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Technology Stocks : (LVLT) - Level 3 Communications -- Ignore unavailable to you. Want to Upgrade?

To: nick stalin who wrote (62)	2/13/1998 9:58:00 AM
From: MangoBoy	Read Replies (1) \| Respond to of 3873

<< Will the ratio of conversion of KIWT stock be equal to the expected IPO of Level 3? >> i don't know. right now the market cap is $5.4B which includes the $1.2B expected from sale of energy assets, the as-yet unsold coal mining, the toll road in california, the telecom assets, the stake in RCNC, the MFS-alum management team, and a business plan (QWST's business plan actually). winging it, one could easily arrive at a book value of over $20 a share. we'll get a better sense once a prospectus is published. right now there's a 3% float so the price might be a little high. QWST's market cap is around $7B. how quickly can L3 build out? i'm skeptical they could do it any faster than QWST: most all of QWST's trenches were dug by railcar-based equipment under pretty optimal conditions, most of the rights-of-way were secured (cheaply) before the first fiber went into the ground, and they have a world-class installation organization. mark

To: nick stalin who wrote (62)	2/13/1998 9:59:00 AM
From: MangoBoy	Respond to of 3873

["IXC Communications better bet than Qwest" - Lappin] NEW YORK, Feb 12 (Reuters) - IXC Communications (NASDAQ:IIXC), was highlighted as a telecommunications services company with strong prospects for 1998 in the Inside Wall Street column of Thursday's edition of Business Week. Joan Lappin, the president of Gramercy Capital Management, was quoted in the article saying IXC, a wholesaler of switched long-distance services for voice, video and data, was expected to report 1998 revenues of $600 million. The company reported 1997 revenues of $420.7 million early Thursday morning, but a loss of $0.99 a share in the fourth quarter compared to a loss of $0.27 during the same period a year ago. Lappin said IXC is a better bet than rival Qwest Communications International, saying it is only now beginning to provide telecom services. "Qwest has made the year look terrific by reporting 1997 earnings that have little to do with its telecom activities, which have been losing money," Lappin was quoted as saying in the article. The article said Lappin thinks Qwest, "is a terrific stock to sell short." The article also noted that Lappin thinks IXC is worth twice what it is selling for and Qwest is worth only half its current price.