CellularVision (CVUS): 2-way LMDS wireless cable. Message Board

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Technology Stocks : CellularVision (CVUS): 2-way LMDS wireless cable.

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To: gtc123 who wrote (1075)	2/10/1998 10:14:00 AM
From: Steven Bowen	Read Replies (3) of 2063

Numbers: Assuming total shares outstanding = 12,395,000 Population coverage of their licenses of 8.6M One LMDS license = 11.5 channels per CVUS definition Value per Value per Stock Market Value channel pop channel pop Price Cap per pop (11.5 chan) (13 chan) 7 86.7M 10.1 0.87 0.78 10 124.0M 14.4 1.25 1.11 15 185.9M 21.6 1.88 1.66 18 223.6M 26.0 2.26 2.00 22.5 279.5M 32.5 2.83 2.50 OK Larry, here's how I see it. The really correct to value the license in my mind is the last column using 13 channels (ie more accuratly compares licenses at 28 GHz with those at 24 and 38 GHz). The talk has always been a channel pop was worth $2 to $2.50, giving a value to CVUS of $18 to $22 per share. To answer your question, to support a 7, 10, and 15 share price, the licenses would have to be worth $10.1, $14.4, and $21.6 per pop respectively. I think the licenses are really worth at least 26 per pop, giving a share price of $18. This is pretty much in line with Jim's thinking of $25 per pop. Now, let's just hope for a good auction and hope the bidders see it this way.

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