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

To: SteveG who wrote (131)	5/4/1999 2:22:00 AM
From: SteveG	Respond to of 1860

CSFB on NXLK: BUY LARGE CAP NEXTLINK Communications, Inc. (NXLK) NEXTLINK Reports First Quarter Results Slightly Ahead of Expectations. Summary NXLK reported 1Q99 revenues of $48.6 million and an EBITDA loss of $47.4 million in line with our estimates of $48.9 million and a loss of $47.5 million, respectively. Reported EPS of a loss of $2.17 was above our estimate of a loss of $2.08, reflecting higher interest expense than forecast. NXLK added 50,531 access lines during the quarter, representing a sequential growth rate of 26% ahead of our estimate of 44,800. Average revenue per line was $56, slightly below $57 reported in 4Q98 as a result of new markets opened that are not as high a revenue as Tier 1 markets. We are raising our 1999YE EPS to a loss of $9.57 from a loss of $9.46 tor reflect the higher interest expense than forecast. We reiterate our Buy rating. Price Target Mkt.Value 52-Week 4/28/991 (12mo.) Div. Yield (MM) Price Range 73.50 NA $4,027.8 $59-11 Annual Prev. Abs. Rel. EV/ EBITDA/ EPS EPS P/E P/E EBITDA Share 12/99E $(9.57) $(9.46) NA $(3.93) 12/98A (6.26) NA (2.62) 12/97A (3.91) NA (1.75) March June Sept. Dec. FY End 1999E $(2.17)A (2.27)E (2.45)E (2.68)E Dec 31 1998A $(1.19) $(1.42) $(1.57) $(2.07) 1997A NA NA (1.08) (1.09) ROIC (12/98) (7.6%) Total Debt (12/98) $2.03 bil. Book Value/Share (12/98) NM WACC (12/98) 12.29% Debt/Total Capital (12/98) 113.0% Common Shares 54.8 mil. EP Trend2 Positive Est. 5-Yr. EPS Growth Est. 5-Yr. Div. Growth NA 1On 4/28/99 DJIA closed at 10845.45 and S&P 500 at 1350.91. 2Economic profit trend. NXLK is a rapidly growing CLEC competing with incumbent local exchange carriers (ILECs) to provide small and medium-sized business customers with local, long distance, and data transport services. NXLK is the largest holder of LMDS frequencies with licenses serving approximately 95% of the nation's population. Currently, NXLK serves 38 markets in 14 states, including CA, CO, NV, UT, IL, OH, TN, NY, GA, OR, WA, FL, and PA.