WEST TELESERVICE

Exhibit 9: Standard & Poor's, Emerging and Special Situation November 29, 1996

WEST TELESERVICE RATING: SHORT-TERM BUY

Quite a number of firms that offer outsourced teleservices have gone public this year. Teleservices expenditures were $80 billion in 1995, and the percentage which was outsourced was between 5 and 8 percent. With the overall teleservices market estimated to grow at about 8 percent per year for the next several years, outsourcing growth should be even higher as more firms take these services to an outside provider.

This company provides inbound (30 percent of sales in the first nine months of 1996), outbound (28 percent), and interactive voice response services (42 percent) to clients such as AT&T, America Online, Commonwealth Edison, MBNA Corp., Merck, Sun Microsystems, Time-Life, and Turner Broadcasting. AT&T accounted for 17 percent of revenue in 1995, and the ten largest clients in the aggregate accounted for about 50 percent.

As of September 30, 1996, the company operated six call centers in Texas, Nebraska, and Virginia, with a total of 4,015 workstations, and four automated voice response facilities with 5,372 ports. The company is currently adding one new call facility with 272 workstations initially, and is expanding the capacity of its voice response facilities by 882 ports. Capital expenditures are expected to be $35 million in 1996, of which about $27 million had been invested through September 30, 1996, and $44 million in 1997 for capacity expansion and upgrade at existing facilities and the addition of four new call centers.

Proceeds from the offering will be used to repay debt, including $44 million of stockholder notes issued in connection with termination of the company's S corporation status, with a small amount remaining available for general corporate purposes. Long-term debt will be about 8 percent of committed capital. The company maintains several credit facilities for capital expenditures and has entered into capital leases to fund a large part of its acquisition of computer and related equipment. A revolving bank line is available to fund accounts receivable from certain customers which pay on a per-call basis.

Chairman Gary L. West and Vice Chair Mary E. West (husband and wife) will own 73 percent of the stock outstanding after the offering, and CEO Troy L. Eadon will own 14 percent. These three co- founded the company in 1986 and all worked for WATS Marketing of America prior to that time. Sales of stock by insiders are subject to a 180-day lockup agreement and Rule 144 limitations.

Given the strong industry fundamentals, we think the question of whether to invest in West's stock is one of valuation. Comparable TeleTech Holdings is selling for about 6.6 times projected 1997 revenues and 75 times estimated EPS of $0.40. We think these shares [of West Teleservice] may trade at a discount to that valuation, because it is not growing so fast. At a 50 percent discount valuation of 3.3 times projected 1997 revenues of $410 million, up 26 percent from the $325 million we see in 1996, the shares are worth 2112. Although we think there is additional upside potential, the supply of new equity right now exceeds demand, which may limit these shares from going even higher. We recommend the purchase of the shares with a short-term price target of 2112.

West Teleservice: Presubmission Questions

1) Based on your multiples valuation, what is the value of West Teleservice per share?

2) What valuation ratio did you use to estimate West Teleservices value per share? Check all that apply:

Price/sales revenue

Price/operating income

Price/net income

3) In estimating West Teleservices value using a multiples approach, which firms did you use as comparable to West Teleservice? Check all that apply:

SITEL Corporation

APAC Teleservices, Inc.

ICT Group, Inc.

Precision Response Corporation

Teletech Holdings, Inc.

Telespectrum Worldwide Inc.

RMH Teleservices, Inc.