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Technology Stocks : Global Crossing - GX (formerly GBLX) -- Ignore unavailable to you. Want to Upgrade?

To: JakeStraw who wrote (4050)	1/18/2000 3:08:00 PM
From: Robert Sheldon	Read Replies (1) \| Respond to of 15615

RS, have you ever looked at MFNX, PRTL & ICIX? Funny you should ask . . . I've owned MFNX . . . GBLX too cheap to justify a continued holding. I've avoided ICIX, too expensive. I've owned PRTL, it is still cheap relative to others here at $34 (I made a case to Teddy at the $22 level, if it drops back I may be a buyer again) but again not as cheap as GBLX. It has been mis-catagorized by the brokerage firms . . . it (PRTL), like many of my favorites, is grossly misunderstood. VRSA is still buyable in here. I've owned that one since the IPO and bought several it times since. I want to own ENT (Equant) in the worst way - but is is very, very expensive. If we have a markets melt down in Europe and ENT comes down to the $50-$60 range run, don't saunter, to buy it. For data, they are it. Superior clients, superior cash flows (thus the 22X revenue valuation), superior visability. But listen to me . . . it is too expensive in light of GBLX. ENT is a nice missing link down the road for the right network. Now that we have TYC entering the picture things are getting even more interesting from a takeover vantage point.

To: JakeStraw who wrote (4050)	1/18/2000 3:12:00 PM
From: Robert Sheldon	Respond to of 15615

My PRTL argument notes . . . sometime in November . . . PRTL a good fit for GBLX or just plain cheap – or both :-)? PRTL has customers and a network in Australia (26% revs) and Canada (27%) - areas GBLX is known to be pursuing. Also, Western Europe makes up 22% of revenues. Recent transactions are being completed in the range of 2-4X run-rate revenues. PRTL is at 1.4X sales (much less on a run rate) Data is ramping Category GBLX PRTL % Revenues Retail 82% 70% (this is the more profitable area than wholesale) % Revenues Offshore 28% 74% (helps fill out GBLX's network) % of Cust Base Non-US 1% 90% Comparables on a Revenue Basis . . . GTS 5.5X GBLX 6.6X ENT 13.4X (all data – probably explaines the premium) TGO 2.5X COLT 19.9X (Insitutional darling – go GBLX!) ENGSY 8.6X PRTL 1.4X (I can find no good reason for the discount) VYTL 3.9X