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No. of Recommendations: 3
Here are some valuation numbers based on the last four quarters ending 9/30/05:

Assumptions:

Operating Cash Flow = $16,771,000 (i.e. Cash Flow From Operations less Capital Expenditures).

Recent Share Price: $20.50

# of shares outstanding: 14,240,000

Discount Rate: 12%

Growth Assumptions -
High - Analyst's estimate of 17.5% growth for the next five years, followed by 10% growth for years 6-10, and 3% growth thereafter

Moderate Estimate: - Reduce growth estimates to 15%, 10%, and 3%.

Low: Reduce growth estimates to 10%, 10%, and 3%.

Results: Intrinsic Value range of $22 - $30 per share.

CNS is probably a good buy at today's price.

Note: I used the Inside Value Discounted Cash Flow Calculator to generate these numbers.

I originally bought CNS stock in 2003, partly based on my admiration for the Breathe Right Strips.

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