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To: Craig Richards who wrote (31418)	10/26/2000 1:46:41 AM
From: IceShark	Read Replies (2) \| Respond to of 436258

Let it go. There are no 2001 earnings. BTW you don't depreciate goodwill. Maybe in NT's case, we can make an exception. -g-

To: Craig Richards who wrote (31418)	10/26/2000 10:32:47 AM
From: pater tenebrarum	Read Replies (1) \| Respond to of 436258

i actually made a slight error in my calculation (.note, i was NOT referring to 'forward estimates' that may or may not come true). however, using the net loss of 586m, adding back 1,089m. in goodwill write-offs, and deducting 236m. in interest income, i still arrive at a current p/e of 524, and that's now using the reduced market cap after yesterday's mini BK. re. forward estimates, you may be correct that their earnings will improve to the extent in 2001 as to drop the forward p/e sharply, but i'd say judging from how analysts estimates have GENERALLY, marketwide, proven to be extremely over-optimistic, that these estimates will continue to be adjusted downwards. this is especially so as the entire telco industry is in dire straits...negative cash flows wherever one cares to look, and an insane mountain of debt beset the industry. in addition to that global overcapacities promise no improvement in margins for the foreseeable future. i don't think NT is set to prosper as much as analysts now believe when the telco industry is on the cusp of a big shake-out...