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Technology Stocks : Winstar Comm. (WCII)
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To: SteveG who wrote (4515)3/17/1998 11:53:00 AM
From: SteveG  Read Replies (3) of 12468
 
Vogel lowers numbers to be more in line

This morning, Bill Vogel, in preparing his DCF model, and with guidance from the company, somewhat lowered his 98 revenues and EBITDA.

FY98 revs are lowered from $294MM to $283MM
Q198 revs are lowered from $51MM to $45.5MM

FY98 EBITDA is lowered from a loss of <$188MM> to a loss of <$192MM>
Q198 EBITDA is lowered from a loss of <$48.5MM> to a loss of <$49MM>

For perspective, Vogel's non-acquisition ("minority") 12 month price target of $80/share remains unchanged, as does the previous "acquisition-based" target of $100/share.

For reference, based on a conservative DCF model, SBS's Grubman has a non-acquisition price target of $65 (recently increased from his $62)

And CSFB's Governali's DCF model (definitely conservative) yields a 12 month target of $64.

Steve
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