Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 166.81

-4.1%

Nov 17 3:59 PM EST

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To: H. Bradley Toland, Jr. who wrote (125942)	12/9/2002 5:04:39 PM
From: hueyone	Read Replies (1) of 152472

Microsoft today is not the Microsoft of the late 80's and 90's when (MSFT)they also traded at 25 to 30 times free cash flow and sported a price earnings multiple of 50 times earnings for almost that whole span of time. As did you statements about past QCOM operating cash flow and free cash flow, your statements about past MSFT share price relative to earnings and free cash flow did not sit right. And when I checked Big Charts, it shows that MSFT never reached a ttm PE of 50 until 1999, which by near unanimous consensus, was part of an anamolous time period of bubble valuations. Unfortunately, when I post the link for Big Charts, clicking on it does not reproduce the chart I produced, so to get the chart I produced, enter “All Data” under “Time Period”, enter “Yearly” under “Frequency”, and enter “P/E Ranges” under “Lower Indicator 1”. Please note that this will give you a bar chart of PE ranges for Micosoft for each year since its inception in 1986 as opposed to a continuous line graph of P/Es for those same years. This bar chart appears consistent with my memory of MSFT PEs. If you still disagree with my conclusion, please post your data and I will check Softie's history in more depth. I will check your assertion regarding MSFT price relative to MSFT free cash flow later. bigcharts.marketwatch.com Huey

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