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Bernstein Research has been issuing a regular list of technology companies that are attractive on “core value metrics, in particular companies with high and stable enterprise value-to-free cash flow." Basically, it’s an exercise which involves looking for stocks that are trading cheaply enough to take private.

This is not to say every company on the list makes sense as an LBO candidate, but it does mean that based on math alone, the stocks look interesting. Vadim Zlotnikov, the Bernstein strategist who does the analysis, notes in a report today that a list based on the same approach published in August 2005 has outperformed the tech sector by three percentage points; the firm’s January 2006 list beat the broad sector by 7 percentage points. So with that prelude, here is the latest Bernstein list:

* Microsoft (NASDAQ:MSFT)
* IBM (NYSE:IBM)
* First Data Corp. (FDC)
* Advanced Data Processing (NASDAQ:ADP)
* Xerox (NYSE:XRX)
* Analog Devices (NASDAQ:ADI)
* Fiserv (NASDAQ:FISV)
* NCR (NYSE:NCR)
* Affiliated Computer Services (ACS)
* Lexmark (NYSE:LXK)
* Total System Services (NYSE:TSS)
* Check Point (NASDAQ:CHKP)
* Global Payments (NYSE:GPN)
* Ingram Micro (NYSE:IM)
* Convergys (NYSE:CVG)
* Acxiom (NASDAQ:ACXM)
* Perot Systems (NYSE:PER)
* CACI International (CAI)
* Imation (NYSE:IMN)
* Electronics for Imaging (NASDAQ:EFII)
* Kronos (KRON)
* Progress Software (NASDAQ:PRGS)
* Websense (NASDAQ:WBSN)
* Semtech (NASDAQ:SMTC)

Source: Bernstein: Tech Buyout Candidates Include Lexmark, First Data, Convergys, and Websense