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   Technology StocksBancTec (BTC: NYSE): the most Undervalued Software Stock

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To: sam song who wrote ()8/26/1997 9:23:00 AM
From: mike zeltser
   of 11
 
I agree, the stock is very cheap.

However, I would not necessarily classify BTC as a software company as much of there sales is hardware and maintenance. What else do you know about the company (in terms of marketshare, competition, growth prospects, etc..)?

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To: mike zeltser who wrote (1)8/26/1997 9:45:00 AM
From: sam song
   of 11
 
I would say it is a system integration company with emphasis on
image processing and work flow support. From their data,
you can see this company has consistently proformed over
many many years.

I also think this stock should be EXCITING as it seems it
support many applications which are hot.

I do not know much other than its 10K. I just followed this
stock for quite a long time.

--Sam

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To: sam song who wrote (2)8/26/1997 4:03:00 PM
From: mike zeltser
   of 11
 
This company should generate about $4 cash flow per share and nearly $2 free cash flow per share this year. Any idea on what the company may do with that cash? What's your price target on the stock?

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To: mike zeltser who wrote (3)8/26/1997 8:57:00 PM
From: sam song
   of 11
 
I have no idea about what the company may do with that cash.
It seems this company is traditionally managed, not as aggressively
as other companies in terms of aquiring companies.

Based upon the fundamenatals, this company should be
able to reach $50 in 6 month to a year.
I will watch if any growth fund is going to buy its shares. If
this happen, the target should be higher or reach the target
quicker. About one or two weeks ago, there was some block
trade (150K).

I consider this investment is quite conservative. I invested in
quite many smaller growth companies which can be up very
quickly but much danger than BTC. I am impressed with BTC's
mix of revenue source, software, hardware and services.

--Sam

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To: sam song who wrote (4)8/26/1997 9:11:00 PM
From: mike zeltser
   of 11
 
I too believe BTC is a very conservative investment which deserves a much higher valuation. However, for some reason the stock has never received a market-type valuation despite its steady/consistent business. Is it a case of the Street just plain missing the stock, misinterpreting the stock, or is there something else? Things will change if the company can deliver forecasted results over the next 4-6 quarters. In this market it is definitely a good/safe bet.

What other stocks do you like?

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To: mike zeltser who wrote (5)8/27/1997 9:41:00 AM
From: sam song
   of 11
 
I agree that Wall St. never gave the appreciation to BTC as
they gave to other similar companies. But I am biding on
they change their attitude and if not, this stock should be still
up 20 to 30% in a short term.

check VERS, LARS, LUNR, UNSN, they are small grow
companies.

--Sam

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To: sam song who wrote (6)9/8/1997 10:55:00 AM
From: mike zeltser
   of 11
 
Looks like BTC is slowly making its move to the 30's. Any news that you may know of? I know the new community bank product, which was delayed, started shipping last month. Still a very cheap stock.

Mike

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To: mike zeltser who wrote (7)9/8/1997 12:22:00 PM
From: sam song
   of 11
 
I do not have any news other than you know.

I think BTC needs to touch 30 in order to maintain the trend.
Money flow into samll company funds might help move it faster.

--Sam

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To: sam song who wrote (8)11/2/1997 6:46:00 PM
From: mike zeltser
   of 11
 
Great buy at current price.

P/E= 13.5 on 1997 EPS
11.0 on 1998 EPS

Cash flow of $80 million or about $4 per share.
Free cash flow of $40 million or about $2 per share.

Company is actively buying shares in the market.

The company easily has the resources to complete its buyback program of 2 million shares (or about 8% of total shares outstanding), which at today's price costs $46 million, which is about what the company is generating in free cash flow. This is a wise use of funds as it significantly reduces the share count and boosts EPS.

The company's recapitalization effort seems wise. Retiring convertible debt and bank credit facilities and replacing them with public/private note issuances not only reduces interest costs but also shrinks the fully diluted share count by some 8% (not bad!).

The business is OK but the company continues to come up slightly short on projections, although earnings and revenues appear very steady.

My only question is about prospects going forward. Does anyone know how the company plans to grow, who their main competition is, and what management plans to do to improve profitability?

Any intelligent posts would be greatly appreciated.

Thanks in advance.

Mike

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To: mike zeltser who wrote (9)3/23/1998 10:59:00 AM
From: Naveen Kumar
   of 11
 
Is today's news just a seasonal pattern for this Company or are there some dark clouds on the horizon ? Any Y2K issues ? Comments please.

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