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

To: R. Marks who wrote (629)	4/1/1998 9:47:00 PM
From: Sauron	Read Replies (1) \| Respond to of 3873

Let me get this straight. 147mm shares at $75 = $11.025 billion. Subtracting 13.3mm shares of RCNC @ $50.25 = $668.325mm, 3.33mm shares of CABL @ 26.25 = $87.41 mm 8.9 mm shares of CTCO @ 27.875 = $248.09 mm, and 1 $200mm/year coal mining operation (for sake of argument let's value that at 1x revenues); This leaves us with $9.821 billion in valuation for the telecoms operation. That is 72% of what WCOM paid for MFS. It is roughly 5x the market cap of IIXC which is well underway in constructing its fiber network and owns 20% of PSIX, a major independent ISP (yes, internet service provider, presumably someone familiar with IP). This is also about 4x the implicit value of Williams' telecom business and roughly the value of QWST. All this for a business that is mostly conceptual?????? Set me straight, please!