Updated 10/29/2008 - As always, this model is a work in progress, see the accompanying blog post for further details and discussion.
| CCOI Valuation | LVLT Valuation | ||||||||
| cash | 129,008,000 | cash | 587,000,000 | ||||||
| equity | 177,051,884 | 45,397,919 | $3.90 | equity | 1,572,503,565 | 1,604,595,474 | $0.98 | ||
| leases | 97,505,000 | 97,505,000 | 1.00 | * | leases | 37,000,000 | 37,000,000 | 1.00 | * |
| 1% 27 | 83,632,387 | 196,182,000 | 0.43 | mortgage | 69,000,000 | 69,000,000 | 1.00 | * | |
| other | 2,472,000 | 2,472,000 | 1.00 | * | 11.5% 10 | 7,436,000 | 13,000,000 | 0.57 | |
| ebitdas | 67,500,000 | * | 2.875% 10 | 182,717,365 | 354,791,000 | 0.52 | |||
| ev | 231,653,271 | 6% 10 | 331,530,000 | 514,000,000 | 0.65 | ||||
| ev/ebitdas | 3.432 | 5.25% 11 | 149,236,763 | 329,805,000 | 0.45 | ||||
| debt/equity | 1.037 | 3.5% 12 | 125,444,959 | 325,975,000 | 0.38 | ||||
| debt/ebitdas | 2.720 | 10% 11 | 148,639,500 | 227,800,000 | 0.65 | ||||
| 12.25% 13 | 357,570,000 | 548,000,000 | 0.65 | ||||||
| TWTC Valuation | 9.25% 14 | 667,270,000 | 1,259,000,000 | 0.53 | |||||
| cash | 325,156,000 | 8.75% 17 | 339,500,000 | 700,000,000 | 0.49 | ||||
| equity | 717,652,000 | 149,200,000 | $4.81 | 6% 09 | 303,096,640 | 344,428,000 | 0.88 | ||
| leases | 1,945,000 | 1,945,000 | 1.00 | 10.75% 11 | 2,520,000 | 3,000,000 | 0.84 | ||
| term 13 | 592,500,000 | 592,500,000 | 1.00 | * | 9.46% 11 | 5,580,000 | 6,000,000 | 0.93 | |
| 9.25% 14 | 333,271,395 | 400,326,000 | 0.83 | * | 6.85% 15 | 132,000,000 | 300,000,000 | 0.44 | |
| 2.375% 26 | 168,187,500 | 373,750,000 | 0.45 | 9% 13 | 295,000,000 | 295,000,000 | 1.00 | * | |
| ebitdas | 390,000,000 | * | term 14 | 1,400,000,000 | 1,400,000,000 | 1.00 | * | ||
| ev | 1,488,399,895 | ebitdas | 990,000,000 | * | |||||
| ev/ebitdas | 3.816 | ev/ebitdas | 5.595 | ||||||
| debt/equity | 1.527 | debt/equity | 2.896 | ||||||
| debt/ebitdas | 2.810 | debt/ebitdas | 4.600 | ||||||
| * not traded, guesstimate | |||||||||