Investrend Research Announces Investment Opinion on CyberDigital, Inc.Business Editors NOTE TO EDITORS: The following is an investment opinion issued by Investrend Research NEW YORK--(BUSINESS WIRE)--Aug. 27, 2002 CyberDigital Reiterated at `Speculative Buy', Assigned $1.03 Target by Investrend Analyst J. Damien Kolb Investrend analyst J. Damien Kolb has reiterated a "Speculative Buy" rating on CyberDigital, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CYBD), and reduced its 12-month price target to $1.03. The full report is available at http://www.investrend.com. The Investrend Research rating system may be viewed at http://www.investrend.com/iciratings.htm. An audio summary of this and other analyst reports may be heard on the AnalystBroadcast.Network at http://www.investrend.com/icisiteanalystbroadcastnetwork.htm. "The valuation call is based solely upon discounted free cash flow to equity analysis. Such is in response to the delinquency of the Federal Republic of Nigeria, the Company's only material client, to service overdue payments on existing contracts," said Kolb. "This update reflects only the increased uncertainty within the company's non-diversified customer base and the impact on discounted free cash flow to equityholders (FCFE FCFE Free Cash Flow to Equity (financial analysis) ). The revised price target ignores comparable public company and venture capital financing To start an own company or to bring a new product to the market, the venture may need to attract financial funding. There are several categories of financing possibilities. If it is a small venture, then perhaps the venture can rely on family funding, loans from friends analyses considered in the April 24, 2002 report. Nevertheless, upon prompt payment-in-full on outstanding contracts (all else being equal) CYBD will again warrant a significantly higher valuation based upon market multiples and Company fundamentals, including FYE'03 EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. of $1.38 with projected cash per share of $1.27, and FYE'04 EPS of $1.24 with cash per share of $2.32," he concluded. J. Damien Kolb is a member of AIMR AIMR See Association for Investment Management and Research (AIMR). and the Boston Security Analysts Society. He is a Level III CFA (Computer Fraud and Abuse Act of 1986) Signed into law in 1986, the CFA was a significant step forward in criminalizing unauthorized access to computer systems and networks. The Act applies to "federal interest computers" that include any system used by the U.S. Candidate and a candidate for the American Society of Appraisers' Business Valuation certification. Mr. Kolb's security analysis experience covers the equity, fixed income and options capital markets, as well as investment banking and institutional investment management. He served as Securities Analyst at a boutique investment-banking firm, and previously held Associate positions at Lehman Brothers and Morgan Stanley. Mr. Kolb received an MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration in Finance from the Weatherhead School of Management The Weatherhead School of Management is a private business school of Case Western Reserve University located in Cleveland, Ohio. Weatherhead is considered a top-tier business school, with its strongest programs concentrated in organizational behavior, nonprofit business, at Case Western Reserve University and a Master of International Management degree in Global Finance and Latin American Emerging Markets from Thunderbird, The American Graduate School of International Management. Mr. Kolb is president and founder of the Commonwealth Holding Company, Inc. Investrend Research has been a leading independent equity research publishing and distribution program since 1996, with over 65 AIMR-qualified professional analysts posting more than 450 reports to date. Anyone, including a company, investor relations Investor relations The process by which the corporation communicates with its investors. practitioner, financial institution or interested private investor, may enroll a company for coverage. Enrollment fees vary, up to $1,950 per month for full, continuous coverage, which is being paid by CyberDigital, Inc. Analysts are paid in advance for their initial reports by Investrend to insure independence. Full details of the company's policies and guidelines are posted on the website at www.investrend.com. Anyone interested in receiving alerts regarding CyberDigital research should email info@investrend.com with "CYBD" in the subject line. |
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