CDMA, Globalstar versus Iridium, Inmarsat, etc. Message Board

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Technology Stocks : CDMA, Globalstar versus Iridium, Inmarsat, etc.

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To: Mr. Adrenaline who wrote (200)	7/17/1997 8:48:00 AM
From: Larry L	of 381

Mr. Adrenaline; I apologize to everyone for wandering off on this tangent but there was another interesting WSJ article related to Aerospace. It appears that a group of retired NASA engineers have gotten together to form there own company. They are attempting to create a reusable launch delivery vehicle. Exciting developments all the time. Merrill Lynch research report has Iridium with a 3/97 BV of $18.80 per share. $4.2B revenue by 2002 and $7.8B by 2006. EBITDA margins of 82% by 2003, Iridium is projecting 94%. Difference is due to customer acquisition costs of $500 each for ML and $300 each from Iridium. EBITDA per share at $21.18 in 2002 and 2002 EPS at $10.23. Depreciation and interest of $1.4B and $.35B respectively by 2002. I am assuming that the lower price and lower cost to operate of Globalstar can be roughly translated to final numbers somewhat similar to Iridium. Therefore, maybe these figures will be of some assistance to you poor lost souls that are fans of Globalstar. Good luck!

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