<Since you now claim you didn't, I'm totally confused.>
You gave deployment numbers. Some of those telcos have been expected to contract with both AMTX and WSTL (at least GTE), so I asked whether *your* deployment numbers (which I stated I feel are likely overly optimistic) were for both.
Since I didn't wait for your answer to speculate, I clarified (as above) that my assumption was for these # of lines to be with just AMTX (which is what you later said was the case).
I then worked through the numbers, and worked out tentative per share earnings using the COMBINED shares outstanding (SO).
This represented AMTX's contribution to the combined entity.
I then looked to FC for WSTL's anticipated '98 numbers, and worked THAT out to be WSTL's contribution to the COMBINED entity (by again combing the SO - which REDUCED their anticipated loss).
Then, it was simply a matter of *adding together* these two respective per share "contributions" to arrive at an anticipated COMBINED earnings number.
So to recap, I used the deployment numbers that you specified as AMTX's alone and calculated net margins, dividing this by the COMBINED SO. I then factored in WSTL's numbers in the same manner, and added together these numbers to get anticipated COMBINED earnings.
Hope this helps, but maybe go back through the earlier posts and see if it isn't clearer now.
At even these *OPTIMISTIC* deployment numbers, and an optimistic 50% growth rate, '98 PEG justifies a WSTL share price of $19.5, which equates to an AMTX price in '98 of $17.5.
Cheers
Steve
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