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August 23, 2006

Bear Stearns Upgrades XM Satellite

posted by MR WAVETHEORY at 8/23/2006 06:15:00 PM
XM Satellite has figuratively fallen from the sky dropping over 75% in the last 2 years. To put things into perspectively, satellite stocks have gone from hot to cold and totally gotten trashed. Today, Bear Stearns upgraded the fallen stock citing:


"Our 2007 target price of $17 is based on our discounted cash-flow valuation and supported by discounted earnings per share and free cash flow/share analyses, as well as a Sirius enterprise value/subscriber comparative basis, all of which yield valuations in the $17-to-$18 range."

Correct me if I am wrong, but XM has never made an operating profit. So, how did Bear Stearns come up with a free cash flow model that ends up with a positive valuation for XM? I wonder how many years out Bear Stearns had to stretch that DCF model to make things look green.

Related Link: XM Satellite Radio Catching Better Waves

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