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Robertson Stephens Daily Growth Stock Update

        On CLS, PLXS, SCI, JBL, LIZ, ACF, APW, BHE, CKFR, SANM  
  SAN FRANCISCO, Nov. 13 /PRNewswire/ -- The following is being issued by 
Robertson Stephens, a member of the National Association of Securities 
Dealers, CRD number 41271:  


      Rating Changes 
      Celestica Inc.  (NYSE: CLS) ($54.75) 
    Strong Buy 


J. Keith Dunne, Electronic Manufacturing Products and Services 
"We are raising our rating to Strong Buy from Buy to reflect the most 
attractive valuations since the Fall 1999, despite continuously exceeding 
expectations leading to a 35% increase in our fiscal 2001 Cash EPS estimates 
in the past four months," said Dunne.  "At 29 times forward P/E estimate, CLS 
is trading well below our expected 40% growth rate for 2001. Importantly, we 
believe exposure to Cisco and Dell, two OEMs garnering increased scrutiny 
these days, is only 6-8% each and business remains robust at SUNW, in our 
opinion. We expect internal sales growth to accelerate to 41% in fiscal 2000, 
up significantly from 29% last year.  Currently, we estimate internal sales 
gains of closer to 20-25% in fiscal 2001, though our estimates could prove to 
be conservative depending upon the pace of new program wins, especially for 
communications customers such as Lucent, and the success the company has in 
integrating and ramping production at the recently acquired IBM sites. 
Contrary to recent articles in the press, we do not believe Celestica was a 
serious contender for acquiring NatSteel, though we believe management is 
interested in expanding its presence in Asia."  


      Plexus Corp.  (Nasdaq: PLXS) ($49.38) 
    Strong Buy 


J. Keith Dunne, Electronic Manufacturing Products and Services 
"We are raising our rating to Strong Buy from Buy to reflect the most 
attractive valuations since the Fall 1999 and acceleration in internal growth 
from an estimated 32% in fiscal 2000 to an estimated 47% growth in fiscal 
2001," said Dunne.  "In contrast, the company is trading at only 31 times our 
calendar 2001 Cash EPS.  We believe Plexus has industry-leading engineering, 
design and complex assembly capabilities, which is allowing the company to 
generate among the highest margins and returns on invested capital in the 
industry. We believe management is successfully integrating recent 
acquisitions that have significantly expanded geographic reach, service 
capabilities, and customer diversification.  We expect further transactions 
may lead to increases in our sales and Cash EPS estimates. We believe 
management has become much more aggressive in its efforts to expand into 
higher-end communications and medical applications and has sprinkled its 
customer mix with leading venture-backed companies that could follow 
Arrowpoint's footsteps and become major customers over the next 4-6 quarters."  


      SCI Systems, Inc. (NYSE: SCI) ($36.44) 
    Strong Buy 


J. Keith Dunne, Electronic Manufacturing Products and Services 
"We are raising our rating to Strong Buy from Buy, though readers of our 
October 13 report should realize this is largely a formality to reflect our 
initial use of this rating for the EMPS industry," said Dunne.  "We continue 
to believe the company is undergoing significant fundamental positive changes 
backed by a much broader and deeper management team that we had the pleasure 
of meeting with in early November. We continue to believe our fourth quarter 
2001 sales of $3.3 billion is achievable assuming the recent Ericsson programs 
ramp as scheduled and add about $500 million in incremental sales in the 
fourth quarter of 2001.  We also expect the company to largely achieve our 
December sales estimate of $2.5 billion and find it amusing that two months 
ago, the Street believed a $10.5 billion sales year was unachievable, only to 
start believing the target was too conservative a few weeks later, when the $2 
billion agreement with Ericsson was announced. We believe SCI is likely to 
begin assembling port adapters for Cisco with additional PCBA and full system 
assembly programs likely to be announced over the next year. Given the 50-60% 
growth that Cisco has discussed, we expect Cisco could become a top 10 
customer in the next fiscal year. Currently, SCI is trading for 17 times our 
calendar 2001 Cash EPS, nearly 40% below its peers despite having an end- 
market mix that is less PC centric and more attractive than Solectron, post 
the NatSteel acquisition."  


