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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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To: MangoBoy who wrote ()	2/26/1998 11:34:00 AM
From: jerry3	Read Replies (1) of 3873

AN ANALYSIS OF THE WORTH OR VALUE OF KIEWIT TODAY.... FOOD FOR THOUGHT valuation model: e=3bil. debt to be raised =9 bil. total invested capital potential 12 bil. ind norm d/e ratio=3:1. a) prop plant equip valuation @ 5-10x=40-90 bil. assume 200 mil shrs up from current 150 mil shrs. p/s valuation= 225-450 . discounted back to today at say 10% over 4 years results in present value of the l 3 shares , (co says buildout 2-3 years), of 135-270 p.s. b) disc earnings valuation. assume roi of 20% x 12 bil = 2.4 bil at ind multiple of 20x =48 bil on 200 mil shares =eps 240 in same 4 years .discounted to today places stock value now at 145.............................for higher valuations look no further than clec's valuations, qwest etc. clearly the experiece factor of kiewit, crowe, and co, they have previously done it- been there have maps permits and constuction knowhow and political connections and.....3 bil in cash and equiv which is vastly more than any competitor and they have w buffet for advisor. this case seems needlessly timid or too cautious..... the present 50 ps valuation thus is a bargain........ oh yes do not forget this kiewit stock is not only misunderstood it iis not known to the wsj ny times daily investor cnbc etc etc etc .......ok.......pick away at this analysis and stop the gossip. .

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