Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 170.90

-1.3%

Nov 7 9:30 AM EST

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To: Wyätt Gwyön who wrote (111862)	1/29/2002 11:07:51 PM
From: SKIP PAUL	Read Replies (1) of 152472

There is an inconsistency in your position. You think that we were in a bubble but you still expect bubble type of returns. Historical market returns are about 8%. With short term interest rates at 2%, I say 13% expectation is unreasonable. Specially for a company with the market position that QCOM has. Also 10 years is too far to forsee. 5 yrs is my preference. QCOM's normalized base earnings in 2001 are about $1.13 if you adjust for the discontinued Globalstar operations. Also, how do you value a new triple digit growth business such as wireless internet that will start in H2 2002? I expect local wireless ISP's to proliferate over leased and unlicensed spectrum all over the landscape through out the globe. This business is potentially significantly larger than the voice business. This business is producing no profits at the moment only very large expenses in R&D and SGA.

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