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Technology Stocks : Winstar Comm. (WCII)
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To: DubM who wrote (2740)11/7/1997 9:45:00 AM
From: TheSlowLane  Read Replies (1) of 12468
 
Just finished my first pass of the Legg Mason report on WinStar. The report does say that Teligent does have 24GHz licenses in most of the top 50 markets and is likely to get 28GHz licenses as well in upcoming auctions. The report is exciting but I think that their targets may be conservative. It seemed to me that their projections did not take into account the impact of the US One acquisition. The report says that the key operating and valuation model drivers are the pace at which the company opens new markets and the number of wireless lines the company can provision and sell. Certainly there is more involved than just acquiring the switches, but having those switches will get them into those additional markets more quickly and will get them into higher-margins more quickly than otherwise. Also, there was just one sentence devoted to the New Media business in the report. If that does turn out to be substantial it will add revenue that isn't even really addressed in the report. Good reading.
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