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● 05.15.08

●● Novell’s Buybacks Not Enough, Says Analyst

Posted in Finance, Novell at 5:37 am by Dr. Roy Schestowitz

Further privatisation required

Yesterday we wrote about Novell's new buyback program. There are some more reactions to it now. Sarcastically, for example, says the following guy: “Novell finds someone willing to buy $100M worth of its stock.”

=> Novell's new buyback program | ↺ says the following guy

In January, Jefferies analyst Katherine Egbert predicted the buyback when she raised her rating on Novell stock from hold to buy and jacked her price target 50 cents to $7.50

He also refers to this post, which comes from one of the most pro-Microsoft publications out there (probably second only to Motley Fool/MSN).

=> ↺ this post

Katherine Egbert, an analyst at Jefferies & Co., notes that the buyback is “unlikely to move the EPS needle, even if executed quickly and entirely.” She points out that the company has about $1.8 billion in cash on its balance sheet, or about 78% of Novell’s current market valuation of about $2.3 billion. (Net cash is around $1 billion.)

Then again, Katherine Egbert’s guesswork typically has it wrong. █

=> typically has it wrong

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