(LVLT) - Level 3 Communications Message Board

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Technology Stocks : (LVLT) - Level 3 Communications

LVLT 53.63

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Nov 1 5:00 PM EST

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From: bob zagorin	2/8/2007 5:13:55 PM
	of 3873

GS Level 3 Communications, Inc. EPS (FY Dec) 2006E ($0.75), 2007E ($0.33) Neutral/Neutral (LVLT) 6.57 News The company reported 4Q2006 earnings today. Revenues of $846 mn were 3.4% higher than our estimate, boosted in part by $8 mn of termination revenue. EBITDA of $189 mn was in line with our estimate ($191 mn) but below consensus (-3.6%). The high-margin termination revenue also benefited EBITDA. Ex termination revenue impact, we estimate that EBITDA would have been ~5%/8% below our/consensus estimates.The company also guided to 2007 revenues/EBITDA midpoint of $4.2 bn/$890 mn (midpoint), which is 1.5%/2.2% below consensus, while midpoint capex guidance of $625 mn is higher (+5.0% vs. our estimates). 2008 EBITDA midpoint guidance of $1.23 bn is 1.1% below consensus estimates.

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