      Jabil Circuit Inc.  (NYSE: JBL) ($44.25) 
    Buy 


J. Keith Dunne, Electronic Manufacturing Products and Services 
"We are increasing our rating to Buy from Long-Term Attractive to reflect the 
most attractive valuations since the Fall 1999, despite the fastest rate of 
internal sales growth in the industry," said Dunne. "At 35.7 times our forward 
P/E estimate, JBL is trading well below our expected 48% internal sales growth 
rate for 2001. We believe the increase in raw inventory levels at Cisco could 
be positive for Jabil by lowering the prospect that tight component 
availability may restrict near-term growth.  Additionally, we are not 
expecting significant growth in Dell following a significant ramp in notebook 
computer production in fiscal 2000. We believe Jabil may have the strongest 
relationship in the industry with Lucent, a major communications OEM we 
believe is on the verge of a major outsourcing program.  Recently, the CEO of 
Jabil joined me in a panel before top Lucent executives to discuss changing 
business models and the need for speed.  We suspect Jabil is near the top of 
the list for significant levels of new business opportunities with Lucent. We 
believe major plant expansions are progressing on plan, though startup expense 
are likely to restrict EPS growth by up to a few cents per quarter over the 
next several quarters, especially if the company wins significant new 
business. We expect the company to continue actively seeking acquisition 
partners, though none are in our forecast given management's rigorous 
criteria."  


      Estimate Changes 
      Liz Claiborne, Inc. (NYSE: LIZ) ($41.56) 
    2000 EPS: $3.58 from $3.60 
    Long-Term Attractive 


Janet Joseph Kloppenburg, Specialty Retailing/Apparel Manufacturers 
"After a conversation with management of Liz Claiborne on Friday, we are fine- 
tuning our fiscal 2000 estimate by $0.02 from $3.60 to $3.58," said 
Kloppenburg. "We note that our fourth quarter 2000 estimate of $0.96 versus 
$0.85 remains unchanged.  However, our newly revised fiscal 2000 estimate 
reflects the timing of the share repurchase throughout fiscal 2000.  Thus, due 
to the treatment of the calculation of weighted shares outstanding throughout 
the fiscal year, we are revising our fiscal 2000 estimate. We also note that 
the company has $116 million left in their current share repurchase 
authorization.  We are maintaining our fiscal 2001EPS estimate of $4.00, which 
represents 11.4% EPS growth.  LIZ currently trades at 10.4 times our fiscal 
2001, relatively in line with our long-term secular growth rate of 12%.  We 
rate the shares Long-Term Attractive."  


      Comments 
      AmeriCredit Corp. (NYSE: ACF) ($26.31) 
    Buy 
    Jordan Hymowitz, eCredit & Lending/I-Auto 
    Justin Hughes, Financial Services 


"AmeriCredit trades at a 23% discount to the credit card companies despite 
improving credit quality, better profitability, and faster growth," said 
Hymowitz and Hughes.  "We have raised our 2001 EPS estimates four times this 
year and have raised our estimates 22 times since initiating coverage of the 
company in December of 1994.  AmeriCredit priced its most recent 
securitization at a weighted average of 6.8%, 27 bps better than last 
quarter's securitization.  In addition, the company has recorded 15 
consecutive quarters of record earnings.  We reiterate our Buy rating on the 
shares with a price target of $44."  


      APW Ltd.  (NYSE: APW) ($43.00) 
    Buy 
    J. Keith Dunne, Electronic Manufacturing Products and Services 


"We believe APW has successfully transitioned itself into a leading global 
provider of enclosure solutions with unmatched engineering and design 
capabilities and the broadest geographic footprint in the industry," said 
Dunne. "We believe the company has successfully integrated 18 acquisitions to 
date and has established a core marketing capability targeting 22 key 
customers that can carry the company well into this century. APW has a 
diversified customer base with the top 10 accounting for about 40% of sales 
and the leading customer nearer 7%, though we believe new programs with SUNW 
could lead to the first 10% customer.    Currently, about 50% of sales are 
derived from integrated solutions versus 32% for bare enclosures, 11% for 
thermal management products and 7% for power supplies and backplanes. On 
9/27/00, we raised our fiscal 2001 Cash EPS from $2.15 to $2.40 and introduced 
a fiscal 2002 estimate of $3.30, implying a forward P/E of 16 times, which we 
believe is attractive especially given its positive cash flow and an 
increasing number of acquisition candidates in the market place. We are 
maintaining our Buy rating and expect the current 40% discount to the large 
EMS companies to shrink towards 20% over the coming year."  


      Benchmark Electronics  (NYSE: BHE) ($36.38) 
    Buy 
    J. Keith Dunne, Electronic Manufacturing Products and Services 


"We believe margins and earnings should continue to increase as Benchmark 
continues to ramp a record number of significant new programs with leading 
OEMs in instrumentation, medical, enterprise storage and workstation markets, 
in our opinion," said Dunne. "We expect internal growth to approximate 40% in 
fiscal 2000 and fiscal 2001, significantly above the estimated 8-10% rate 
achieved in fiscal 1999. We believe the integration of AVEX is complete and 
that management is continuing to seek an Asian footprint, but is being highly 
selective to ensure a rapid and smooth transition. In the most recent quarter, 
inventory turns and DSOs were better than expected, further indicating the 
company's ability to fund rapid growth, despite a tight component environment. 
We are maintaining our Buy rating on Benchmark, which is trading at less than 
15 times calendar 2001 Cash EPS and only 5.3 times EBITDA, well below recent 
acquisition prices for companies with a smaller geographic footprint and fewer 
design, engineering and complex manufacturing skills."  


