From: Marshall Burns (
Date: Sat Feb 21 1998 - 19:31:49 EET

Hi folks,

    I have a question for discussion.

    Everyone knows the stocks of the five public fabricator ("rapid
prototyping") companies are down lately. They have all been staying at a
rather constant level for the last month or two, and this level is near,
or includes, the 52-week lows for each stock.

    Stratasys is the only company in this group reporting profits. It
just issued a good earning report and it's stock went up 23% to just
over $10, but this is still way below the mid-$20s it was at last year.

    But here's something I notice: Last week, Stratasys' stock was
trading at 19 times earnings and now, after the positive report, it is
at 24 times earnings. These are respectable multiples, although not the
astronomical multiples some high-tech industries have seen. But 20 or so
is a good healthy multiple, and much higher than that often represents
unsound thinking on the part of investors.

    So here's the question. Is the level that the fabricator companies
are at today a good, solid base for growth, even though it might look
depressed by comparison to the higher level they were at last year?

    Best regards to all in the industry, and I look forward to your

Marshall Burns

***** Formerly Ennex Fabrication Technologies
***** 10911 Weyburn Avenue, Suite 332, Los Angeles, U.S.A. 90024
***** Phone: +1 (310) 824-8700. Fax: +1 (310) 824-5185
***** E-mail:
***** World Wide Web:

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