Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 176.52

+1.5%

1:12 PM EST

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To: Peter J Hudson who wrote (23466)	2/26/1999 6:35:00 PM
From: Art Bechhoefer	Read Replies (1) of 152472

Pete, Thanks for filling everyone in. I hope my assessment of where the price of QCOM is heading won't deter it. I base my estimates on a conservative earnings projection, together with a conservative price-earnings ratio -- sort of a worst case scenario for the telecommunications group. At this point, QCOM is well below the P/E that one would expect for telecom equipment stocks. One must also factor into this equation the subjective notion that QCOM really has better management quality than most companies in this group. By that I mean they have seasoned management (ran another company before they started this one), and they all have good academic backgrounds. I first heard about the company in early 1992 from a distant relative living in San Diego, a retired mathematics teacher. He said all these guys were highly respected in the academic community. I then looked at the fundamentals on Dow Jones news and it took me about 10 minutes to conclude that this was an almost unique investment opportunity. Art

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