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

To: SteveG who wrote (97)	4/23/1999 4:30:00 PM
From: SteveG	Read Replies (1) \| Respond to of 1860

from Governali at CSFB: WCII: Data An Expanding Part of WCII Growth BUY WinStar Communications (wcii) Data already an important growth contributor, Internet savvy demonstrated by CBS deal. Summary WinStar announced that it has achieved a $100 million run rate in data/internet revenues. This size highlights that WCII is one of the leading CLECs in the data "space." WCII has sold a 1/3 interest to CBS in its Office.com web site for $48 million in advertising and promotion. This CBS stake will help drive advertising revenue growth. WCII's internet business is driven by sales to ISPs with over 1 million customers, more than 50,000 retail customers, 6,000 web hosting sites, advertising sales, web design, and portal applications. WCII anticipates 25-30% gross margins for data revenues, rising sharply with the transition to the Williams network. Price Target Mkt.Value 52-Week 4/21/991 (yr end) Div. Yield (MM) Price Range 44.125 $63 $2,448.9 $51 - 13 Annual Prev. Abs. Rel. EBITDA/ EPS EPS P/E P/E Share 12/99E $(13.32) NA NA $(6.45) 12/98A (11.96) NA NA (5.86) 12/97A (7.49) NA NA (4.76) March June Sept. Dec. FY End 1999E $(3.89) $(3.99) $(3.58) $(2.87) Dec.31 1998A (2.54) (2.77) (2.83) (3.80) 1997A (1.27) (1.85) (1.97) (2.50) ROIC (12/97) (19.9%) Total Debt (9/98) $1,313 Book Value/Share (9/98) NM WACC (12/97) 12.3% Debt/Total Capital (9/98) 95% Common Shares3 55.5 mil EP Trend2 Down Est. 5-Yr. EPS Growth Est. 5-Yr. Div. Growth 1On 4/21/99 DJIA closed at 10581.42 and S&P 500 at 1336.12. 2Economic profit trend. 3Shares outstanding represent fully diluted shares. WinStar is a competitive local exchange provider using 38 GHz technology to build out local telecom networks in major markets throughout the country. provider using 38 GHz technology to build out local telecom networks in major markets throughout the country.