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Technology Stocks : Verizon Wireless

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To: moat who wrote ()	4/5/2000 1:31:00 PM
From: moat	Read Replies (1) of 9

Question: What would be an appropriate valuation for Verizon? Note the following approx market caps today (4/5/2000): BEL $100 billion market cap. PCS $50 billion market cap. PCS has approx 5-6 million subs. Verizon has approx 25 million subs. BEL owns 55% of Verizon (see note above). If Verizon's 25M subs were priced the same as PCS's 5M subs, Verizon would have a valuation of 5x of PCS? or $250 billion? (What's wrong with this picture? with BEL at $100 billion cap today?) Could someone provide us with other comparable valuations? and also comment on these figures? (e.g. What valuation is the Street giving to AT&T Wireless with its 11-12 million subs?) Seems to me these are very valuable properties given the following trends: As price of services go down & coverage improves .... with nationwide flat-rate plans w/out long distance charges ... soon leading to wireless replacing landlines ... plus wireless Internet access yet to come ... With just a handfull of national players (with limited spectrum), seems to me the value of these properties are increasing ...

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