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Technology Stocks : Ascend Communications (ASND)

ASND 196.81

-4.9%

Dec 9 3:59 PM EST

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To: Finder who wrote (8105)	8/6/1997 10:53:00 AM
From: Sector Investor	of 61433

ASND: FURTHER DETAILS ON BUSINESS WITH US WEST 08:43am EDT 6-Aug-97 UBS Securities (Nikos Theodosopoulos (212) 821-695) ASND UBS SECURITIES EQUITY RESEARCH August 06,1997 Nikos Theodosopoulos (212) 821-6951 Anton Wahlman (212) 821-3675 Scott Heritage (212) 821-6828 ASCEND COMMUNICATIONS (ASND-OTC) ASND: FURTHER DETAILS ON BUSINESS WITH US WEST RATING HOLD ______________________________________________________________________________ Price 53.19 \| EPS P/E 52 Week 80.25-36.13 \| 12/1996A 0.99 53.7 Dividend Nil \| 12/1997E 1.37 38.8 Yield Nil \| 12/1998E 1.90 28.0 Shs. Out 129.5 Mil. \| Market Cap. 6.9 Bil. \| ______________________________________________________________________________ * Cisco win at US WEST was on next portion of buildout on ISP side of US WEST * Ascend position on !NTERPRISE side unchanged * Business with US WEST remains good overall for Ascend * As mentioned in prior note, Cascade benefiting from new ATM services in Japan and processor upgrades across installed Frame Relay base Further Details on Ascend Business at US WEST As a follow up to our note yesterday, we are providing more specifics on happenings at US WEST. Historically, Ascend has sold remote access concentrators to US WEST in both the !NTERPRISE dial-up to frame relay service as well as the !NTERACT Internet service. The win by Cisco at US WEST is for the next stage of buildout within the !INTERACT segment. One major reason for the selection of Cisco's AccessPath equipment was a feature called virtual routing. Ascend remains the sole supplier on the !NTERPRISE side of US WEST. In addition, we believe that business within US WEST for Ascend remains good. We also do not believe that Cascade's presence within US WEST !NTERPRISE Frame Relay is at risk. There Was A Positive Piece Of News In Our Prior Note While we received no calls on the Cascade portion of our note, we consider it just as valuable. Specifically, while we believe that Cascade's business has improved in Japan due to a new carrier win and a renewed Frame Relay business with NTT, we believe that another reason for strong growth in Japan is a new low-cost ATM service offered by NTT, which is leading to some enterprises converting TDM-leased line circuits over to ATM. This may lead to improving business on Cascade's ATM access and edge switching product lines in the upcoming quarters. Also, a new processor upgrade on the installed base of the 9000 frame relay switch is also enhancing orders and revenues. UBS Securities LLC makes a market in this security. First Call Corporation - all rights reserved. 617/345-2500 END OF NOTE FCviaNewsEDGE BROKER: UBS Securities :TICKER: ASND CSCO :SUBJECT: TLLD HARD CONW USA Copyright (c) 1997 First Call Research Notes Received by NewsEDGE/LAN: 8/6/97 7:48 AM

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