STOCKREPORTS		 Intuit Inc. Nasdaq Symbol INTU
21-JUN-97 Industry:
Computer (Software & Services)		 Summary: This company develops and markets personal finance, tax preparation and small business accounting software.

Recent Price 25.00
52 Wk Range 47.25 - 21.50		 Yield Nil
12-Mo. P/E 18.2

Quantitative Evaluation:
Outlook (1 Lowest - 5 Highest)
4-
Fair Value
29.70
Risk
HIGH
Earn/Div Rank
NR
Technical Evaluation:
BEARISH since 01/97
Rel. Strength Rank (1 Lowest - 99 Highest)
25
Insider Activity
Neutral

Overview 17-MAR-97

Revenues in the second half of FY 97 (Jul.) are expected to advance between 5% and 10%, year to year, reflecting gains in the tax preparation, personal finance, business products and electronic financial services segments. Still, this revenue growth is much slower than in past years, owing to a revenue mix shift to OEM sales of the Quicken family of personal finance products and the related slower growth in retail shipments, combined with overall weakness in personal finance and other consumer software products and competitive pricing pressures in the tax preparation market. Margins are expected to narrow on the slower revenue growth, a less favorable revenue mix as well as continued heavy investments. Earnings in FY 97 should be penalized by the narrower margins, the first quarter's $0.31 a share charge, and the second quarter's $0.16 charge, but benefit from the absence of FY 96's acquisition related nonrecurring charges totaling $1.05 a share.

Valuation 17-MAR-97

The shares fell sharply in 1996, on a slowing in the growth of revenues and fears that revenue growth will slow further, as well as competitive concerns, particularly in the emerging electronic financial services marketplace. Intuit continues to invest heavily, with a major focus on Internet financial services. The company also continues to make selected, strategic acquisitions, and is constructing an impressive number of relationships with major banks and other financial service partners for on-line banking and bill paying. However, major efforts by well heeled competitors, including Microsoft, could undermine the company's leadership position in this emerging market. The shares, which trade at about 27 times our calendar 1997 earnings estimate, are expected to track the market in the months ahead.

Key Stock Statistics

S&P EPS Est. 1997 0.55
P/E on S&P Est. 1997 45.5
S&P EPS Est. 1998 1.05
Dividend Rate/Share Nil
Shs. outstg. (M) 46.6
Avg. daily vol. (M) 0.631
Tang. Bk. Value/Share 7.76
Beta NA
Shareholders 1,000
Market cap. (B) $ 1.2
Inst. holdings 50%
Value of $10,000 invested 5 years ago:NA

Fiscal Year Ending Jul. 31

Revenue (Million $)
1997 1996 1995 1994 1993 1992
Q1 102.5 96.77 68.18 47.40 33.20 22.30
Q2 266.0 221.7 162.8 90.54 31.20 22.70
Q3 136.3 136.4 98.91 54.39 21.80 19.30
Q4 NA 91.13 65.86 31.10 35.30 19.50
Year NA 538.6 395.7 223.4 121.4 83.80

Earning Per Share ($)
1997 1996 1995 1994 1993 1992
Q1 -0.61 -0.48 -1.36 0.29 0.15 0.14
Q2 0.94 0.46 0.33 -5.31 0.08 0.08
Q3 0.01 -0.01 -0.09 -0.15 0.03 0.02
Q4 E0.03 -0.48 -0.06 -0.27 0.12 0.02
Year E0.55 -0.32 -1.11 -5.37 0.38 0.25

Dividend Data: No cash dividends have been paid.

Business Summary 17-MAR-97

Intuit Inc. develops and markets personal finance and small business accounting, tax preparation and other consumer software products and complementary supplies and services for personal computer (PC) users.

The company's Quicken is the leading personal finance product in each of the Windows, DOS and Macintosh operating environments. Designed to look and work like a checkbook, Quicken provides users with an easy-to-use method for recording and categorizing their financial transactions. It can be used to reconcile bank accounts and track credit card purchases, investments, cash and other assets and liabilities. Quicken also allows users to make payments by printing computer checks or by initiating payment via modem.

Small business accounting products include QuickBooks, which supports both cash-based and accrual-based accounts payable; and QuickPay, a payroll add-on product.

Tax preparation products, including TurboTax, MacInTax and Personal Tax Edge, aid consumers and small businesses in preparing their tax returns.

Other consumer software products include Quicken Family Lawyer, which enables consumers to prepare legal forms and documents such as wills, powers of attorney and promissory notes; and QuickVerse, a computerized digest that enables users to quickly locate Biblical verses.

Electronic financial service offerings include online banking services, which lets Quicken users download and categorize into Quicken, account activity from bank, brokerage or charge accounts; online bill payment services, which lets users pay bills without paper checks by transmitting payment instructions via modem; and Investor Insight, an online service that gives Quicken users access to investment research tools.

Intuit offers supplies (paper checks, invoices and window envelopes) that work with its software products to increase automation of transaction execution and recordkeeping.

