Zeev's Turnips Patch-No Politics (ZEEV)

[Bearmove]

The following are based on S&P 500 12-month trailing earnings as of Q4 2002
(Source: Standard & Poors). The estimated P/E is calculated by dividing the
most recent S&P 500 close by the EPS:

"As Reported" (GAAP) EPS is $28.00; P/E is 31.39.
"Core" EPS is $23.75; P/E is 37.00.
"Pro Forma" EPS is $45.98; P/E is 19.11.

Based upon the latest GAAP earnings the following would be the approximate S&P
500 values at the cardinal points of the normal historical value range. They
are calculated simply by multiplying the GAAP EPS by 10, 15, and 20:

Undervalued (P/E = 10): 280
Fair Value (P/E = 15): 420
Overvalued (P/E = 20): 560