The New Qualcomm - a S&P500 company Message Board

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Technology Stocks : The New Qualcomm - a S&P500 company

QCOM 181.60

+2.5%

3:47 PM EDT

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To: llwk7051@aol.com who wrote (13528)	8/31/2000 1:50:20 PM
From: cfoe	Read Replies (2) of 13582

Robert - I just reviewed the model. It is at best confusing. For example, I cannot tell how they are coming up with their cash flow value vs. market value. I guess I will need to review it more closely, but if you can give me any hints, it would be appreciated. Also, I did an ROIC calculation for QCOM recently and I came out close to his 16% for last fiscal year. However, what he did not make any distinction about (at least not that I can see) is the shift from selling the two money-losing divisions. So far this year (through Q3) ROIC is up to nearly 23% (assuming I have adjusted correctly for the write-offs of purchased R&D and goodwill amortization). Finally, I think the growth rates they used are based on a cell-phone centric world, and we are rapidly moving beyond that. I plan to look at the model again and will let you know if I see anything else. Michael

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