Robertson Stephens Upgrades WATR to a Strong Buy Rating.

Business Editors

SAN FRANCISCO--(BUSINESS WIRE)--March 2, 2000

Robertson Stephens Senior eServices Analyst Steven Birer today upgraded Tetra Tech, Inc. (NASDAQ:WATR) to a Strong Buy rating from a Buy.

Tetra Tech, headquartered in Pasadena, Calif., is an international provider of management consulting and engineering services focused on the provision of essential services, including water-based infrastructure and communications services.

"Tetra Tech's management elaborated on the size of its wireless communications division and the business opportunities ahead at the Robertson Stephens Technology Conference yesterday," said Birer. "Management is becoming increasingly positive on the outlook for its wireless communications business, as Tetra Tech is seeing increasing demand for its services from numerous clients."

"We believe the value of the company's wireless division is not reflected in its current share price," said Birer. "Based on our 2000 revenue estimate of $90 to $100 million for Tetra Tech's wireless business and comparable companies' multiples in the sector, we believe the wireless piece alone carries a market value of between $1.2 and $1.3 billion. Assuming the rest of the business warrents its current multiple of about 1.8 times revenues, Tetra Tech's implied valuation of about $2.1 billion suggests the company is undervalued by 50 percent."

"We are raising our rating to Strong Buy from Buy, based on the company's current valuation, what we believe the wireless division alone to be worth, and the potential business opportunities ahead of Tetra Tech," said Birer. "While we believe interest in the company's wireless operations has been a source of the stock's recent strength, we believe the stock has room to run."

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