To: John Pitera who wrote (1457 ) 7/9/2000 9:36:49 PM From: wlheatmoon Respond to Delphi's role in developing communications equipment. Delphi equips GM cars with Onstar, an in-vehicle communications systems that the automaker is eagerly marketing to other car manufacturers. (Honda and its Acura luxury unit already have agreed to put it into some models.) TRW has a somewhat higher P/E multiple than the others, trading at nine times projected 2000 profits. But TRW owns a valuable stake in RF Micro Devices that's worth around $8 per TRW share. Strip out the RF Micro stake and TRW trades for eight times earnings. TRW, though, also represents a hidden technology play; it has developed chips using gallium arsenide, a material that offers high performance with minimal power needs. These chips have turned RF Micro into a hot supplier to Nokia and other wireless players. TRW also has a half-interest in Endwave, a company that could go public later this year. Endwave uses TRW's chip technology for wireless broadband transmission.
