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Technology Stocks : American Mobile Satellite (skyc)

SKYC 3.300

-0.9%

Nov 7 12:36 PM EST

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To: VALUESPEC who wrote (206)	5/11/1998 1:41:00 PM
From: VALUESPEC	of 400

CD Radio (CDRD) who will be doing the same thing that SKYC will be doing (digitial radio broadcasts), is up nicely so far today. <<CDRD - CD RADIO INC Exchange: NASDAQ Delay: at least 15 minutes Last Price: 30 7/8 at 13:16 Change: Up 2 3/8 (+8.33%) High: 31 1/4 at 9:53 Low: 29 at 9:30 Open: 29 3/8 Previous Close: 28 1/2 on 5/8 Volume: 359,500 30-Day Avg. Volume: 192,000 Shares Outstanding: 16,049,000 52-Week High: 30>> I estimate SKYC's 28% interest in its digital radio portion of its business to be worth ~$ 4.63 based on CDRD's current market cap. CDRD market cap: $496 mil ($31 X 16 mil shares) 28% of market cap: $139 mil (28% of $496 mil) value of Digital Radio per share : $ 4.63 ($139 mil/30 mil shares) The more CDRD goes up, the more valuable, you could argue, SKYC shares become. SKYC is now selling for $ 10.50. If you minus the like value of the digital radio portion, you get the remaining businesses being valued at $5.87 ($ 10.50 less $ 4.63). If the ACTEL deal goes through, I think it is safe to assume the remainder of the business is worth more than $ 4.63, but who knows? The next 60 days should be very interesting for SKYC. SKYC: $ 10.38b $ 10.50a VALUESPEC valuespec.com

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