CEL is the 2nd largest PCS provider in Mexico.
Otherwise known as Nuevo Grupo Iusacell, S.A. de C.V. (New Iusacell),
CEL was organized as a limited liability stock company under the laws
of Mexico on August 6, 1998. As a result of the exchange offer
completed in August 1999, New Iusacell holds substantially all of the
capital stock of Grupo Iusacell, S.A. de C.V. (Old Iusacell).
As of Q3 1999, CEL
+ has more than 1.1 million subscribers.
+ has a market cap of only about $780 million.
+ is grossly undervalued at about $710/subscriber.
+ has Bell Atlantic ownership (42%) and management.
+ services 4 of Mexico's 9 regions (including Mexico City)
+ covers 67 million POPs (69% of Mexico's population).
+ recently upgraded entire system from analog to PCS/CDMA.
+ has record EBITDA margin of 36%.
+ has been EBITDA positive for the last 4 quarters.
+ 80% growth in subscriber base since Q3 1998.
+ has $472 million in U.S. dollar-denominated debt.
+ has a debt-to-capital ratio of 45.6% (vs 60.4% in Q3 1998).
Mexico has only 3.5% cellular penetration...
so there's plenty of additional growth potential.
Website... iusacell.com.mx |
