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Technology Stocks : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: Stock Farmer who wrote (125664)	11/25/2002 11:33:32 AM
From: Eric L	Read Replies (1) \| Respond to of 152472

John, << Does someone out there have a chart of CDMA deployment going back a couple of years (like, subscriber growth)? Preferably quarter-by-quarter. >> Just updated through Q3 cdg.org - Eric -

To: Stock Farmer who wrote (125664)	11/25/2002 2:43:44 PM
From: qveauriche	Read Replies (1) \| Respond to of 152472

John and Mucho- Thanks as always for your input. I share your view at least to the extent that the odds are better than even that we give some of this move back. Where I disagree is with John's view that there has been no "corresponding uplift in fundamentals". As primarily evidenced by the extent to which QCOM has defied the street expectations for the last three quarters, and also by the CDG 1X subscriber chart Eric linked to in his message below, the fundamentals are in a constant state of upward revision. I simply don't know how you could witness the past year without some upward revision to your valuation estimate. If not to the valuation predicted by what you have said were your unrealistic assumptions, then at least to what you believe is the true valuation based on what you consider to be more realistic assumptions. The risk of holding at this point seems to be whether this is a temporary blip before the introduction of WCDMA or the widespread adoption of ubiquitous Wi-Fi networks. The risk of selling is the possibility that what the CDG chart is showing is only the nascent stage of a multiyear pattern of accelerating growth. If the two of you would be willing to crack this nut from a different perspective, I'd be very interested to know what performance you feel the company would need to achieve over the next 3-5 year time frame in order to justify its current valuation. It would at least give us a yardstick by which to measure the company's actual performance. If we don't talk before Wednesday, my best wishes to both of you for a Happy Thanksgiving. Best regards.

To: Stock Farmer who wrote (125664)	11/26/2002 1:34:03 AM
From: cfoe	Read Replies (2) \| Respond to of 152472

Rather wide eyed in wonderment at a meteoric rise in stock price without corresponding uplift in fundamentals. Not just Qualcomm,... I am curious about this statement. While QCOM may or may not deserve its current multiple, there is no question their Q4-02 results and guidance for Q1 and Q2 of 'o4 were a surprising and substantial jump from that which had been previously forecast and augurs for growth of 30% or more for fiscal '03 over '02. That to me is fundamentals. (And yes I know I am talking about proforma vs. GAAPearnings, but the two are converging rapidly for QCOM.)