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Technology Stocks : ViaSat

VSAT 32.13

-6.6%

3:59 PM EST

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To: Ed Mayer who wrote (508)	4/19/2000 9:39:00 AM
From: Braam	Read Replies (2) of 1112

Merrill has positive report out this a.m. In part it reads: ViaSat Inc (VSAT; $34 1/8; D-1-1-9) Leveraging Core Competency Into Growth (Bulletin Available) 00E $0.90; 01E $1.00; Market Cap.: $396mn We are initiating coverage on ViaSat with i.t. and l.t. Buy ratings. ViaSat is one of a handful of players positioned to capture the explosion in demand for satellite internet and high-speed data services, projected to grow nearly 54% annually to $51 B by 2009. From its position as the #3 VSAT maker (behind Hughes and Gilat), we expect ViaSat to became a major provider of satellite data equipment to next generation projects as Liberty Media?s Astrolink. ViaSat?s management team has posted an impressive record of 12+ years of revenue and profitability growth. We project a 5 yr. revenue and EPS CAGR of 74% and 37%, respectively. Our 12-month price objective is $53 based on 45x our FY ?02 EPS estimate of $1.18, representing 60% upside from current levels. ViaSat successfully completed a 2.7 million share add-on offering raising $68 M despite extremely difficult market conditions. Proceeds will partially fund the $75 M acquisition of Scientific Atlanta?s satellite network assets at approximately .8x sales, expected to close immediately. (T. Watts/W. Pitkin) Stillwater Mining Co. (SWC; $36 1/2; C-1-1-9 to C-2-1-9) Excellent Financial Results, Operations Slip (Bulletin Available) 00E $1.78; 01E $2.08; Market Cap.: $1,435mn Stillwater is the only primary producer of palladium in North America. We are reiterating our long-term BUY investment recommendation for the shares of Stillwater Mining Company but are lowering our intermediate term opinion to an Accumulate as increases in production will likely take longer than anticipated. Stillwater Mining reported a first quarter result of $0.52 per share vs. $0.28 per share during 1Q99. This was slightly better than our $0.50 per share estimate. While earnings were great, they are entirely due to higher PGM prices. Operating results were somewhat disappointing despite continued signs of progress. Management has revised its production estimate lower to a range of 473,000 to 518,000 ounces of PGMs. Production costs are higher than anticipated due to increased development work and production constraints. We have to lower our 2000 earnings to $1.78 per share vs. our previous $2.00 per share. (D. Christensen) Bulletin United States 19 April 2000 Morning Notes Summary Merrill Lynch & Co. Global Securities Research & Economics Group Global Fundamental Equity Research Department RC#11211012

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