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  • thermo_bea thermo_bea Nov 30, 2004 11:16 PM Flag

    approaching ~fair value

    Taking out the ~$220M exess cash we get a market cap around $800M. We could see annual FCF of around $50M in a year or so. Applying a hefty 25x (forward a year or two)multiple would get us to a market cap around $1.25M, then add back in cash and you get to a bit under $1.5B. That's a 50% premium from today's close and indicates a high end target of about $18-19. However, a more reasonable forward FCF multiple would be around 20x and would get us to about $1.2B or $14-15/shr.