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

To: Softechie who wrote (13779)	1/25/2002 4:39:01 PM
From: Paul Senior	Read Replies (2) \| Respond to of 78744

I keep coming across AMT and CCI and maybe another couple of these tower companies. Compared to where these stocks have been in the past (and dangerous comparisons they are), these stocks are selling now below stated book value and at "relative" low p/sales. Could be plusses for me. But I just focus on the continual negative EBITDA, negative earnings, increasing debt, and I wonder if there's a real business in there. Even if there is a business model there that works, I suspect for me I'll keep passing on these stocks, just as I missed cable companies and the gains that patient cable-company stock holders eventually saw (through their years of negative earnings numbers). Perhaps for these tower companies, one really has to have a knowledge of the technology and its benefits and how they outweigh satellite or wire transmission competitors. I have no such knowledge, and so no confidence in the business. And I don't have technology expertise either with CWP. But here I'll bet the good balance sheet provides a lot of business options for management. Paul Senior

To: Softechie who wrote (13779)	1/25/2002 8:10:27 PM
From: S. maltophilia	Respond to of 78744

<< looking at AMT SBAC CCI NXTL AWE PCS...>> PCS' business seems to be spinning out of control. I don't know if their increased revenues/profits of this past quarter will meet revised expectations, but it appears that they are unable to service their existing base and future growth will be driven by reputation in a very competitive environment. Their customer "service" is amongst the worst of a bad lot: planetfeedback.com (Disclosure: mine is one of the feedbacks slamming PCS. I would never do business with those creeps again.)