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Technology Stocks : Sirius Satellite Radio (SIRI)
SIRI 22.93+10.7%11:06 AM EST

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To: Dennis Roth who wrote (61)5/14/2000 8:48:00 AM
From: Manfred Sondermann   of 8420
 
Dennis, thanks for the CEUT link. Here are some details
of this report concerning SIRI:

-25 million auto recievers sold per year: 16 in new cars, and
9 in the aftermarket.

-SIRI capturing 10% of cars and 6% of homes till 2007.

-$930 million unlevered free cash flow and $3.16 billion
EBITDA in 2007 (53% margin).

-30%+ yearly cash flow growth in later years.

-SIRI management is now indicating that some of their auto
OEM partners are interested in installing to nearly all of
SIRIïs 2001 receiver production.

-the SDARS revenue cuts given to the auto OEMs could exceed $500 million
over several years, which would lead to a strong interest
of the OEMs to sell SDARS radios.

-Panasonic will dedicate a manufacturing facility specifically to
produce SIRI receivers beginning this fall (2000). Initial production
rate of Panasonic: 350,000 receivers per year, expected ramp-up to
1 million.

-Receivers are also build by: Clarion, Kenwood, Delphi Delco,
Alpine,Audiovox, Visteon and Recoton.
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