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Technology Stocks : Echostar Comm.

SATS 73.46

-0.1%

12:57 PM EST

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To: Stoctrash who started this subject	12/8/2000 10:02:50 AM
From: David Alders	Read Replies (1) of 1394

The usually bearish James Grant, who in his July 3, '98 Grant's Interest Rate Observer reviewed DISH positively some 2500% ago, writes in his latest missive that DISH is again undervalued, trading at 11 times next years earnings (based on DISH at 29) if new subscriber acquisition costs were curtailed. But, he continues, who would stop subscriber growth in a business growing revenues at a 70% rate in exchange for $1.37 in earnings in '00 and $2.66 in '01. Not Grant and not Ergen (and not me). Assumptions are: 2 million new subs in '01 ('00 saw 1.9 million new subs) and $48 in monthly revenues per sub ($46 in '00). For $650 or so, you can read more at www.grantspub.com. If he's as right now as he was in '98, $650 is chump change.

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