Look at SSNC's cash flow from operations for fiscal '03.
Pre-split and pre-secondary, it was just under $2 per share, admittedly with some favorable balance sheet contribution.
If you say $2 per share cash flow at it's high of $50 per share, (again, all pre-split and pre-secondary) that's only a "PE" of 25 on cash flow, which people and the theorist say is more important than earnings.
A Ratio of 25 ain't that exorbitant, plus it's on '03 "trailing" vs. future earnings/cash flow in 2004 which everyone seems to agree will be higher.
Does anyone know when the secondary will be priced? I don't want the price or who's doing it, just the DAY it will be priced!! After the pricing, most secondarys experience a run-up. That's why I wan the day!! thanks