Corel - plus 25% in 45 Minuten ! - 500 Beiträge pro Seite

[robbinett]

Hi an alle Linux - Fans

Sodala - jetzt kanns losgehen !
Die Kooperation mit Intel wirds endgültig richten

Robert

[robbinett]

Nach der Dementierung kanns losgehen ....
Wahrscheinlich dann 30% runter in 30 Minuten !

Robert

[Schleiermacher]

Hallo Leute,

ich muß mich revidieren, es gibt wohl doch eine - wenngleich wenig enthusiastische - Aufstufung von Corel/Inprise durch Merrill Lynch.
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More From Merrill Lynch Broker
by: mxpress_2k (33/M/Atlanta, GA) 3/11/00 8:55 am
Msg: 129739 of 129747
Corel Corp.

10 March 2000 (Corrected)

Summary
Analyst Meeting Focused on Projected Forward Synergies Between Corel and Inprise/Borland. On March 8th, Corel hosted an analyst meeting and its AGM, both of which were well attended. The analyst meeting focused on what management of Inprise/Borland (INPR;Not Rated) and Corel see as the objectives they can reach, and potential synergies that they can achieve, through their proposed merger. Dominating the Linux space is not their primary objective. The real idea is that the combined entity will be positioned as a cross-platform software vendor enabling application access and integration over the Net. Conceptually, Inprise represents the back end (the plumbing) while Corel represents generic front-end productivity applications (the fixtures) that almost everyone will want to access.

Inprise/Borland`s development products (Delphi, Kylix) provide the "tools" to be used in the construction of these end-to-end enterprise solutions. We expect, and management appeared to agree, that the combined entity will turn its focus away from its traditional Windows roots (where both have little competitive advantage) towards open standards (Linux, Corba) opportunities that are not likely to be dominated by Microsoft.

Forward-looking architectural objectives of both companies address two needs: the ability to access legacy systems information over multiple platforms and the emerging market for ASP-hosted applications. Here, Inprise/Borland will lever its Visigenic`s background and Corel will use its applications suite and thin client cross-platform capabilities from GraphON (GOJO; Not Rated).

In our opinion, this is a crowded field and, despite the opportunities could prove both distracting and challenging for the combined companies. Both management teams, despite current market noise, remain optimistic that the merger will conclude successfully in May. We are at the preliminary stage of this merger and both companies have yet to file all of the necessary SEC/merger documentation.

Benefits of Merger are Clear; Synergies Less So in our view. We do not see this merger as highly "synergistic" in the short term although we see some benefits. Benefits to
Inprise include the addition of more (and less expensive) developers in a tight US IT labour market, access to Linux expertise, and better retail channel distribution. Benefits to
Corel include a hefty cash infusion, additional managerial talent and expert software developers, potential sell-through of end-to-end solutions to Inprise`s blue chip client list (Sabre, Ericsson etc.) and access to strategic partners.

WordPerfect Office 2000 for Linux Looks Impressive. On a separate note, Corel demonstrated the beta version of its native Linux version of WordPerfect Office 2000. We were impressed with the functionality shown in the beta presentation. WordPerfect, Quattro Pro (spreadsheet) and Corel Presentations (a PowerPoint-like product) were all shown in the demonstration. These products are expected to be released as a suite in early April. We note that the product has reached the level where the look and feel is virtually indistinguishable from a Windows-based product.

Wide-Scale Desktop Linux Deployment Still Years Away Though Channel/OEM Front Could be Active.
We continue to believe that Linux on the desktop is several years away. Although a recent Merrill Lynch`s Corporate Buyer Survey indicated that many organizations are considering Linux, we believe that most interest is for Linux in specific server situations. However, Linux also needs a substantial set of applications before it is legitimized as a desktop solution. Corel’s upcoming office productivity suite will undoubtedly help in this respect.

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Top>Business & Finance>Investments>Sectors>Technology>Software and Programming> CORL (Corel Corporation)
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Merrill Lynch Broker: CORL is LT Accumu
by: mxpress_2k (33/M/Atlanta, GA) 3/11/00 8:40 am
Msg: 129738 of 129747
10 March 2000 (Corrected)

Price: $15 7/8

Opinion & Financial Data
Investment Opinion: D-3-2-9
Mkt. Value / Shares Outstanding (mn): $1127.1 / 71

Stock Data
52-Week Range: $44 1/2-$2
Symbol / Exchange: CORL / OTC

Bloomberg / Reuters: CORL US / CORL.O
Exchange Rate: NA

For full investment opinion definitions, see footnotes.
All figures are in local currency (U.S. dollar) except where otherwise noted.
Investment Highlights:

Corel hosted an analyst meeting and AGM on
March 8th. Analyst meeting focused on what
management sees as potential synergies
through proposed Inprise/Borland merger.

AGM featured an impressive demo of native
Linux version of WordPerfect Office 2000.
Product currently in beta with expected April
release date and road show. Applications such
as these could one day represent the real
Linux opportunity for Corel.

Stock has been trading lower as Linux
comparables lose IPO shine and possibly from
pressure from deal-related arbitrage selling.
This, and recent statement from former
Inprise board member, has contributed to
speculation that proposed Inprise/Borland
merger will not get passed by Inprise/Borland
shareholders.

Our rating of D-3-2-9 remains unchanged and
our numbers are still under review pending
the completion of the merger.

Expect stock to trade with overall Linux
market. Vocal Inprise/Borland shareholders
who oppose the deal could add further
uncertainty, and thus pressure, to story. Both
companies remain optimistic about deal.

Bulletin
Canada
PC Software
10 March 2000 (Corrected)
Alex Baluta
Malcolm White, CFA

Corel Corp.
Proposed Acquisition with Inprise/Borland
Appears More Beneficial than Synergistic
NEUTRAL*

Long Term ACCUMULATE

Reason for Report: Company Update
Merrill Lynch & Co.
Global Securities Research & Economics Group
Global Fundamental Equity Research Department

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