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The Wall Street Transcript Publishes Analyst Investment Opinion on Administaff in Outlook for Business Services Report.

Business/Banking Editors

NOTE: This analyst interview is presented with the aforementioned company's full knowledge and permission.

NEW YORK--(BUSINESS WIRE)-- Nov. 29, 2000

Adam Waldo, Director at Credit Suisse First Boston, covering North American Business Services as part of the firm's Global Services Group in equity research, examines outlook for Business Services in this timely and deeply informative 6,600-word interview from The Wall Street Transcript (212-952-7433) or http://www.twst.com/info/info227.htm

Read a free interview highlight in which Waldo explains why he continues to strongly favor Administaff, see http://twst.com/notes/articles/laf830c.html

Waldo discusses the traits of business service companies, "Most business service companies operate with fairly similar business models. They tend to operate in end markets that grow 2 to 5 times faster than real GDP with very low capital intensity and high cash-on-cash returns and moderately scalable business models. As such, business services firms tend to be better businesses than most companies public equity investors can own. Business services companies also tend to exhibit below-market share-price volatility -- because of relatively moderate-to-low revenue earnings volatility -- with above-market-average share price appreciation, owing to their faster growth rates and better economic characteristics."

Waldo highlights Administaff (NYSE:ASF), "Administaff has a very, very high rate of organic growth. It benefits, as does Paychex, from serving the most rapidly-growing and most underpenetrated area of human-resource-outsourcing -- the small business market. Administaff has strong high single-digit annual unit pricing power and terrific cash economics with low revenue and earnings volatility. We think the company is poised for another strong year in 2001. The stock has had a great run in 2000, up about 150% year to date, and it also outperformed the S&P 500 modestly in 1999."

This issue is part of the TWST INDUSTRY / SERVICES SECTOR

To obtain a copy of this Outlook for Business Services report, call (212) 952-7433 or see http://www.twst.com/info/info227.htm

The Wall Street Transcript is a premier weekly investment publication interviewing market professionals for serious investors for over 37 years.

The Wall Street Transcript has launched a new free service where investors can ask the above company (or any public company) a question at http://www.qawire.com

The Wall Street Transcript does not endorse the views of any interviewee nor does it make stock recommendations.
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Publication:Business Wire
Date:Nov 29, 2000
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