      Checkfree Corp.  (Nasdaq: CKFR) ($54.14) 
    Buy 
    Andrew Jeffrey, eProcessing/ePayment 


"We are reiterating our Buy rating on CheckFree  and believe investors 
should become increasingly aggressive in owning the shares," said Jeffrey. 
"Our conservative DCF analysis implies that the stock can attain a near-term 
valuation in the low-$70s and a 12-month target approaching $100. Recent 
events suggest that CheckFree's competitive position is being bolstered by two 
key market events:  the withdrawal of Metavante's proposed IPO, coupled with 
evidence of weakening business trends at the margin, and recent rumblings 
within Spectrum, the bank-backed B2C EBPP consortium. We observe increased 
evidence that banks are once again spending aggressively on financial 
technology in an effort to update systems and offer sticky applications aimed 
a bolstering customer retention. We contend that proof of concept is an 
essential prerequisite to sustainable economies of scale and high ROIC.  As 
such, we contend that CheckFree represents the only 'real' ePayment investment 
opportunity today, which should support a relative premium valuation. We 
recommend aggressive purchase of CKFR shares."  


      Sanmina Corp.  (Nasdaq: SANM) ($93.44) 
    Buy 
    J. Keith Dunne, Electronic Manufacturing Products and Services 


"We believe Sanmina is one of the best managed companies in the industry 
with a very successful record of identifying and integrating acquisitions, 
both OEM asset divestitures and industry competitors," said Dunne. "On October 
24, we increased our EPS estimates 15-20% to reflect broad-based sales gains 
and greater incremental benefits and synergies from the integration of Hadco, 
one of the world's leading PWB fabricators.  Currently, PWBs represent less 
than 25% of sales, though we believe management has plans to significantly 
expand capacity to serve internal needs without cutting off current third- 
party customers.  Importantly, if PWB markets soften unexpectedly, we believe 
Sanmina could shift much of the production to internal uses. We expect 
internal revenue growth to remain 40-45% in fiscal 2001 and represent about 
90% of the total growth, assuming no further acquisitions, which we believe is 
unlikely given a cash position of nearly $1.3 billion and management's proven 
skill in identifying and integrating accretive acquisitions. We are 
maintaining our Buy rating. Based on our EVIC/ROIC and forward P/E valuation 
metrics, Sanmina has traded at current valuations only four times since late 
1998."  


      Industry Updates 
      EMPS Industry 
    J. Keith Dunne, Electronic Manufacturing Products and Services 


"We believe the EMS industry is within 5% of the trough reached in Fall 
1998, based on our Enterprise Value to Invested Capital/Return on Invested 
Capital (EVIC/ROIC) timing metric relative to its 12-month moving average," 
said Dunne. "In addition, the forward P/E is 25% below the 12-month average 
and 37% below the level achieved at the end of the third quarter of 2000 
compared to 26% below the 12-month average in the fall of 1998.  We believe 
the mid-1998 trough was the result of significant Asian currency devaluations 
in late 1997.  Interestingly, in the last 26 quarters, the EMS industry has 
lost more than 5% only two times-during the uncertainties surrounding the 
Asian currency devaluation and the current presidential election. We believe 
the fundamental growth drivers for the EMS industry are intact with 
outsourcing by major OEMs continuing at a torrid pace; the PWB book to bill 
remaining above parity and in synch with underlying electronic equipment 
demand; and component availability becoming more predictable, though some 
custom ASICs and other components could continue to cause temporary shipment 
delays."  
  Unless otherwise noted, prices are as of Friday, November 10, 2000  
  Robertson Stephens maintains a market in the shares of Cisco Systems, Dell 
Computer, L.M. Ericsson, Sun Microsystems, CheckFree Corp., Sanmina, and 
Plexus and has been a managing or comanaging underwriter for or has privately 
placed securities of AmeriCredit, Benchmark, Celestica and Solectron within 
the past three years.  
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SOURCE  Robertson Stephens  


    -0-                             11/13/2000 
    /CONTACT:  Elizabeth Denton, 212-407-0470, for Robertson Stephens/ 
    /Web site:  http://www.rsco.com/ 


(FBF CLS PLXS SCI JBL LIZ ACF APW BHE CKFR SANM)  
CO:  Robertson Stephens; Celestica Inc.; Plexus Corp.; SCI Systems, Inc.;  
 Jabil Circuit Inc.; Liz Claiborne, Inc.; AmeriCredit Corp.; APW Ltd.;  
 Benchmark Electronics; Checkfree Corp.; Sanmina Corp. 
ST:  California 
IN:  FIN 
SU:  RTG  
-0- Nov/13/2000 15:41 GMT
 
 
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