When you dig behind the snapshot relative total return numbers, you begin to understand the key drivers of value: margins, asset utilization and growth that eventually generates the net cash receipts investors value. For companies early in their life cycle, such as EchoStar and Gemstar, growth and the expectation of future profits and cash receipts drive value. The HOLT framework reflects this by noting such companies high percent future. Percent futures for the 27 CE suppliers profiled in the DualGrade® table shown in Figure 5 range from a high of 94 percent for Gemstar to a low of -33 percent for Damark. Hewlett-Packard has a

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