ASX 0.66% $79.46 asx limited

here is a good laugh from the past

  1. 216 Posts.
    Hot stock: Davnet

    By Katrina Nicholas

    Price movement Davnet shares are trading at about $1.70 - a long way off their March high of $5.99, but still up almost 83 per cent on December's low of 29c. The telecommunications company, which fits out CBD offices, did a backdoor stock exchange listing in December 1998, using the shell of the junior resource company Golden Hills Mining.

    Why? Davnet shares took a beating in April, but analysts view it as one of the better local technology plays. Davnet shares have headed north in recent days on speculation that NTT Communications, the international unit of Nippon Telegraph and Telephone Corporation, is looking to expand its relationship with the company. Last November, NTT bought 49 per cent of Davnet Telecommunications for $116 million.

    Details Davnet is valued at $585 million. Based on 2002 financial year forecasts, earnings per share is expected to move from 3.9c this financial year to 18.7c in 2001/02.
    The growth is expected to come from the increasing profitability of Davnet's Hong Kong and US businesses. For the financial year just gone, Davnet is expected to declare a dividend of 1.8c a share, representing a 1.4 per cent yield.

    Worth Buying? BNP Equities has a buy recommendation on Davnet and rates it as a moderate risk. BNP values Davnet at $4.05 a share.

    "At present levels, the stock is clearly undervalued on fundamentals," a BNP report says. The report counters speculation that Davnet needs to raise capital.

    Salomon Smith Barney has an outperform recommendation on the stock.2001/02
 
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$79.46
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