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Technology Stocks : PCW - Pacific Century CyberWorks Limited
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To: ms.smartest.person who wrote (571)3/16/2001 3:35:52 AM
From: ms.smartest.person  Read Replies (1) of 2248
 
PCCW's Reach May Not Achieve Targets
11:21, 2001-03-16

0944 [Dow Jones] Credit Lyonnais says Pacific Century CyberWorks' (0008) 50%-owned unit Reach (IP backbone) may not meet management's rosy forecasts; in press statement to launch Reach last month, PCCW said Reach's initial annual revenue likely US$1.9 billion and EBIDTA US$500 million. CL estimates Reach's FY01 revenue only about US$1.28 billion; values Reach at 5.9X FY01 revenue, or US$7.58 billion. PCCW's 50% stake in Reach already accounts for 22% of stock's target price of $4.10; CL notes this valuation at 30% premium to global peers' average; PCCW shares ended at $3.975 yesterday.(IVW)

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