Winstar Comm. (WCII) Message Board

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Technology Stocks : Winstar Comm. (WCII)

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To: Tom Markowski who wrote (3444)	1/15/1998 3:44:00 PM
From: SteveG	Read Replies (1) of 12468

<.."I'm swimming against the tide," Reagan noted Thursday in a phone interview. "I'm not down on the company at all, but I had an opportunity to look at some of the other models, and I would just tend to say they reflect a takeout or acquisition premium."..> Grubman's does NOT. His conservative 10year 15% DCF model (same model he uses for ALL CLECs), which assumes a WCII EBITDA margins of only 24% (whereas Bells currently publish EBITDA margins of 55-60%) elicits his $71 price target. And while Vogel's $100 price target DOES apparently include some buyout optimism, it was understood to be "not alot". NBMO brokers are looking at this downgrade as a buying op. I think $70 is likely a reasonable "non-takeover" valuation estimate. Regards- Steve

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