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Technology Stocks : ANTEC Corp. (ANTC)
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To: Hiram Walker who wrote (326)6/14/1998 6:18:00 PM
From: drsvelte  Read Replies (1) of 847
 
From DLJ


ANTEC CORP. (ANTC: $20.00)*+@ 06/08/98
ANTEC Wins Cox Cable Telephony Deal Worth $100 Million
Earnings Per Share Old New P/E Ratios
(FY:Dec.) 1999E $1.05 $ 19.0
1998E 0.45 44.4
1997A (0.11) -181.8


Rating: RL BUY Change: None 12-Mo. Target: $30


Things continue to look good at ANTEC, as the company announced a 5-year, $100 million cable telephony equipment deal with Cox. Points to focus on: 1) $100 million in revenues (or $20 million a year over 5 years) re-enforces our current estimates and positive thinking on ANTEC. 2) Possibility of additional pull through of two-way equipment and incremental demand for increased channel capacity. Potential of additional MSOs entering into the cable telephony market. The deal gives us increased confidence in our $558 million and $668 million revenue estimates for 1998 and 1999 respectively. We believe that business at ANTEC continues to track well and niche areas such as Arris Interactive (ANTEC's cable telephony joint venture with Northern Telecom) should provide additional growth-We expect that Arris Interactive revenues could more than triple in 1998. ANTEC shares remain our best idea for 1998 and recommended with a RL BUY rating (target price of $30, or 28 times our 1999 estimate of $1.05). (10:00 a.m.)




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c 1997 Donaldson, Lufkin & Jenrette Securities Corporation as to the information and opinions expressed herein.


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