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To: David who wrote (2363)	3/23/1998 5:54:00 PM
From: David	Read Replies (1) \| Respond to of 3506

Some financial analysis of the competition in a January 6 1998 Merrill Lynch report on Orbi: "Ashtech generates 8-10% operating margins and is growing at 20% annually. This compares to Magellan's mass market focus, generating 4% operating margin levels. We expect this merger to improve Magellan margins and position Magellan for an IPO in 12-18 months." Ashtech is also described as $50 million business, and the merged Magellan group was valued at 19 times next year's earnings.