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No. of Recommendations: 7
Table 1


							1997	1998	1999
Sales							11,936	15,262	19,747
Sales Growth Rates						27.87%	29.39%
Operating Margin Growth			
Sales							11,936	15,262	19,747
Profit before tax and minority interests		4,871	6,414	9,928
Operating Margins					40.8%	42.0%	50.28%
			
Incremental fixed capital investment			
Capital expenditures					499	656	583
Depreciation expense					557	1024	1010
							-58	-368	-427
Incremental sales						3,326	4,485
Incremental fixed capital investment rate			-11.1%	-9.52%
			
Incremental working capital investment			
Accounts receivable						1,460.0	2,245.0
Inventory							0.0	0.0
Accounts payable						759.0	874.0
Accruals							359.0	396.0
								342.0	975.0
Incremental working capital investment					633.0
Incremental sales							4,485.0
									14.11%
			
Marketable securities and investments			
Short term investments							17,236.00
			
Market value of debt and other obligations			
Long-term interest-bearing liabilities			
Other long-term liabilities			
Short-term debt (revolving)			
									0.00

Table 2

Value Driver Forecast Assumptions	2000E		2001-2004	Long-Term
				
Incremental Fixed Capital Investment 	-9.25%		-9.25%		-9.25%
Incremental Working Capital Investment 	14.11%		14.11%		14.11%
Cash Income Tax Rate 			35.00%		35.00%		35.00%
Cost of Capital 			12.00%		12.00%		12.00%

Table 3

Market Signals Analysis	6/30/99				1	2	3	4	5	24
								
Adjusted net income	               	$ 7,785.00 	8,951 	10,661 	12,697 15,122 	17,391 	  247,499 
Incremental fixed capital investment	$(427.00)	(388)	(352)	 (319)	 (290)	  (263)	     (42)
Incremental working capital investment	$ 633.00 	722 	 824 	  941 	1,073 	  1,225    15,037 
Cash Flow	 			$7,579.00 	8,616 	 10,188 12,076 	14,339 	 16,429	  232,503 
								
Discount Factor			                         0.89 	  0.80 	  0.71 	  0.64 	  0.57 	   0.07 
NPV			                                7,693 	  8,122  8,595 	 9,112 	 9,322 	   15,318 
Cumulative NPV			                        7,693 	 15,815 24,410 	 33,523 42,845 	   274,259 
								
PV of residual	                       $64,875.00  	66,601 	 70,823  75,313   80,087   82,232   135,881 
NPV of residual + cash flow	       $72,454.00 	74,294 	 86,638  99,723  113,610  125,077   410,140 
Marketable securities	               $17,236.00 	17,236 	 17,236  17,236   17,236   17,236    17,236 
Corporate value	                       $89,690.00 	91,530 	 103,874 116,959  130,846 142,313   427,376 
Debt	                               $ -   		          	          	      
Shareholder value	               $89,690.00 	91,530 	 103,874 116,959  130,846  142,313  427,376 
Shareholder value added			                 1,840 	  12,344  13,085   13,887   11,467   18,863 
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