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ADVA AG: Page 4 of 4

Another quirk is the fact that JDS Uniphase Inc. (Nasdaq: JDSU; Toronto: JDU) owns almost 30 percent of ADVA, via its June 2000 acquisition of E-Tek Dynamics (see Inside JDSU's Secret Acquisitions), an early investor in ADVA. Though CSFB's Smith says the JDSU holdings "cause some stock overhang," he says it shouldn't dampen ADVA's potential.

"For their size, [ADVA] has good operating margins and performance," Smith says. "It all comes down to execution -- and getting through the downturn."

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http://www.lightreading.com