marchFIRST
(MRCH-$1.88-Cap $388.5M-Buy)
Wolfenberger/Chubrik/Sturtz
212-325-6714/6183/415-836-7711
Reinstating Coverage with a Buy Rating
FY00E $0.06 FY01E ($0.30) FY02E $0.25
· Reinstating coverage of MRCH w/ a Buy
rating and $8 price target post $150M
investment from Francisco Partners,
closed 12/28/00.
· Unmatched scale & breadth: macro svcs
environ favors MRCH’s global reach,
scale ($1B+ rev), broad customer base
(500 of G3000) & end-to-end svcs
offering.
· Restructuring well underway: taking steps
to realign the company incl. streamlining
the P&L’s (72 to 4), reducing headcount
(by approx 1000), improving the balance
sheet & trimming dot-com / unprofitable
clients. Mgmt’s track record bodes well
for turnaround.
· Leaving Q4 rev & cash EPS ests unch. at
$235M & ($0.30), while FY01 rev & EPS
ests now $1.05B & ($0.14), resp.
Initiating FY02 ests of $1.25B rev (19%
growth) & $0.25 cash EPS.
· Valuation attractive at 0.37x FY01 rev est
of $1.05B. Execution on plan could
catalyze stock medium/long-term. Co
reports 4Q00 on 2/12 (conf. call 4:30 PM
ET 800-231-9012, code 537853).
tech.csfb.com/entry.html
ist der Grund für die überdimensionale Reklame eines Investorbriefes in der Eurams am Soontag
