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Downloaded from Digital Engineering Library @ McGraw-Hill (www.digitalengineeringlibrary.com) Copyright 2004 The McGraw-Hill Companies. All rights reserved. Any use is subject to the Terms of Use as given at the website.

In addition to the formal standards bodies, some industry groups are worth paying attention to. Some of them, like the United States Telecom Association (USTA) and the National Telecommunications and Information Administration (NTIA), are trade organizations that promote the

550U

Downloaded from Digital Engineering Library @ McGraw-Hill (www.digitalengineeringlibrary.com) Copyright 2004 The McGraw-Hill Companies. All rights reserved. Any use is subject to the Terms of Use as given at the website.

The ValuePro 2002 Software shows this calculation at the top of the General Pro Forma Page. Again, this simple spreadsheet program does the work automatically. Step 4: Calculate Intrinsic Stock Value. We subtract the value of the company s short-term liabilities and senior liabilities debt and preferred stock from the enterprise value to get value to common equity, as shown in the following. Value to Common Equity Corporate Value (Debt Preferred)

1

650U

efficient and effective operation of the industry. Others, like the Cellular Telecommunications and Internet Association (CTIA), focus on specific sectors of the marketplace. Still others, like SuperComm, are industry groups that sponsor annual trade shows where vendors gather to display their wares. These shows are worth attending, particularly if you are running low on keychains, T-shirts, and pens (only kidding). There are also technology specific groups that focus specifically on optical, wireless, component, switching, ATM, and so on. All are reachable online; depending on the nature of your interest in the industry, they are worth contacting.

We then divide value to common equity by the number of shares outstanding to get the per share intrinsic value of common stock. Where do we get all this information for a valuation The inputs necessary to accomplish Step 1 forecast expected cash flow are the focus of 5. The inputs and information needed to accomplish Step 2 estimate the WACC are the subjects of 6. But before we jump ahead, let s now spend a little time discussing the theory of competitive advantage that underlies the calculation of cash flow from operations described in Step 3 above.

For years now, communications networks have been functionally depicted as shown in Figure 1-5: a big, fluffy, opaque cloud into which disappear lines representing circuits that magically reappear on the other side of the cloud. I m not sure why we use clouds to represent networks; knowing what I know about their complex innards and how they work, a hairball would be a far more accurate representation. In truth, clouds are pretty good representations of networks from the point of view of the customers who use them. Internally, networks are remarkably complex assemblages of hardware and software, as you will see in the chapter on telephony. Functionally, however, they are straightforward: Customer traffic goes into the network on the Gozinta; the traf-

750U

Downloaded from Digital Engineering Library @ McGraw-Hill (www.digitalengineeringlibrary.com) Copyright 2004 The McGraw-Hill Companies. All rights reserved. Any use is subject to the Terms of Use as given at the website.

fic then emerges, unchanged, on the Gozouta. How it happens is unimportant to the customer; all he or she cares about or wants to care about is that the network receives, interprets, transports, and delivers his or her voice/video/images/data/music to the destination in a correct, timely, and cost-effective fashion. Later in the book we will discuss the various technologies that live within the network, but for now suffice it to say that its responsibilities fall into two categories: access and transport, as illustrated in Figure 1-6.

Because of a competitive advantage enjoyed by the firm, the company is able to earn returns on new investments that are greater than its cost of capital during the excess return period. Examples of companies that experienced a significant period of big-time competitive advantage are IBM in the 1950s and 1960s, Apple Computer in the 1980s, and Microsoft, Intel, and Cisco in the 1990s. Success invariably attracts competitors with their own lower-cost versions of the product or service, and whose aggressive practices cut into market share and revenue growth rates. The pricing and market-

850U