Advalorem:
As a general point, I'd be careful of Gilder's pronouncements. He proclaimed TERN, who make decent cable modems (I have one), as the second coming of QCOM,whereupon TERN promptly ran from 140 to 280. Those who followed his commandment expecting a QCOM like rise from 280 to 400+ have been sorely disappointed.
However, having done a fairly thorough analysis of AWE's S-1/A, financials, and historical/projected subscriber and revenue growth rates, I concluded that AWE was a "wait and see" situation. Growth rates are much lower for AWE than PCS and NXTL, and I wouldn't be surprised to see AWE sell down from the offering price, particularly in the current market environment. As a long term play, probably OK, but not (IMO) on the IPO.
David T. |
