We recommend the purchase of Best Buy (BBY @18.50).BBY
sells personal computers and other home office products,
consumer electronics, entertainment software, major
appliances and related accessories through 481 retail
stores. For the 26 weeks ended 8/31/02, revenues rose 22%
to $9.59 billion. Net income before accounting change
fell 6% to $132 million. We estimate BBY will earn $1.68
per share on revenue of $22.7 billion this fiscal year
ending March 2003, and $1.95 per share next year.
Projecting an average earnings growth rate of 16%, we
estimate BBY's current PEG ratio to be .64x, substantially
below those of its peers'.
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