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Technology Stocks : Broadband Wireless Access [WCII, NXLK, WCOM, satellite..] -- Ignore unavailable to you. Want to Upgrade?

To: SteveG who wrote (9)	4/13/1999 4:04:00 AM
From: SteveG	Read Replies (2) \| Respond to of 1860

excerpted from Monday's BTAB Hines/Fifer Wireless Telecom report: WINSTAR: WCII--37 7/8--"strong buy" 52-Week range: 48-10 12-Month price objective: $64/share (based on DCF, 10x-terminating multiple, 20% equity discount rate). Equity market capitalization: $2.5 billion Comments: WinStar has assembled the components for its nationwide broadband end-to-end network, including local access and long-haul transport, and has implemented a large credit facility through Lucent to pay for the domestic rollout. Furthermore, the company is beginning to piece together a global network to tap into the worldwide demand for data services, and is already in Japan, Argentina, the U.K. and the Netherlands. We believe it will be mid-to-late-1999 before there is significant multipoint equipment deployment; however, as WinStar makes the transition to the new technology and provisions orders from its on-net Millennium marketing program, the company should make dramatic progress in increasing its wireless traffic as we movie through 1999. We would also expect margins to rise proportionately with the amount of on-net traffic. The company, we believe, should go from a publicly traded "venture capital" investment to a growth investment over next 9-12 months. (again, email requests get the 22 page, primarily cellular, pdf)