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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Paul Senior who wrote (13776)	1/25/2002 3:38:01 PM
From: Softechie	Read Replies (1) \| Respond to of 78717

Telecom/Wireless has been beaten up again since beginning of the year. What's your take on this?

To: Paul Senior who wrote (13776)	1/25/2002 8:49:03 PM
From: Bob Rudd	Read Replies (1) \| Respond to of 78717

CWP: My favorite quicktake multiple EV/EBITDA showed this to be a screaming value...but I mistrust this when dealing with ADR's...looking further I find, as you point out a very complex multinational enterprise as far from my puny 'circle of competence' as a cow from the moon. Adding to the complexity, CWP is buying and selling assets: PSInet Japan and selected assets of Exodus....and other stuff. Merrill rates it Neutral. Looking at free cash flow going back 4 years, the recent 2 years were disasterous and the prior 2 years were collectively flat: yahoo.marketguide.com I don't understand this well enough to say it's not a great value...but based on the things I generally look at, I can't see it.