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To: cfoe who wrote (106858)	10/11/2001 5:31:39 PM
From: Art Bechhoefer	Respond to of 152472

>>What will worldwide sales of CDMA-based products be in calendar 2002?<< Conservative estimate, based on low estimate of growth in China, new subscribers in India, U.S., and Latin America, would be 40 to 50 percent increase in sales and royalties annually for the next two to three years. If there is some improvement in demand despite weak economic conditions, then an estimate of about 60 percent increase would be closer. How this works out in terms of growth in net income is more difficult to estimate, but 40 percent growth in revenues and royalties could result in 60 to 100 percent growth in net income, justifying a price-earnings ratio of at least 70, even in this depressed market. A reasonable six-month target price, again using conservative estimates, should run somewhere between 90 and 120. Art Bechhoefer