Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 172.72

-4.4%

Nov 4 3:59 PM EST

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To: Doppler who wrote (62972)	1/18/2000 8:35:00 PM
From: Hobie1Kenobe	Read Replies (1) of 152472

<<Their last research comment on Q said that it should trade BACK toward the industry average of 60 something PE's. (LSI is 69 now).>> JB, Would you be so kind as to indicate when that research comment was made. In Merrill's Dec. 23 Bulletin (compliments of jhg in kc - beta.siliconinvestor.com they suggested the following: "But what we don know is that once the handset business is sold, the vast majority of QUALCOMM's revenues and earnings will come from semiconductors and royalties. We have previously argued that this stock should begin to trade more like a communications semiconductor company. The average P/E of this group is now at 110-times calendar 2000 EPS estimates." Their calendar year 2000 EPS for Q was $4.51 ($1.1275 split adjusted)and the stock price was $485 ($121.25) yielding a 107 PE. Your statement regarding the industry average of 60 something PE seems to be a significant departure from Merrill's Dec. 23 report. Thanks in advance for your assistance in reconciling these differences. JF3

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