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Gold/Mining/Energy : JDS Fitel -- Ignore unavailable to you. Want to Upgrade?

To: Raymond Duray who wrote (725)	2/7/1999 10:43:00 PM
From: Thomas Kelly	Read Replies (1) \| Respond to of 815

Raymond, on checking back I see it was a combined JDS/UNPH projection which means the EPS should be calculated on the UNPH share price, not JDS (since UNPH will be one for one). So the current ratio is about 62 X 1999 earnings not 32 . My mistake. I don't have a URL but here is the paragraph from the "Morning call" e-mail I get from Nesbitt Burns: JDS FITEL - (JDS - $63.85 - Rating 5) - BRIAN PICCIONI - we have prepared preliminary estimates on JDS Uniphase. These suggest pro-forma EPS (excluding merger related costs, amortization of goodwill or acquired R&D) of US$1.23, US$1.91 and US$2.75 in F'99 through F'01, respectively. Valuing JDS Uniphase is challenging at this time due to the number of unknowns. We view the proposed merger favourably. We believe JDS Uniphase's customers will prefer buying components from the integrated firms than from smaller suppliers. Additionally ,we believe JDS Uniphase will become a leader in the development of modules (integrated active and passive components).