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Technology Stocks : Broadband Wireless Access [WCII, NXLK, WCOM, satellite..]

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To: SteveG who wrote (252)	5/27/1999 3:59:00 AM
From: SteveG	Read Replies (2) of 1860

WCII: Commercial Operations Commence In Amsterdam Bankers Trust Research/BT Alex. Brown Research Bo Fifer,Jeffrey Hines May 25, 1999 ---------------------------------------------------------------------- WINSTAR COMMUNICATIONS INC. [WCII] "STRONG BUY" Commercial Operations Commence In Amsterdam ---------------------------------------------------------------------- Date: 05/25/1999 EPS 1998A 1999E 2000E Price: 47.88 1Q (2.51) (3.72)A (3.49) 52-Wk Range: 56 - 10 2Q (2.77) (3.89) (3.35) Ann Dividend: 0.0 3Q (2.83) (3.64) (3.01) Ann Div Yld: 0.00% 4Q (3.80) (3.48) (2.73) Mkt Cap (mm): 3,625 FY(Dec.) (11.89) (14.73) (12.57) 3-Yr Growth: FY P/EPS NM NM NM CY EPS (11.89) (14.73) (12.57) Est. Changed No CY P/EPS NM NM NM --------------------------------------------------------------------------- ---- HIGHLIGHTS: * WinStar announced this morning (25-May) commercial availability of its Wireless Fiber network in Amsterdam. This marks WinStar's first European network and first international market to come on-line. * LUCENT TAKING POINT: In WinStar's international markets, Lucent will be designing, constructing, and maintaining WinStar's data-centric networks, as well as providing the financing through its previously- disclosed $2 billion credit facility. * BUILD-OUT ON SCHEDULE: WinStar remains on track, we believe, to reach 6 international markets by YE1999 (ultimately to be in the top 50 markets globally). We note that WinStar has adopted a data-centric strategy overseas to reduce up-front costs and capitalize on the growing demand for data services such as Internet access, frame relay and ATM, and private line services. * MARK YOUR CALENDARS: ON THURSDAY, JUNE 3, 1999, WINSTAR IS SCHEDULED TO APPEAR AT THE BT ALEX. BROWN EUROPEAN HIGH-YIELD AND CREDIT PRODUCTS CONFERENCE IN LONDON, ENGLAND TO DISCUSS ITS INTERNATIONAL ROLL-OUT PLANS (ADVANCED RADIO TELECOM IS ALSO ON THE LIST OF SCHEDULED SPEAKERS THAT SAME DAY). * NET-NET: This is just the first step in a long process to develop a global broadband network, but an important step nonetheless. WinStar faces the challenge of aggregating spectrum in each of its target markets, although we are very comfortable with WinStar's ability to meet the 6-market goal for 1999. We are maintaining our "strong buy (1)" rating with a DCF-derived 12-month price objective of $63/share.

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