Market Comparable Average multiple in the Telco Industry is well over 30 - 60 times earnings. Many have multiples in the hundreds. As an Example, the following telecommunications company trading on NASDAQ is:
Symbol - TSTN Trades on - NASDAQ, in 1999 it had: Issued 28,000,000 Float 4,000,000 Sales $40,000,000 Price Share $ 175
Their number of shares issued and shares in their float was DOUBLE the number of shares of Symphony, and there revenues are HALF of those projected by Symphony.
TSTN had a STOCK SPLIT in 2000, and hit $214 PER SHARE, just before, it now has about : OS: 75M FLOAT:12M REVENUES: 65M for the 6 months PRICE: $50 POST SPLIT http://finance.yahoo.com/q?s=tstn&d=b
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