In FY 96, Intuit recorded acquisition related charges of $53,323,000 ($1.05 a share). In FY 95, net nonrecurring charges totaled $64,322,000 ($1.70 a share).

Important Developments

Feb. '97 In the second quarter of FY 97, Intuit recorded $7.6 million ($0.16 a share) in charges to reflect costs associated with past acquisitions.
Feb. '97 In the second quarter of FY 97, Intuit recorded a $71.2 million ($1.50 a share) gain on the sale of discontinued operations, in connection with the sale of its online banking and bill payment transaction processing subsidiary, Intuit Financial Services Corp., to CheckFree Corp.
Nov. '96 In the first quarter of FY 97, Intuit recorded a $4.9 million ($0.31 a share) charge to reflect costs associated with its acquisition of GALT Technologies.

Capitalization

Long Term Notes: $5,583,000 (10/96).

Per Share Data ($)
1996 1995 1994 1993 1992 1991 1990 1989 1988 1987
Tangible Bk. Val. 5.84 4.71 2.27 2.20 0.82 0.58 0.38 0.21 0.07 NA
Cash Flow 1.20 0.46 NA 0.51 0.33 0.26 0.22 NA NA NA
Earnings -0.32 -1.11 -5.37 0.37 0.25 0.21 0.18 0.13 0.05 NA
Dividends Nil Nil Nil Nil Nil Nil Nil Nil Nil NA
Payout Ratio Nil Nil Nil Nil Nil Nil Nil Nil Nil NA
Prices - High 78 89 1/4 36 5/8 23 1/4 NA NA NA NA NA NA
- Low 27 1/4 29 3/4 13 1/2 10 NA NA NA NA NA NA
P/E Ratio - High NM NM NM 63 NA NA NA NA NA NA
- Low NM NM NM 27 NA NA NA NA NA NA

Income Statement Analysis (Million $)
1996 1995 1994 1993 1992 1991 1990 1989 1988 1987
Revs. 539 395 223 121 83.8 44.5 33.1 18.7 6.1 NA
Oper. Inc. 70.6 51.9 NA 16.3 9.6 7.5 6.3 NA NA NA
Depr. 68.3 64.0 NA 3.1 1.8 1.1 0.8 NA NA NA
Int. Exp. NM 0.2 NA 0.1 0.1 0.1 0.0 NA NA NA
Pretax Inc. 1.9 -21.1 -168 13.8 8.1 6.7 5.6 4.3 1.5 NA
Eff. Tax Rate 8.67% NM NM 39% 35% 35% 37% 39% 40% NA
Net Inc. -14.3 -45.4 -172 8.4 5.3 4.3 3.6 2.7 0.9 NA

Balance Sheet & Other Fin. Data (Million $)
1996 1995 1994 1993 1992 1991 1990 1989 1988 1987
Cash 198 70.0 83.9 39.5 9.0 7.2 3.8 1.9 1.1 NA
Curr. Assets 280 259 120 66.0 22.5 15.1 NA NA NA NA
Total Assets 418 384 245 73.8 29.6 19.1 13.3 5.9 2.2 NA
Curr. Liab. 111 98.1 50.8 24.5 12.1 6.9 NA NA NA NA
LT Debt 5.6 4.4 Nil Nil 0.2 0.3 0.3 Nil Nil NA
Common Eqty. 762 281 186 49.2 17.3 11.9 7.6 4.0 1.3 NA
Total Cap. 770 286 194 49.2 17.5 12.2 7.9 4.0 1.3 NA
Cap. Exp. 69.3 4.9 NA 4.9 3.2 1.9 1.9 NA NA NA
Cash Flow 54.0 18.6 NA 11.5 7.1 5.4 4.3 NA NA NA

Curr. Ratio 2.5 2.6 2.4 2.7 1.9 2.2 NA NA NA NA
% LT Debt of Cap. NM 1.5 Nil Nil 0.9 2.2 4.2 Nil Nil NA
% Net Inc.of Revs. NM NM NM 6.9 6.3 9.6 10.8 14.2 14.5 NA
% Ret. on Assets NM NM NM 13.4 21.6 26.5 37.1 65.5 NA NA
% Ret. on Equity NM NM NM 28.8 36.0 43.8 61.6 99.8 NA NA

Data as orig. reptd.; bef. results of disc. opers. and/or spec. items. Per share data adj. for stk. divs. as of ex-div. date. E-Estimated. NA-Not Available. NM-Not Meaningful. NR-Not Ranked.

Office--2525 Garcia Ave., Mountain View, CA 94043. Tel--(415) 322-0573. Chrmn--S. D. Cook. Pres & CEO--W. V. Campbell. CFO & Investor Contact--James J. Heeger. Dirs--C. Brody, W. V. Campbell, S. D. Cook, L. J. Doerr, M. Hallman, B. J. McMurtry. Transfer Agent --American Stock Transfer & Trust Co., NY. Incorporated--in California in 1984; reincorporated in Delaware in 1993. Empl-- 3,184. S&P Analyst: Peter C. Wood, CFA


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