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Technology Stocks : CellularVision (CVUS): 2-way LMDS wireless cable. -- Ignore unavailable to you. Want to Upgrade?

To: James Fink who wrote (1078)	2/10/1998 11:07:00 AM
From: Steven Bowen	Respond to of 2063

Jim, here's how my numbers would update using 16M shares outstanding. (The site I was using still shows 12,395,000) Numbers: Assuming total shares outstanding = 16,000,000 Population coverage of their licenses of 8.6M One LMDS license = 11.5 channels per CVUS definition Value per Value per Stock Market Value channel pop channel pop Price Cap per pop (11.5 chan) (13 chan) 7 112M 13.0 1.13 1.00 10 160M 18.6 1.62 1.43 15 240M 27.9 2.43 2.15 14 224M 26.0 2.26 2.00 17.5 279.5M 32.5 2.83 2.50 OK Larry, here's how I see it. The really correct to value the license in my mind is the last column using 13 channels (ie more accuratly compares licenses at 28 GHz with those at 24 and 38 GHz). The talk has always been a channel pop was worth $2 to $2.50, giving a value to CVUS of $14 to $17 per share. To answer your question, to support a 7, 10, and 15 share price, the licenses would have to be worth $13.0, $18.6, and $27.9 per pop respectively. I think the licenses are really worth at least 26 per pop, giving a share price of $14. This is pretty much in line with Jim's thinking of $25 per pop. Now, let's just hope for a good auction and hope the bidders see it this way.