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

To: Larry Fowler who wrote (549)	3/27/1998 4:16:00 PM
From: Phil Jacobson	Respond to of 3873

Well, 6 times is pretty damn high. MCIC is at only 3 despite being the subject of a runup in share price by the WCOM takeover. WCOM itself is only at 2.9 and a lot of people consider it overvalued. 6 is just a tad lower than AOL's price/book. That's pretty high. Phil

To: Larry Fowler who wrote (549)	3/27/1998 4:41:00 PM
From: halftime	Read Replies (2) \| Respond to of 3873

Hi everybody. Have been following the thread for about 4 wks. I also am Ex-Kiewit. If the board has set the book value at $11.65 then that figures to be about $58.00 pre-split(5 to 1). The last value placed on the stock by Kiewit before bb trading was about 54.00/sh. At 54.00/sh. I believed that the stock was not fairly valued. I thought the value should be somewhere north of $54.00 at that time because of the companies track record of keeping the value of all their securities (c and d shares) lower than employees perceived book value. (contingency $$ for lean yrs.). Other Kiewits might feel the same. 6-8 times book for telcos may be a bit high according to Zacks(4-5 times is industry average). According to Zacks, Qwest is trading at 21.9 times book. What if we value LVLT at 10 times we still end up north of $100.00. Maybe these conclusions are to bullish. Interested in other opinions.

To: Larry Fowler who wrote (549)	3/27/1998 8:58:00 PM
From: MangoBoy	Read Replies (2) \| Respond to of 3873

<< An operating telcom (which this is by the way) >> L3 is an operating telecom? how's that? where are they operating? owning C-TEC stocks doesn't qualify L3 as an operating telco. from L3's WWW site: The company Level 3 plans to begin providing some services in as many as six major U.S. cities by the end of 1998. << What we are buying into is the assumption that the company will be able to acquire enough assets, without diluting our stakes, to generate $3.50 to $4.50 per share in earnings. [...] There is nothing unreasonable about that, especially in a growth industry like IP telephony.>> it is completely unreasonable. the L3 network will take several years to build out and won't come close to delivering those kinds of returns for many many years. please explain how L3 will produce $600-700 million of telecom REVENUES, much less earnings, in 1998, 1999, 2000, 2001... (and without stock dilution). mark