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

To: cfimx who wrote (18853)	3/10/2004 10:33:35 PM
From: Madharry	Respond to of 78748

ever hear of repricing?

To: cfimx who wrote (18853)	3/30/2004 2:00:48 AM
From: Spekulatius	Read Replies (2) \| Respond to of 78748

XOCM does not look much better than your other pick in the telecom space GLBC. XOCM has about 500m$ in cash and 500M$ in debt with long maturities, so there is no apparent cash crunch. However they overpaid tremendously (IMO) for Allegiance telecom assets paying 1x revenue while most ILEC's can be had for .5x annual revenues. However most importantly the recent FCC judgment will increase access chargers for all ILEC's making a miserable business worse. Revenues are shrinking yet all ILEC's are adding sales staff, this can't be good!