received the backlash of
    the high-profile Office Depot and OfficeMax
    disappointments. Much damage has been done to the sector as a
    result of the Office Depot disappointment and the
    re-emergence of saturation concerns. We believe that, over the
    next 4 months as investor sentiment starts to swing
    positive again, SPLS shares should be able to return to
    the premiun multiple levels being awarded just 6
    months ago. We view the company's decision to create a
    tracking stock positively, because it exploits an
    opportunity in the market-even if only temporarily. We are
    currently targeting a 20% multiple premium to our projected
    growth rate given the multiple premiums that other
    premium hardline retailers are being awarded. This would
    imply a $32 price target on 2000 EPS estimates. We
    believe that SPLS is not only one of the best companies
    in retailing today, growing consistently at
    above-average rates, but also a dominant player in a large,
    healthy indudtry-a powerful combination deserving a
    handsome premium."

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