Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 170.90

-1.3%

Nov 7 9:30 AM EST

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To: 100cfm who wrote (111559)	1/24/2002 8:15:26 PM
From: Art Bechhoefer	Read Replies (1) of 152472

>>Till something causes cdma to start growing/increasing faster then the overall handset market growth rate then I think Q's stock price goes nowhere.<< Several points here: First is that a lot of existing subscribers will upgrade for data access, GPS, etc. Second is that when existing TDMA/GSM subscribers find out that the only way they can get comparable features is by switching to a CDMA carrier, maybe they'll switch. Third is the overall operating cost differences between 1X and GSM/GPRS and the relative ease with which CDMA carriers can upgrade to provide additional services. I'm not worried about the growth in areas where competition really exists, only in areas where competition is artificially kept out. Lastly, when you look at the current price of QCOM, it is selling at less than 7 times book value. And book value, of course, includes little or any imputed value for the patents, which are one of the key assets. Compare a book value of 7 for QCOM with the book values of other hot technology stocks and you will see that QCOM is well below average, suggesting that the others are grossly overvalued or QCOM is grossly undervalued. Art

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