Indeed. And combine cam, porting and polishing, remapping, decent exhaust system and a few other tricks and you should get some more, maybe 160hp if you're VERY lucky!
To be honest though, converting to 16v was a far better choice. That power is there from the start and it is far more tunable and responsive. If you look enough, the 16v engine is cheaply bought either on it's own or in a donor vehicle. I got mine from a £500 donor. The engine was in good nick, except wiring, and the bodywork was shabby with some rust and a pretty messed up interior.