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Tuesday, 23 December 2003
December 23, 2003 Computer Sciences Corporation (CSC)
Hello Friends! Thanks so much for stopping by and checking on this site. I never know really who you guys are but I get a click on the counter here so even though you are tip-toeing through...I know somebody has been visiting! Thank goodness....I feel like I should leave milk and cookies...kind of like you guys came down the chimney sort of Santa Claus style! :)

Our last post was a bit pricey but I think this one might be a better value...see what you think! Computer Sciences Corporation (CSC) "...provides information technology services through outsourcing (Operating a customer's technology infrastructure), systems integration (designing, developing & implementing information systems) and IT and management consulting services" according to Money.cnn.com. As I write, CSC is trading at $43.80 up $1.95 or 4.66% on the day. I guess if you get a portion of a $3.35 billion contract from the United Kingdom to assist with their nationalized health service...well that just might be worth a nice bump in the stock price!

Looking through Yahoo.com for the latest earnings report, I found a story released on November 11, 2003, from PRNewswire-First call where their second quarter results were reported. For the quarter ended October 3, 2003, revenues were $3.59 billion, a 32% increase over 2002, net income was $108.1 million compared to $92.9 million last year, and on a diluted earnings per share basis: $.57/share in 2003, vs $.54/share in 2002.

Morningstar.com shows revenue growth from $8.1 billion in 1999, $9.4 billion in 2000, $10.5 billion in 2001, $11.4 billion in 2002, $11.3 billion in 2003 (the hiccup), and $13.019 billion in the trailing twelve months. With the recent leap in revenue in the latest quarter, 2004 should be a very good year (imho).

Earnings have grown slightly erratically from $2.12 in 1999 to $2.60 in the trailing twelve months. Free cash flow which was ($43) million in 2001, improved to $510 million in 2003 and was $581 million in the trailing twelve months.

Balance sheet is decent if not overwhelmingly impressive with $199.1 million in cash and $4.06 billion in other current assets vs. $2.9 billion in current liabilities and $3.03 billion in long-term liabilities.

The "key statistics" on Yahoo.com confirm my impression that this is a much better value than the previous post. The Market Cap is at $8.2 billion, the trailing p/e is very nice at 16.79 with a forward p/e (fye 28-Mar-05) at 13.41. Thus, the PEG ratio is only 1.17, and the Price/sales is at 0.60.

Yahoo reports 187 million shares outstanding with 186.50 million of them that float. There are 5.89 million shares out short...quite a few!....for a raio of 6.045 which represents the # of days of trading for the short sellers to cover their sale of borrowed shares...No dividend is paid, and the last split was a 2:1 in March, 1998.

I think this is a great stock in my humble opinion. Of course, check with your own financial advisor to make sure it is suitable for you! The news is there today....contract with U.K. worth a portion of $3.35 billion is impressive...the record of improving revenue, earnings, free cash flow, a satisfactory balance sheet and a PEG just over 1.0 with a price/sales under 1.0. The large number of short sales just represents pent up BUYING demand waiting to be unleashed on the market. If I find a few $'s to buy a few shares, I just might make the plunge...but you know the old story about MARGIN...so probably sitting on my hands.

Thanks for stopping by. If you have any questions, comments, or words of encouragement, please feel free to leave them right here on the website or email me at bobsadviceforstocks@lycos.com

Bob


Posted by bobsadviceforstocks at 1:17 PM CST | Post Comment | Permalink

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